The Younger Generation is More Afraid of Online Frauds then Someone Hacking their Social Media Accounts

According to a report from American Express (a multinational financial corporation), people from the younger generation are more worried about someone frauding them to make online transactions than someone hacking their social media accounts. They conducted a survey of 2,000 American citizens to make sense of what the young generation thinks of online frauds and how they are able to handle such activities. As the technology is progressing and everyone is shifting to the online world, the youngsters often experience online frauds that result in their money being stolen.

The report says that even though millennials and Gen-z are worried about the risk of fraud but they also think that they can easily identify these frauds if they happen to them. 69% of millennials and GenZ in the US say that they are always anxious about someone doing fraud with them but are not that worried about their social media accounts. In older generation, the percentage is 81%.

Regarding concerns about online frauds on bank accounts and credits, 70% of youngsters in the US worry about fraud incidents on their accounts or cards, compared to 75% of GenX and boomers. Despite these concerns, 89% of millennials and GenZ believe that they can successfully identify fraud activities on their credit cards or bank accounts. 91% of GenX and boomers think the same.

The Federal Trade Commission (FTC) highlights that GenZ are 34% more likely to report fraud on their credit cards or bank accounts than people over the age of 60. The report shows the importance of prevention from the fraud activities and education for those who fall victim to it. Frauds become especially common during the vacations or festive when shopping activities increase and the fraud levels also rise.

Photo: DIW-AIgen

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by Arooj Ahmed via Digital Information World