- Tech-savvy Gen Z and Millennials report the most scams, says Revolut
- They account for almost two-thirds of the scams reported on the app
- Revolut has issued a warning to younger customers
The idea that tech-savvy young people are less likely to fall victim to online scams is a misconception, new figures suggest.
In the past 12 months, Gen Z and Millennials accounted for 65 percent of reported scams, data from money app Revolut reveals, and one scam expert attributes this to the fact that they bank more online.
About 38 percent of scam reports in the last year were made by Generation Z, while Millennials accounted for 27 percent of scam reports made to Revolut.
This is almost double the number of scams reported by older generations. The number of fraud cases reported by Generation X and Boomers combined amounted to 35 percent of all reports.
Two in three (65%) of scam reports on Revolut were made by Gen Z and Millennials, almost double that of Gen X and Boomers (35%).
According to Revolut, scammers are increasingly targeting younger people, despite the widespread belief that older generations are more vulnerable to scams.
While Revolut has a large Gen Z and millennial customer base, the research was conducted by taking a sample of the same size in each generation, so as not to skew the results.
Although scammers most often targeted younger people, older generations lost larger, potentially even life-changing sums of money.
Generation While Boomers (aged 60 to 78) accounted for 15 per cent of cases and lost just over £38,000.
In comparison, Generation Z and Millennials lost £951 and £2,000 respectively on average.
Scam and security expert Jenny Radcliffe told This is Money that younger people could be more vulnerable to scams as they have more financial information on their phone and use more financial apps.
Scammers have also been using AI to quickly produce fake tickets for highly sought-after music concerts and football matches, for which many young people are desperately seeking tickets.
Jenny Radcliffe is a scam expert: ‘No one believes it will happen to them. But the truth is that no one is immune to scamming.
Radcliffe said: “Nowadays you can do everything in an app.” “People can do much of their financial life with apps as long as they use good, trustworthy apps with security protocols in place.”
The common denominator across all age groups is that most fraud originated on social media.
Radcliffe said: “According to the data, a lot of these scams come from social media and marketplaces where people buy things online.” They could be approaches from fake sellers or pop-up ads that are not legitimate.’
Radcliffe continues: “No one believes it will happen to them. But the truth is that no one is immune to scamming and, sadly, it is much more common than people think.
‘Many scammers are talented social engineers who know exactly which levers to pull and when. The fact is that most people think that they are not important, or rich enough to be attacked, or they believe that they will spot the signs when they do.
“But when scammers arouse emotions, our rational brains may not work as we thought. We are all vulnerable and should be very alert to signs that things may not be as they seem.”
| Generation Z | millennials | Generation | boomers |
|---|---|---|---|
| Social networks (81%) | Social networks (78%) | Social networks (68.5%) | Social networks (52%) |
| Telephone calls (8.3%) | Website scams (10.8%) | Website scams (13%) | Phone calls (21%) |
| Website scams (8.2%) | Phone calls (7%) | Phone calls (13%) | Website scams (18%) |
| Source: Revolution |
As a result of the findings, Revolut is issuing a warning to customers that no one is immune from scamming, no matter how tech-savvy they are.
It has launched ‘Wealth Protection’ as part of Revolut Secure, a security feature that helps give customers more control over how their money is protected.
Woody Malouf, head of financial crime at Revolut, said: The data highlights how many people have been victims regardless of their age and comfort with technology, so it’s important that no one rests on their laurels.
‘Before making any transaction, no matter how safe it may seem, take your time to think about what they are asking for and why. Never rush to send money unless you are absolutely sure.
If you’re in doubt, stop, think, and get off the phone. Your payment provider will never rush you into transactions, and Revolut will never call you without first confirming via our secure in-app chat.
