AmEx reports that Millennials and Gen-Z express greater concern about fraud compared to social media
American Express, a global financial company, recently conducted a comprehensive survey involving 2,000 American consumers to shed light on how Millennials and Gen-Z in the US perceive the risk of fraud and their ability to detect it.
In the midst of the ongoing surge in digital transactions and the prevalence of online services, younger generations particularly Millennials and Gen-Z find themselves navigating a complex situation with increasingly sophisticated fraud threats. The convenience of digital transactions comes with the challenge of staying vigilant against evolving forms of fraud.
The survey's results reveals the perspective among Millennials and Gen-Z. While 69% of these respondents express concern about someone making fraudulent charges on their bank account, surpassing worries about social media hacking, a significant portion remains confident in their ability to spot such activities. This unique blend of concern and confidence highlights the nature of the relationship between these younger consumers and the digital financial system.
Digging deeper into the findings, it's notable that 70% of Millennial and Gen-Z respondents in the US are specifically concerned about experiencing fraudulent activity on their credit card or bank account.
Despite these concerns, the survey unveils a striking confidence level. Approximately 89% of Millennial and Gen-Z respondents believe they can effectively identify fraudulent charges on their credit cards or bank accounts.
Interestingly, previous reports from The Federal Trade Commission add another layer to the narrative, suggesting that younger generations are 34% more likely to report losing money to fraud compared to adults over the age of 60. This discrepancy raises questions about the effectiveness of current fraud prevention measures and calls for a closer examination of the vulnerabilities specific to Millennials and Gen-Z.
In response to these findings, American Express emphasizes the need for continued fraud prevention education tailored to these younger generations, particularly as they wield increasing spending power.
This becomes crucial as the holiday season approaches, a time when both shopping and fraud levels typically experience a noticeable uptick.