How fraud in the digital age affects account holders differently

scam risk by age

College Age & Millennials

Adults ages 18–24 reported the highest median losses ($150) and the highest likelihood of loss (56.6%)

One way scammers take advantage of younger adults in particular is by using a payment method less familiar to younger generations: checks. Fake check scams were the second most risky scam for adults ages 18-24 in a year where payment via online payment systems rose across all age groups. Fake check scams yielded one of the highest median dollar losses per encounter at $1,679 in 2020.

Late Adaptors.
A long-term impact of the Covid-19 pandemic will be changes in customer / member servicing preferences. Consumers are increasingly looking to run their financial life through apps and online banking. Fraud risks will increase as more people embrace convenience technologies such as P2P Payments and Mobile Apps, especially for late-adaptors and older generations of consumers.

Web, Social Media, & Phone
With email spam filters growing increasingly successful at blocking out scam emails, fraudsters continue to turn to the Web and the telephone to find victims.

fraud statistics
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