Despite being one of the tech-savvy generations, Gen Z is most susceptible to low-tech fraud, according to data analytics and consulting company GlobalData.
As encryption and security techniques get more sophisticated, fraud had instead moved to the point of least resistance, which was now credit card theft, confidence tricks and stealing banking data over the phone.
Vlad Totia, Payments Analyst at GlobalData, said different generations were affected by fraud in different ways.
“While Gen Z and Millennials are more tech-savvy, a good portion of those defrauded are done so through social engineering tricks or by simply losing their wallet or purse,” Totia said.
“On the other hand, the older generations are more prone to being fooled online.”
However, Totia said it was notable that both the Older Generation and Gen Z were prone to being the victims of confidence tricks than other generations.
“Regardless of how knowledgeable they might or might not be, people who are either very young or very old still seem to be more trusting than others,” Totia said.
“Older generations are also more vulnerable to being defrauded at merchant locations through skimming techniques, i.e. where a merchant charges more than the actual price of a product.”