Millenials: The Latest Victims of Bank Frauds


Millennials are the latest victim to scams involving handing money to fraudsters more than any other age group. New data shows that victims aged 18 to 34 are losing an average of £2,630 to frauds, which typically involve scammers impersonating banking staff, the police or HM Revenue and Customs. People over 55 are the most vulnerable group– with £10,716 reaching the pockets of the fraudsters per scam on average – but are less likely to be duped, with a slowdown in the number of total scams. Millennials have recently been scammed by and duped by fraudsters as figures show recently but despite this trend and rise in duping there seems to be a further rise in these number as time passes by. The younger generation of millennial is being tricked more into financial frauds that lie between the age group of 45 to 54.

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The millennial between the age group between the above-mentioned age group is falling prey into the traps set by fraudsters than the age group that lie above the age group above 55 years. The reason behind this millennial falling prey is the greater adoption of internet banking and mobile banking by the younger generation which is the main territory that the scams are being perpetrated on. More awareness among the older generations has led the fraudsters to target the more vulnerable well educated millennial group lying between the age group of 18 to 34 years. Paul Davis director of financial and fraud at Lloyd’s bank said in a press conference explicitly stated the customer’s money is the first and the foremost priority of the bank and these frauds can affect people and damage their finances. He also stated the bank is in overdrive and working in the background to protect customer by running a campaign of spreading awareness among the account holders.

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Source: The Guardian

Keywords: #Millennials

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