Revolut: Not Boomers, But Younger Generations Are the Most Common Victims of Fraud

There is a belief that the younger people are, the better they cope in the digital worldare tech savvy and therefore know the threats they face. The Revolut Fraud Report sheds a slightly different light on this view, and hard data contradicts popular opinionthat the victims of fraudsters and scammers are mainly elderly people.

Generation Z is most likely to be ripped off

Revolut found that while Gen Z customers are digitally savvy and comfortable, they are among those who have fallen victim to fraud in the past year the most is just Zetek (36%born after 1997), more than in the millennial age group (23%, born after 1976), Generation X (26%born in the 1960s and 1970s) or among boomers (15%born before 1960).

Gen-Z adults (18-27 years old) and millennials (28-43 years old), the younger generations, have fallen victim to the majority because 58% of all scam caseswhich were reported to Revolut by customers from Poland in the last 12 months.

According to Revolut data, Generation Z is a very common victim of social engineering attacks. Does not help confidence and the fact that among young people (18-24 years old) many people claim that it is easy notices an attempt at fraud (19%), especially in the form of false advertising in social media (32%). In the group of people over 45 years of age, only 8 and 9% of respondents from Poland gave such answers.

The Zs lost the least

However, the Revolut Fraud Report shows that although more young people were scammed, they lost on average smaller amounts (approx. PLN 5,000), than millennials (approx. PLN 23,000), generation X (approx. PLN 19,000) and baby boomers, who happened to give very large amounts of money to fraudsters (approx. PLN 146,000). The common denominator in the case of the largest number of victims in the Gen-Z, Millennials and Generation X generations was that the attack was committed by a fraudster was initiated on social media. Much less often, through a fake website (except for boomers) or through a phone call.

Commenting on its report, Revolut quotes Jenny Radcliffe, an expert in social engineering and security systems. Many scammers are specialists in social engineering attackswho know exactly what to do and when to lull us into a stupor. Most people think they don’t stand out from the crowd, aren’t wealthy enough to the fraudster was interested in them or is convinced that he or she can spot when he or she is dealing with a con artist.

Unfortunately, when scammers get our emotions going, our rational brain may not function as we would expect. Everyone has a weakness, and it’s worth being on guard when we feel like things may not be what they seem

– said Jenny Radcliffe.

Our data shows that people are falling victim to fraud regardless of age or digital skills and it’s not worth being overly confident – ​​Revolut sums up.