Consumers of all ages face the risk of payment fraud, but younger consumers may be significantly more likely to experience repeated fraud events. Mercator Advisory Group research found substantial differences between younger and older consumers who reported experiencing fraud, particularly when looking at those who encountered fraud three or more times.
Among older consumers who experienced fraud in 2019, 76% reported only one incident and just 3% experienced three or more. By comparison, 30% of consumers ages 18 to 34 who encountered fraud experienced at least three events. Understanding these differences can help financial institutions develop more effective fraud prevention strategies and consumer education initiatives tailored to different age groups.
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Data for today’s episode is provided by Mercator Advisory Group’s report – 2019 U.S. PaymentsInsights – Technology and Fraud: Consumer Concern Is Real.
Are Older Consumers More or Less Likely to Experience Repeated Fraud?
- Older consumers are LESS likely to experience repeated fraud than younger consumers.
- Among consumers who experienced fraud in 2019, 76% of older consumers experienced it just once.
- Of consumers who experienced fraud in 2019, 3% of older consumers experienced 3+ events.
- In contrast, 30% of 18-34 year olds who experienced fraud in 2019 experienced 3+ events.
- Only 47% of 18-34 year olds who experienced fraud experienced a single fraud event.
- Across the board, ~22% of all age groups who experienced fraud in 2019 had 2 fraud events.
- Net, 39% of all consumers experienced 2+ fraud events if they experienced any fraud at all.
About Report
Mercator Advisory Group’s most recent consumer survey report, Technology and Fraud: Consumer Concern Is Real, from the bi-annual North American PaymentsInsights series, takes an in-depth look at U.S. consumers’ current perspectives on technology and fraud.
This report explores how technology and fraud impact consumers lives and, in particular, the way they shop and pay for things. This includes detail on not only what they do but also how they feel about these two important consumer issues.
