FEATURE
Across all countries , respondents believe banks are the financial institution most responsible for preventing fraud .
One-quarter of Americans ( 25 %) report spending less than an hour a year checking their accounts for fraudulent activity – while more than two out of five US consumers ( 44 %) spend fewer than 10 hours per year checking their banking accounts .
With the US experiencing the highest number of financial fraud instances , it would make sense that the US has the highest percentage of respondents who had to contact their bank or credit card company to either cancel a card , dispute a charge or report losing money as the result of fraudulent charges .
Generational differences found in study
The report also found a wide range of generational differences , as Millennials ( born between 1981 and 1996 ) are consistently the biggest victims of all forms of fraud , ranging from credit and debit card fraud to digital wallet , digital payment , banking and tax fraud .
GenXers ( born between 1965 and 1980 ) reported the second highest number of fraudulent charges made by their credit cards or digital payment apps , while GenZers ( born between 1997 and 2012 ) reported the third highest instances of losing money as the result of fraudulent charges .
Millennials also spend the most time trying to recover money lost due to fraudulent charges , disputing fraudulent charges and checking accounts for fraudulent or unusual activity out of any of the generational groups . GenZers spend the second most amount of time addressing fraudulent activity , followed by GenXers and Baby Boomers .
GenZers experienced fraud most frequently through digital payment apps when asked about their experiences using digital payment apps including PayPal , Venmo and Square , while all other generations experienced financial security issues most frequently by credit card fraud . GenZers were also the generation least impacted by credit card fraud .
While Millennials and GenZers were concerned financial fraud is most likely to occur through their digital payment apps , for GenXers and Baby Boomers , credit cards are the biggest concern when it comes to potential fraud targets .
Baby Boomers ( born between 1946 and 1964 ) reported the lowest instances of fraudulent charges in nearly all categories , also spending the least amount of time trying to recover money due to fraudulent charges or dispute fraudulent charges .
However , when broken down further by generation , Millennials were more likely to buy from businesses with fraud protection , while Baby Boomers were the least likely to do so .
Other findings
• Credit card fraud is the most common type of fraud experienced
across all countries . Nearly a third ( 31 %) in Brazil have experienced credit card fraud .
• Brazilian and Singaporean consumers are most concerned with financial security issues ( 85 % of Brazilian and 79 % of Singaporean respondents cite concerns with credit card fraud ), but a substantial portion across all countries are concerned about credit card fraud , debit card fraud , digital payment fraud , digital wallet fraud and banking fraud .
• On average , German adults lost more due to fraudulent charges than adults in any other country – with an average of € 3,520 ( US $ 3,917 ) lost in the past 12 months due to fraudulent charges . Singapore had the second highest amount of fraudulent charges , with an average of S $ 1,648.52 Singapore dollars ( US $ 1,217 ) per adult .
• Japanese respondents are less confident in their bank / credit card company ’ s ability to handle fraud ( only 59 % have confidence in their financial institution ’ s ability to handle fraud prevention ), but a majority across all countries feel confident in their bank / credit card company ’ s ability to handle fraud .
• A majority of adults in all countries are ‘ more likely ’ to purchase a product from a business that has fraud prevention technology in place , led by Brazil ( 91 %) and China ( 90 %). u
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