Telesign survey: millennials more prone to experience fraud

Despite common belief, fraud is not limited to a specific age group. The survey found that millennials, particularly individuals aged 25 to 44, are more than 46% as likely to experience fraud compared to those aged 65 and above. SEON’s report on Gen-Z Fraud uncovered that customers younger than 20 were subjected to an increase of 116% in fraud incidents between 2019 and 2020, resulting in collective losses of approximately USD 70.98 million in 2020.

Officials from Telesign have stated that the world of digital fraud has evolved significantly, and a new generation is being targeted due to its extensive online presence. The survey also highlights a gender disparity, as 66% of fraud victims were women, compared to 34% of men. Moreover, respondents with children in their households spend statistically more time online daily in comparison to those without children, therefore being more prone to encounter fraud.

Companies are responsible for monitoring fraud and ensuring digital privacy protection for their customers, as the concern regarding fraudulent activities has increased. Through the release of the survey, Telesign underlines the significance of balancing security practices with user experience, while also encouraging businesses to implement proactive fraud prevention strategies and introduce digital privacy protections and technologies. 

Recently, Telesign introduced the Continuous TrustTM Authority, a collection of resources, insights, and experts collaborating to aid in the reduction of fraud, offering a deeper understanding of the role of trust in the digital economy. The Trust Index represents one of the components of the program, and the Continuous TrustTM Authority serves as a hub for the latest information regarding fraud minimisation.

Telesign has partnered with its customers aiming to create a safe and secure business environment, introducing several components globally, including Trust Certified Badge and Trust Alliance. Through the Trust Certified Badge program, customers are enabled to display a badge that indicates they have integrated fraud prevention standards to protect end-users, while the Trust Alliance is formed from a group of leaders in the industry that share best practices for fraud detection and prevention.