Gen Z concerned by banking fraud, willing to pay for convenient payment security

According to the report, 79% of those in Generation Z think banks should do more to protect their customers from fraud. The youngest wave of consumers expect this level of security even more strongly, with 95% of 16-17-year olds agreeing banks should step up fraud protection for their customers.

For those in Generation Z, banking in the digital age isn’t just a convenience, but also a source of risk. In fact, more 52% of respondents are worried about someone stealing their identity.

Young shoppers also aren’t confident in the ability of banks to deal with cases of fraud. Only half (54%) of respondents are confident that their bank would refund them any losses if someone fraudulently accessed their bank account and stole any amount of money.

To reduce their security concerns, Generation Z wants to see banks adopting new technology that will offer better protection against the risk of card and online fraud. Notably, 62% think banks should offer biometric payment cards to help reduce levels of payment fraud.

Moreover, young shoppers are willing to pay for additional convenient payment security. More than two-in-five of those in Generation Z (43%) would expect to pay for a biometric payment card, while 33% would be willing to pay between GBP 3-GBP 5 per month for a debit or credit card with fingerprint protection rather than a standard one.