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247Moneybox thoughts 008: Millennials falling prey to scams

As a result of the firm's position as one of the UK's leading payday loan providers, 247Moneybox.com are at the coal face as it were when it comes to combating cyber fraud and cyber criminals. Therefore the lender’s thoughts on worrying data from Lloyds Bank released recently are certainly worth taking note of.


Man on computer

According to latest reports, Millennials, i.e. 18-34 year olds, are the most likely age group to fall victim to scams and fraudulent activity relating to bank security. Quite typically these scams comprise of criminals masquerading as civil servants within the HMRC, retail banking staff or even members of the police force.

Further research shows that whilst Millennials have the highest number of scams associated with their age group, consumers over the age of 55 are duped out of the most money of any age group on average per scam - a substantial £10,716 compared with £2,630 per scam for the former. However, the report continues to say that people over 55 are four times less likely to be scammed than Millennials.

Consumers between the ages of 45 and 54 are three times more likely to be victims of fraud than the over-55’s, suffering an average loss of £3,573 per fraudulent transaction.

It is thought that this discrepancy between the regularity of the scams when comparing various age groups is based on the fact that the use of online or digital banking methods is more common amongst Millennials. As banking moves into a more technological era, and older generations are more fearful and aware of fraudulent activity, fraudsters appear to have adapted to the changing dynamics of digital banking by developing new techniques to attack consumers.

There are a number of quick and simple tips that we at 247Moneybox.com can offer you to help protect you from cyber-crime of this sort:

While this may seem simple and obvious, you would be surprised as to how many people use the same password for everything for ease and convenience. Ensure you go through your passwords, particularly for any online accounts where sensitive financial information may be found (including shopping retailers) and strengthen them. You can use a password manager to help you to remember the new passwords.

This includes updating all security software on your online web browsers or operating systems, which will help to protect you from any viruses that are used to infiltrate your private information.

Quite often, identity or financial fraud will occur after a consumer has made an application for a loan. A scam may affect your credit rating so regularly checking for any changes in this score may give you clues as to whether a scammer is using your identity. In the same way, regularly checking and analysing your financial statements is critical to see if there any irregularities in your outgoings.

One of the most common methods used by fraudsters to scam you out of money are phishing emails, which aim to deceive people into giving out personal information. If you don’t recognise the email or feel it looks dodgy, particularly if it has links or pop-ups in the body, then delete it immediately. Some of the most common phishing email scams can be found on online forums, so it is worth searching for these if you are concerned.

These are some quick and simple tips to help you avoid the unfortunate situation of being a victim of fraud. To find more information, please do not hesitate to consult your bank. Most high street banks are working tirelessly to develop new strategies to combat this increase in online fraud and will therefore be able to guide you with specific regard to your account with them.