The Younger Generation Fraud Victims

Many of the younger card holders are finding themselves victims of credit card fraud. A recent report from Saga announced that the younger UK card holders are suffering more than any other age group from fraud for several reasons.

Credit card fraud has increased in the last three years to a great height. More and more UK residents are becoming victims of the fraud, but it is the younger consumer who suffers the most. Their credit card accounts and personal information are being taken over by these criminals. Sadly it is mostly negligence on the card holder bringing the fraud about.

Research has found that many over 50 have multiple cards and they always carry the cards in their wallet, but it is the younger generation who is mostly targeted. A lot of the reason why the younger generations are being targeted stems from the “it can’t happen to me” syndrome. These younger individuals watch their statements as they are tech savvy, but rarely think about a purchase they make online. They are also relying on the financial institution to reimburse the stolen funds.

Those who are 15 to 17 are already talking about taking out credit cards when they reach 18 so that they can have easier access to money. However, it seems they are not always responsible in their spending habits. They tend to rack up a great deal of debt on the cards before they hit 21 making it not only easier for the criminals to get charges through, but the cards are used in more places. The more places the cards are used the more potential there is for the theft.

The reasons stated above are not the only ones for the credit card fraud to occur in the younger generations. Some of the younger generation are very careful how they use their cards and not letting them out of sight, yet they still are used for fraud.

A lack of use on the credit cards coupled with a lack of credit history makes the younger generation prime targets for opening new accounts. All the criminals need is access to the personal information and then they can change certain things to fit their needs. A credit card can be opened rather quickly under someone else’s name with the account linking to the victim.

The research from Saga has been released in the hopes that the younger generation will begin to protect themselves more fully from the credit card fraud. Credit card companies are trying to make the consumers more aware of fraud as they are tired of paying out for consumer negligence. In other words the card is left in a store and someone else claims it. Or the consumer lets the card out of their sight. There are several ways information can be stolen from the credit card and with everyone more aware, it could slow down the monumental increase that has occurred with credit card fraud in the last three years.

The police are taking more action as well to catch the criminals.

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