Intelligent CIO APAC Issue 25 - Page 43

FEATURE : NETWORK SECURITY 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 euros ($ 3,917 in US currency ) 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 ($ 1,217 in US currency ) 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 %). p




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