Intelligent CIO LATAM Issue 13 - Page 42

FEATURE : NETWORK SECURITY
American respondents also spent the most time trying to recover money lost due to fraudulent charges .
However , US credit and debit card users reported the second lowest amount of money lost on fraudulent charges out of the countries surveyed . Only Japan reported a lower amount of losses over the last 12 months , while Germany , by far , was the most victimized country , with respondents losing more than three times the total financial amount of the second most victimized country ( Singapore ). to either cancel a card , dispute a charge or reported losing money as the result of fraudulent charges .
Generational differences found in study
The report also found a wide range of generational differences , as Millennials ( born between 1981 and 1996 ) are consistently the biggest victims of all forms of fraud , ranging from credit and debit card fraud to digital wallet , digital payment , banking and tax fraud .

BRAZILIAN AND SINGAPOREAN CONSUMERS ARE MOST CONCERNED WITH FINANCIAL SECURITY ISSUES .

Across all countries , respondents believe banks are the financial institution most responsible for preventing fraud , when asked about their experiences using payment networks including Visa and Mastercard .
In most countries , consumers see banks as the most responsible financial institution for preventing fraud , with a higher percentage in Brazil , while in Japan , payment networks were the financial institutions most likely to blame . In China , respondents registered the highest percentage of consumers who think government regulators are most responsible for preventing fraud .
In the US , nearly one-quarter of all respondents ( 22 %) are not confident in their bank or credit card ’ s ability to handle fraudulent charges or suspicious activity , not nearly as much as Japan , where almost one half of respondents claim to not have faith in their financial institutions .
GenXers ( born between 1965 and 1980 ) reported the second highest number of fraudulent charges made by their credit cards or digital payment apps , while GenZers ( born between 1997 and 2012 ) report the third highest instances of losing money as the result of fraudulent charges .
Millennials also spend the most time trying to recover money lost due to fraudulent charges , disputing fraudulent charges , and checking accounts for fraudulent or unusual activity out of any of the generational groups . GenZers spend the second most amount of time addressing fraudulent activity , followed by GenXers and Baby Boomers .
GenZers experienced fraud most frequently through digital payment apps when asked about their 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 .
One quarter of Americans ( 25 %) report spending less than an hour a year checking their accounts for fraudulent activity – while more than two out of five US consumers ( 44 %) spend fewer than 10 hours per year checking their banking accounts .
With the US experiencing the highest number of financial fraud instances , it would make sense that the US has the highest percentage of respondents who had to contact their bank or credit card company
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 .
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