Younger people increasingly targeted as fraudulent applications against over 60s drop
Fraudulent credit applications against people in their twenties have soared in the last three years, according to new research from Experian.
The number of frauds against those under 30 years old has risen by six per cent since 2014, while those aged 50 and up have experienced a decrease of 8.4 per cent over the same period.
Nick Mothershaw, Director of Fraud and Identity Solutions at Experian, said: “Our statistics show young people are increasingly falling into the crosshairs of fraudsters, who see them as an easier target to open an account. They are more interested in getting an account open so they can use it for money laundering, or to establish a footprint at the bank for further fraudulent activity.
“Young people are more likely to live their lives online, so there is a good chance they will not be monitoring their post for statements. They often live in accommodation with shared mail areas, which provides an opportunity for fraudsters to intercept their post. Fraud can happen to anyone and it’s important not to get complacent. If you do use online statements then make time to check them each month, and keep an eye on your credit report for unexpected applications.”
The 60-plus cohort have experienced the sharpest decline in fraud attacks, down 5.8 per cent, suggesting they have heeded advice to monitor their statements for suspicious activity, given scam emails a wide berth and use a range of passwords online.
In 2014 the stereotype was supported by statistics, with 17.1 per cent of frauds perpetrated against people aged 60 and over. But this year, 11.2 per cent of frauds are against this age group, the biggest single movement of stats related to age.