FICO’s new research suggests that UK consumers are not taking Authorised Push Payment (APP) fraud seriously, wherein someone tricks them into sending money from their bank account to a fraudster. The data also indicates that the 65+ age group, one of the most vulnerable sections of society, is the least concerned about this form of financial fraud.
It seems there is a disconnect between consumers’ understanding of potential financial losses through APP fraud, and their perception of the threat to themselves. The implications for older people are concerning. While people of any age can be victims, certain frauds such as pension investment scams target this age group.
Statistics
- Only 16.3% of consumers ranked APP fraud as the financial crime that is their biggest concern.
- Almost a fifth (19.6%) of women consider APP fraud the biggest fraud threat to them. Only 12.8% of men feel the same.
- People aged 25-34 are most likely to consider APP fraud the number one fraud threat — 27.9% ranked it first.
- Only 8.4% of those aged 65 + consider APP fraud to be their biggest fraud worry.
- The latest UK Finance Report shows a 22% rise in cases of APP fraud. New FICO research reveals that 31% of consumers surveyed rank it as the type of fraud they feel the least threatened by.
- Nearly 40% of respondents believe that the type of fraud with the highest losses is people being tricked into sending money to a fraudster. This is a description of APP fraud.