Identity theft strikes people of all ages which leads to rampant credit card frauds
Statistics for Credit Card Theft
Here are the identity theft complaints to the FTC by age group.
- 18% of victims were age 20 to 29
- 18% are 30 to 39
- 19% are 40 to 49
- 19% are 50 to 59
- 13% are 60 to 69
- 7% are 70 and over
- 6% are 19 and under
In 2017, Identity fraudsters obtained $16 billion from 12.7 million U.S. consumers.
- People under the age of 50 and men in particular, are more likely to expose themselves to credit card fraud or identity theft. As most under 50, have multiple credit and debit cards, spotting fraudulent activity on their accounts is much harder. Also, with more young people living in shared accommodation and using shared letterboxes, their risk of falling victim to fraud is much higher.
- Worryingly, the younger generation also seems to adopt a much more careless attitude towards the dangers of credit card fraud than the older generation, although according to APACS, credit and debit card fraud increased by 25 per cent last year.
Age Group Affected by Credit Card Fraud
This just shows the need for credit card protection in case of loss or theft.
- 94 per cent own a credit or debit card, with 86 per cent of them saying they had up to four cards.
- More than half of participants admitted they carried all their cards with them at once, multiplying the risk of fraud if they were to lose their wallet.
- Those with multiple cards, over a fifth (22%) of 18 to 34 year olds stated they only used their additional cards once a year, as opposed to just 16 per cent of the other age groups. Long intervals between card activities mean that it becomes less obvious if a card has been used fraudulently.
- Only one in 10 cardholders between 18 and 34 keep their cards in a safe place.
Percentage of People Who Report The Loss
Of those who had lost one of their cards in the past,
- Only 66% reported the loss straightaway. However, 78% of those over 50s took action immediately and made the report. The study also found that women were more cautious than men.
- Majority of those 18 to 34 year olds would not object if their card was taken out of sight when paying in a restaurant or shop (88%), whereas only half of the over 55s would let that happen without a fuss.
Statistics for Credit Card Theft
There is a worrying trend that men and younger people are generally less concerned about credit card thefy and credit card fraud than their older counterparts. They are not taking enough steps to prevent fraudulent activity. Prevention is always better than cure. We urge everyone to be cautious when using and handing over credit cards to strangers because fraud is on the increase.
