- According to an analysis by the digital bank Revolut, 72 percent of all fraud cases in Germany affect Millennials and Generation Z.
- Generation X and Baby Boomers lose money less often, but in larger amounts, while Millennials and Generation Z lose an average of €416 and €532 respectively.
- Social networks are the most common source of fraud, followed by fake websites and phone scams among baby boomers.
Almost three quarters of all fraud cases in Germany affect millennials and Generation Z. This is shown by an analysis by the digital bank Revolut. Contrary to popular belief, it is primarily millennials and Generation Z who are increasingly being targeted by fraudsters. 72 percent of all fraud cases reported to Revolut in Germany in the past twelve months are committed by young people. At the same time, almost seven out of ten German citizens say they can easily recognize common online fraud schemes.
Gen Z accounts for almost half of the cases
Last year, Millennials (28 to 43 years old) and the adult Generation Z (18 to 27 years old) together accounted for more than 2.5 times as many reported fraud cases as members of the older Generation X and the so-called Baby Boomers. The latter together account for only 28 percent of all reported cases. Generation Z, on the other hand, accounted for almost half of the reported fraud cases at 46 percent.
Boomers lose an average of around 18,000 euros
The analysis also shows that older people in Germany were less likely to be cheated, but lost significantly more money.
Generation X (44- to 59-year-olds) lost an average of more than 1,300 euros per case, while Baby Boomers (60- to 78-year-olds) lost an average of just under 18,000 euros. In comparison, Generation Z and Millennials lost an average of 416 and 532 euros respectively.
Social networks as fraud traps
Social networks were the most common source of fraud in all generations. Fraud via fake websites was also widespread in all groups. Only among baby boomers did telephone fraud still play a significant role, at just under eight percent.
| Generation Z | Millennials (Generation Y) | Generation X | Baby Boomers | |
| 1 | Social networks (56%) | Social networks (59%) | Social networks (55%) | Social networks (50%) |
| 2 | Website fraud (38%) | Website fraud (27%) | Website fraud (11%) | Website fraud (33%) |
“The data shows how many people have fallen victim, regardless of their age and technical knowledge,” comments Woody Malouf, Head of Financial Crime at Revolut. That's why it's important that no one feels too safe.
“Before customers make any transaction, no matter how secure it may seem, they should take the time to think about what is being asked and why. Never allow yourself to be pressured into transferring money unless you are absolutely sure,” advises Malouf.
About the study:
To ensure the representativeness of the results, an equal-sized sample was drawn from each generation.