Under-45s more likely than older people to fall victim to financial fraud, according to permanent tsb’s latest “Reflecting Ireland” consumer research in advance of Black Friday and Christmas shopping period
Research shows “romance fraud” is the most lucrative type of financial fraud
Under-45s are more likely than older people to fall victim to financial fraud, according to permanent tsb’s latest quarterly research on consumer attitudes and perceptions.
In advance of Black Friday, one of the busiest online shopping days of the year, and the run-in to the Christmas shopping period, the latest permanent tsb “Reflecting Ireland” research revealed the importance of consumer awareness of financial fraud and what to do to protect against it, as three quarters of us (75%) have experienced an attempted financial fraud and over a quarter (27%) have been victims.
The research also revealed that we are more likely to experience fraud attempts seeking to take less than €500 rather than larger amounts.
Almost two thirds (64%) of incidents involve amounts of €500 or less, 15% involve amounts of €501-€1,000, 12% amounts of €1,001-€5,000, and 10% amounts greater than €5,000.
The most common types of financial fraud are “vishing” (phone call / voice message), “smishing” (text message) and “phishing” (email). Other common scams relate to lottery wins, inheritance, investment, so-called “romance fraud” (where an individual is persuaded to give a fraudster money under the pretext of establishing a relationship), ticket sales or property rental.
Despite being one of the less common types of financial fraud, the research found romance fraud is the most lucrative form of fraud, with [approximately 60%] of cases relating to amounts of more than €500 – almost double the rate of other types of fraud.
Reflecting Ireland is a quarterly research series from permanent tsb which examines topical issues. The research was undertaken by BehaviourWise in October 2022 amongst [~1,100] adults.
Other findings of the research
permanent tsb Head of Corporate Affairs Leontia Fannin said:
“There is a clear message in our research that financial fraud is a significant threat and that it is often being targeted at groups that may think they are less vulnerable. Awareness of financial fraud is strong but scams are getting more sophisticated and we need to continue to be on our guard.
The best way to combat financial fraud is by combining the anti-fraud measures employed by banks with greater public awareness of the many different types of fraud. Always trust your instinct and call your bank if something feels wrong.”
Commenting on the research, behavioural scientist Claire Cogan said:
“Our research shows a pattern to financial fraud that may surprise people. While anyone can be a victim, younger age groups and people living in Dublin appear more likely to be victims of financial fraud.
Reassuringly we see people are responding to advice to be vigilant; two thirds say they would not trust an unsolicited call, text or email even if it came from a well-known brand, and over 8 out of 10 agree their bank would never send a text message asking them to click on a link. However we cannot be complacent given the increasingly sophisticated methods employed by fraudsters, particularly as we head into the busy Christmas shopping season.”