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finds 77% of Baby Boomers and 62% of
Millennials are concerned about becoming a
victim of Online Fraud
November 09, 2011— While Millennials report
being less concerned about online fraud than
Boomers, half of those between the age of 18
and 25 say the security of an online website
is a factor in determining whether they use
that particular merchant.
This study found 77% of Boomers and 62% of
Millennials said they are concerned about
becoming a victim of online fraud.
"It's interesting to note that while the
younger generation is less concerned about
online fraud in general, when they do
question the fraud prevention measures of an
online merchant, they say it adversely
influences their experience with that
particular brand," said Bert Rankin, vice
president of marketing, ThreatMetrix.
"It's a big concern if online retailers
are losing out on potential sales simply
because consumers can't trust the
security of the transactions on the
Rankin further explained that mobile
payments and m-commerce presents an entirely
separate set of issues than online shopping,
primarily because it is a relatively new
channel in which consumers have yet to fully
However, despite only one in four Boomers
indicating they have used their smartphone
or tablet to make a mobile payment, 60% of
Millennials cited they have done so. Of
those who have used a mobile payment,
Millennials were more likely than Boomers to
do so because of convenience.
In contrast, the majority of Boomers cited
their belief in increased security as the
No. 1 reason for conducting mobile payments.
Twenty-six percent of Boomers perceive fraud
risk to actually be lower when using a
smartphone. This, compared to 40% of
"Mobile offering better fraud protection is
a common misconception that fraudsters use
to their advantage," said Rankin. "Not only
are merchants still trying to understand the
mobile channel, but the majority of
consumers don't even download virus
protection on their smartphones. And with
more consumers using mobile devices to
purchase goods, leverage social networks and
conduct banking transactions, fraud is of
growing concern in this channel."
Download a complimentary copy of the report,
Payments and Online Shopping Survey,
Supplement: Baby Boomers vs. Millennials,"
or view a visual representation of the data,
Fraud Perceptions: Millennials vs. Boomers."
About Ponemon Institute
The Ponemon Institute© is dedicated to
advancing responsible information and
privacy management practices in business and
government. To achieve this objective, the
Institute conducts independent research,
educates leaders from the private and public
sectors and verifies the privacy and data
protection practices of organizations in a
variety of industries. For more information,