Younger people 'less vigilant against card fraud'

Tue 3 Jun 2008 - Published in Credit Cards

The younger generation is unprepared for credit card fraud, according to new research by Saga.

A survey carried out by the company revealed that those under the age of 50 were more likely to have multiple credit cards, making it harder to spot unusual activity.

Saga also claims that this age group has a more indifferent attitude to the risks of card fraud.

Over a fifth of 18 to 35-year-olds use their second card less than once a year, compared to 16 per cent of the rest of the population.

Saga claims these long periods of inactivity mean card holders are less likely to spot a card is missing or realise it has been used fraudulently.

Commenting on these findings, Andrew Goodsell from Saga said: "The younger generation are obviously more gung-ho and do not think that this kind of thing will happen to them."

Younger people were also found to be slower to report missing cards and more nonchalant in disposing of important documents containing personal information.

Meanwhile, the Financial Services Authority has launched a new money website for young adults today as part of the watchdog's National Strategy for Financial Capability.

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