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Like many of you, Ive hadphonecalls from scammers.
The demographic most likely to fall for scams isnt the elderly, but digital natives under 25s.
Key Advisor to Chargebacks911s Advisory Board.
Why is APP Fraud so prevalent?
The most common form of fraud by far is authorized push payment (APP) fraud.
The scale of the problem is staggering.
In fact, 76% of APP fraud originated online, with an additional 16% coming from telecommunications.
The hard truth about APP Fraud
So, what is the missing link?
The answer is, unfortunately, consumers.
APP scams often involve highly believable social engineering techniques.
Fraudsters impersonate legitimate organizations such as banks, government departments, or even utility companies.
With such a personal touch, its easy to see how these scams bypass even the most robustsecuritymeasures.
Consider the generational gap in fraud susceptibility.
You might expect older adults, who are often seen as less tech-savvy, to be most at risk.
Yet under-25s are statistically more likely to fall victim to online scams.
This isnt due to a lack of familiarity with technology; quite the opposite.
Young adults, comfortable with digital environments, tend to be more trusting of online interactions.
Trusting that a banks warnings or anti-fraud systems will always intervene is misguided.
Criminals are, by nature, opportunistic and constantly on the lookout for weak links.
Unfortunately, the weakest link remains human psychology.
To stop APP fraud, we must first get smart.
This is not just a financial challenge; its a societal one.
And its only by working together that we can hope to turn the tide.
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