Conmen target millennials more than pensioners

 Millennials are for the first time more likely than pensioners to be targeted by fraudsters, because of the rise in online banking, data show.

Analysis of millions of files by the credit checking firm Experian found that people in their mid- to late-20s had overtaken over-60s as the most likely age group to fall victim to fraud.

In most cases fraudsters pretend to be other people by buying something or borrowing money in their name. Over the past year, 14 per cent of victims of this “third party” fraud were aged 25 to 29, up by more than 3 per cent from 2014. The proportion of fraud victims aged over 60 fell by nearly

6 per cent to 11.23 per cent.

Fraud on current accounts and mortgages were the fastest rising areas for millennials. Among over-60s credit card fraud fell by nearly 5 per cent over the period, although the age group remains most likely to be hit by this type of fraud. Darren Guccione, the chief executive at cyber security firm Keeper Security, said young people’s reluctance to check bank statements was one reason for them becoming a growing target for fraudsters. Using the same password for multiple accounts also makes millennials more vulnerable.

He said: “Younger generations tend to do everything from bills to banking online, and this is why they are targeted.”

Hackers are able to steal personal details from sites such as Paypal and Amazon, which they then sell on the dark web. Email addresses sell for up to £3 each while more difficult-toobtain documents, such as driving licences, sell for up to £20. These details are then bought by fraudsters to build up victim profiles which are detailed enough to convince firms into accepting payments and applications.