Millennials more prone to online fraud

♦ Millennials are three times more likely than baby boomers to fall victim to online fraud, a survey has found.

Despite the common assumption that the younger generation is more tech-literate, three in 10 (31 per cent) 16- to 24-year olds have been a victim of online shopping fraud, compared with just 12 per cent of over-55s, according to Shieldpay, a payments security firm.

Not only are younger consumers more likely to be duped online, but when they do fall victim they lose more money – an average of £276 more than those aged 55 and above.