Millennials targeted as Aussies lose millions to bank card fraud

One demographic has emerged as the most popular target for scammers – and it’s not who you would think.

Millennials are the group most likely to be targeted by scammers committing bank card fraud, according to new research.

A survey conducted by financial comparison site Finder found Aussies have lost millions to scammers after having their bank cards skimmed, with one in 10 respondents falling victim in the past year.

The average victim lost $781 which would equate to $1.6 billion nationwide, according to Finder.

A new survey by Finder revealed 10% of respondents had their bank cards skimmed in the past year.

Graham Cooke, head of consumer research at Finder, said the losses are staggering.

“Scammers are becoming increasingly adept at tricking Australians, with a 20% surge in scams over the last year,” he said.

“It’s a very widespread issue and highlights just how effective scammers have become at deceiving innocent Australians.”

Millennials – those born between 1981 and 1996 – were the most targeted group, with 10% reporting fraudulent use of their card details in the past year, followed by 9% of gen Z Aussies.

Mr Cooke urged Aussies to be cautious of suspicious text messages and emails.

“Beware of fake communications about purchases, prizes, and deliveries,” he said.

“Scammers are becoming highly sophisticated, often impersonating big, trustworthy brands, and some even pretend to be a family member or friend.”

Male victims were worse off, losing an average of $955 in comparison to female victims, who lost an average of $614.

Aussies have been urged to avoid clicking links and sharing personal information without verifying the source.

“Always confirm you’re dealing with a legitimate business,” Mr Cooke said.

“Be cautious of messages from unfamiliar numbers claiming to be someone you know, and never click on a suspicious link for any reason.

“Regularly check your transaction history through your bank’s official app or website.

“If you notice any unfamiliar transactions, contact your bank immediately so they can assist.”