There is little generation gap when it comes to concerns about online fraud, a new study found. Sixty-two percent of Millennials (ages 18 to 24) and 77 percent of baby boomers (the 55 and older segment) are concerned about their personal information being misused online.
These findings were pulled from a wider survey about mobile payments and online shopping conducted by ThreatMetrix and the Ponemon Institute.
Younger people, especially Millennials, are more plugged in to the newest and coolest technology and gadgets. They are nearly twice as likely as boomers to feel secure when shopping online (34 percent vs. 19 percent). But while they may they may not be as worried specifically about online fraud as older consumers, they are still hip to security concerns. Half take online security into account when shopping online compared with 41 percent of boomers.
Nearly two-thirds of millennials have made a mobile payment on their smartphone, compared with just a quarter of boomers. The calling card of this option for them is convenience, said 60 percent (versus 44 percent of boomers). Forty percent belief the risk of fraud to be lower on a smartphone versus a desktop or laptop computer.
“It’s interesting to note that while the younger generation is less concerned about online fraud in general, when they do question the fraud prevention measures of an online merchant, they say it adversely influences their experience with that particular brand,” said Bert Rankin, vice president of marketing, ThreatMetrix, in a statement.
Investors surveyed by Millionaire Corner about their use of mobile technology are primarily using their smartphones email, access news, games and social networking. But just over 52 percent have made the leap to use their devices to make or purchase or a payment. Nearly 27 percent said they would.
Our survey confirmed the common perceptions of older and younger consumers. Those under the age of 40 were most likely to use their smartphone as a payment device while those over the age of 60 were the least likely.
More than half (about 52 percent) of respondents cited security concerns as the reason they were reluctant to use their smartphone as a method of payment. Of these, significantly more women (57 percent) than men (46 percent) shared this concern, again not surprising as women have incorporated smartphones into their shopping routine, whether it be looking up store locations or surfing the Internet to find the best deals.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.