FF News Logo
Sunday, October 12, 2025
FF Awards Leaderboard Banner

Breaking News

EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’ FreedomPay Drives Global Merchant Innovation FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds Ipswich Town Selects IFX Payments as an Elite Partner Baghdadi Capital Group Selects nCino to Power Global Growth and Expansion Strategy Zilch Unveils Intelligent Commerce & Zilch Pay to Power Next Phase of Rapid Growth Splitit Launches Partner Program to Power Installments for Agentic Commerce Keyrails Chooses Flagright to Power Real‑Time Transaction Monitoring and AML Screening Socotra Launches Agentic AI for Insurance Product Configuration iBanFirst Launches iBanPay, Its New AI Assistant to the UK NatWest Strengthens Support for UK Innovation Economy With Key Strategic Hires Moto and NCR Atleos Extend Collaboration, Expanding Self-Service Cash Access U.S. Bank Selected to Provide Custody Services for Reserves Backing Payment Stablecoins From Anchorage Digital Bank

March 16 2017

Cifas report comment: Millennials weary of Fraud

Share this post:

Share on LinkedIn Share on WhatsApp

Commenting on a new report by Cifas which shows Millennials are a growing target for identity theft cases. Almost 25,000 victims of fraud were aged under 30, with the number of under-21s defrauded rising by a third, Steve Arnison, Commercial Director of LexisNexis Risk Solutions, said:

“With a flurry of High Street bank branch closures and the arrival of mobile-only challenger banks, the use of the internet to conduct banking activities is on the rise in the UK, but unfortunately so are the correlating fraud levels.

“Technology-savvy Millennials demand accessibility when banking and have contributed to the sharp rise in the online and mobile use we commonly see today, but this preference has been compromised by their growing security concerns.  A recent survey by LexisNexis® Risk Solutions found that over half (54%) of Millennials in the UK are concerned about having their identity stolen through online or mobile app-based activities.

Worryingly, in another survey by LexisNexis Risk Solutions, 83% of ecommerce businesses admitted that they need to conduct more comprehensive identity management to mitigate fraud. With this in mind, banks must prevent online fraud by using identity verification and multi-factor authentication to determine not only whether a customer is who they say they are, but also to establish whether an individual owns the identity. In order to be more efficient, they need to take a risk-based approach with step-up authentication. Going forward, this type of process will play a vital role in maintaining the security of the UK’s online and mobile banking customers.”

  1. EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’

    The Fintech Magazine

     Read more
  2. FreedomPay Drives Global Merchant Innovation

    Event Videos

     Read more
  3. FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences

    Fintech

     Read more
  4. Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure

    Funding

     Read more
  5. Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds

    News

     Read more
ITC Vegas
More On