Pro Con Artist Cautions ‘No One Is Un-Scammable’ As Revolut Warns More Scams Reported Among Gen-Z And Millennials Than Boomers

Revolut, the global fintech with over 9 million UK customers and 40 million globally, has today issued a warning alongside pro-con artist, Jenny Radcliffe, that fraudsters are targeting younger people, despite a societal misconception that older generations are more vulnerable to scams and as many as 76% of customers in the UK think that fraud is easy to identify.

Across a sample of its user base in the UK, Revolut found that tech-savvy Gen-Z and Millennials made up the highest number of fraud cases, accounting for 65% of scams reported to Revolut in the last 12 months. The company found that:

• Millennials (28-43 y/o) and adult Gen-Z (18-27 y/o) combined accounted for 65% of  filed fraud reports, almost double the volume among their older counterparts (Gen-X and Boomers combined totalled 35%) in the last year.
• Gen-Z alone made up 38% of scams reported in the last calendar year.

Although older generations were scammed less frequently, the financial impact to these groups was considerably higher:

• Gen-X (44-59 y/o) made up 20% of cases but incurred losses of over £10K on average per case, while Boomers (60-78 y/o) made up 15% and lost just over £38K – both potentially life-changing sums.
• In comparison, Gen-Z and Millennials lost £951 and £2.7K on average, respectively.

The common denominator across the scams facing all age groups was the origin, with social media most often being the source. Website scams and phone calls were common across these groups.

These findings follow the launch of Wealth Protection as part of Revolut Secure, which brings together Revolut’s cutting-edge security features to give customers more control over how their money is protected.

Commenting on the findings, ethical con artist and social engineering expert, Jenny Radcliffe, said:

“No one thinks it’ll happen to them. But the truth is, no one is un-scammable and sadly, it’s so much more common than people realise.”

Many scammers are talented social engineers who know exactly what levers to pull and when. The fact is that most people think they’re not important, or rich enough to be targeted, or think they’ll spot the signs when they do. But when scammers raise emotions, our rational brains might not function how we thought they would. Everyone is vulnerable, and should be on high-alert for the signs that things may not be as they seem.”

Woody Malouf, Head of Financial Crime at Revolut, added: 

“Fraud is often not taken seriously enough until it’s too late. The data highlights how many individuals have fallen victim regardless of age and comfort with tech and so it’s important no one is complacent.

“Before making any transactions, no matter how safe they seem, take your time to think about what’s being asked for and why. Never be rushed into sending money unless you are absolutely sure. If you have any doubts, stop, think and put the phone down. Your payment provider will never rush you into making transactions and Revolut will never phone you without first confirming via our secure in-app chat.”

Revolut invests heavily in the safety and security of its customers, protecting them from many types of fraud and scams. Their 4,000-strong, 24/7 financial crime team employs advanced cybersecurity measures which in 2023 prevented £475m of potential fraud against its customers. The company takes a data-driven approach to identify scam activity and uses sophisticated fraud modelling for both inbound and outbound transactions to protect Revolut customers from falling victim to fraud, including clear, unskippable warnings and direct interventions by our specialist fraud prevention teams.

Revolut’s advice to stay one step ahead of scammers:

• Stay alert. Always question things that seem too good to be true.
• Trust your instincts. If something feels off, take a step back and investigate.
• Use secure channels. Stick to trusted websites and platforms for transactions.
• Report suspicious activity. If something seems suspicious, let Revolut know — they are here to help 24/7, directly from the app.