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.”