Web and mobile fraud
Millennials have a perennial issue with online retailers
Some 93 per cent of Millennials in the UK do not trust online retailers with their personal data, with more than half concerned about having their identity stolen online or through mobile activities, according to new research from LexisNexis Risk Solutions.
The study found that, despite these concerns, 89 per cent of Millennials are shopping more at home, with nearly half on their smartphone and 29 per cent on their tablet. LexisNexis suggests that this could be because Millennials are task-rich and time-poor; meaning that the convenience of shopping online outweighs their security concerns.
Furthermore, only 38 per cent of Millennials own a credit card, suggesting that younger audiences are less likely to have the credit history or income to qualify for a credit card. A fifth of Millennials surveyed had not used cash at all in the past two months, supporting Mastercard’s research that the rise of contactless and digital payments is creating a cashless society.
Steve Arnison, director of LexisNexis Risk Solutions, said: “These findings highlight the unease that many Millennials feel about information sharing, particularly when it comes to online and mobile transactions.
“Retailers today must recognise that customer privacy concerns will continue to increase as society becomes more digitally connected. As such, businesses will need to take proactive measures now to protect their customer’s best interests and meet the demands of an increasingly digitally-savvy customer base.”
