Online fraud is a major concern for baby boomers when they shop online, according to a new survey sponsored by fraud-prevention services provider ThreatMetrix and conducted by The Ponemon Institute, a market research firm.
The survey found that 77% of consumers 55 and older say they worry about being a victim of online fraud. And 46% say they don’t feel secure that merchants are protecting their safety and security when shopping online.
Millennials, defined as consumers 18 to 25 years old, are only slightly less concerned about online fraud than baby boomers. 62% say they are concerned about being falling prey to online criminals and 27% say they think online retailers aren’t adequately protecting their security. That’s why 50% of millennials say they pay heed to an online retailer’s reputation before making a purchase. That compares to 41% of baby boomers.
“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,” says Bert Rankin, ThreatMetrix vice president of marketing. “It’s a big concern if online retailers are losing out on potential sales simply because consumers can’t trust the security of the web site.”
Despite their concerns only 35% of millennials have been the victim of an online fraud. That number jumps to 46% for baby boomers.