Generation Z consumers, who are leading the rise in online shopping, are the most likely to be concerned about payments fraud and want to see action from banks to tackle it, according to new research.

A survey of 1,096 consumers from Gen Z (those aged 4 to 24) by IDEX Biometrics ASA and Arlington Research, found that 79 per cent thought banks should do more to protect their customers from fraud, while more than half (52 per cent) were worried about someone stealing their identity.

Just over half (54 per cent) of respondents said they were confident that their bank would refund them any losses if someone fraudulently accessed their bank account and stole any amount of money.

To guard against the risk of their credentials being stolen, 62 per cent said that banks should offer biometric payment cards to help reduce levels of payment fraud, while 46 per cent would choose a bank that offered biometric payment cards over one that didn’t.

Nearly all (95 per cent) of the 16 to 17 year-olds said that banks should step up fraud protection for their customers, with the majority indicating that they would be willing to pay for additional payment security, providing it was convenient.

David Orme, senior vice president at IDEX Biometrics ASA, said: “Younger shoppers already understand the importance of protecting their bank accounts and cards, and they’re excited by a future that uses biometric technology to achieve this.

“Generation Z are familiar with fingerprint authentication in smartphones and payment apps and understand the level of security they provide, because of this, adopting biometric fingerprint payment cards is a small but crucial step to protect the next wave of consumers from payment fraud, without inconveniencing their lives.”

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