Young people far more likely to be scammed on holiday | Personal Finance | Finance

Younger travellers are nearly 20 times more likely to fall victim to holiday scams than the older generation, new research has found.

Over a third (35 percent) of travellers aged 18-35 admit they’ve been scammed on holiday in the last year compared to just 2 percent of holidaymakers aged over 55, according to research from travel debit card Currensea.

Increased concern over holiday scams has led to three-quarters (78 percent) of all travellers taking more safety measures when travelling and spending abroad.

Over two-fifths (43 percent) of travellers avoid bank transfers in favour of card payments for increased protection whilst 28 percent admit that they’re more cautious when withdrawing cash due to fears over scams and personal safety.

Despite these concerns, three in ten (31 percent) travellers say they look for how much cash is covered by their travel insurance in case of loss or theft.

The most common types of scams affecting young people include:

Booking scams – this includes fake airline websites, accommodation listings or package deals from fraudulent companies

Social media promotions – such as deals on event tickets, package holidays or from accounts impersonating airlines or hotels that ask for banking details or additional payments

Fraud at ATMs – includes ATM skimming where devices are installed on an ATM to capture personal details including a user’s PIN and “shoulder surfing” where fraudsters watch a customer enter their PIN and then later steal their card

Pre-paid card trapsscams where people attempt to top up pre-paid cards using a link from a fraudulent email or inadvertently enter their details on a fake website and transfer the money to a fraudster

Fake activitiesscams, where travellers pay for activities from fraudulent operators or the tour or activity, doesn’t exist

Although the research indicates that very few older travellers are currently hit by scams, they must not become complacent.

A fifth (22 percent) of over 55s admit they’re not taking any measures to avoid scams or improve their financial security when travelling or spending abroad, there is concern that this group of travellers could be hit in future as scams become increasingly sophisticated.

Many travellers are becoming increasingly cautious about using cash at all. Over two-fifths (43 percent) say they are now more vigilant about safety when carrying cash, and 28 percent exercise caution when withdrawing cash abroad due to the prevalence of scams.

James Lynn, Co-Founder of Currensea, said: “Younger people might think they’re savvy about spotting a dodgy deal but they clearly have lessons to learn from older travellers about staying scam-free on holiday.

“Identifying the signs of a scam might be easy at home but can be much harder when we’re relaxed on holiday with our guard down.

“Travellers need to ensure they’re taking more safety precautions when abroad by remaining vigilant with offers that seem too good to be true, minimise the amount of cash they carry and opting for secure spending options that are much lower risk than a wallet full of notes.

“Ahead of the peak travel season, banks and travel operators need to ensure that their customers are clued up on the latest scams they might face, how to stay safe when spending abroad and the best approach to minimise the risk of scams.”

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