The UK’s golden oldies are ahead of the game when
it comes to fighting card fraudsters and getting to grips
with the introduction of revolutionary Chip & PIN technology,
according to new research from Lloyds TSB.
The report reveals that nearly two-thirds (61 per cent)
of Brits aged 55 and above are aware of and understand the
new technology which is currently being unveiled in shops
across the country. This compares with just half (50 per
cent) of those people aged between 25 and 34.
Senior citizens are also brimming with enthusiasm for the
new system, with nearly 80 per cent rating Chip & PIN
as an ‘excellent’ or ‘good’ idea.
This positive attitude towards battling card fraud might
also explain why the over 55s are the least likely to have
fallen victim to the criminals. Just one in ten (11 per
cent) said they’d ever been the victim of card fraud,
compared with nearly one in five (17 per cent) of the 25-34
age group. Furthermore, the older generation appears to
be conscious of the need to their cards safe. Only a quarter
(27 per cent) had ever lost a credit or debit card –
10 per cent less than the average for the whole population.
David Cooper, head of card risk, Lloyds TSB, said: “This
explodes the myth that grannies and granddads are flummoxed
by modern technology and are swimming against the technological
tide.
“Younger people could do a lot worse than follow the
trail being blazed by their elders. Chip & PIN is a
particularly potent weapon in the war on card fraud and
the sooner everyone, whatever their age, is comfortable
using it – the better.”
28 June 2004
Source: Lloyds Tsb
