Millennials More Aggressive in Dealing with Fraud

A new report from Bankrate finds that Millennials seem to have a lower tolerance for account fraud than the general population does, and are more likely to punish the bank they had the hacked account with.

For instance, while 22% of US consumers will close an account after a fraud incident, 29% of Millennials will close all accounts with that bank.

Twenty five percent of Millennials will write a negative post on social media about a fraud incident.

Millennials might be strict with their banks, but they are also generous when a bank or credit union does right by them.

As Bankrate found, 41% of Millennials recommended their bank to friends, family, and colleagues after a positively handled fraud incident, compared with 25% of 35-49 year olds.

The lesson for banks and credit unions is that Millennials are less tolerant of fraud, but more likely to sing your praises when incidents are handled swiftly and thoroughly.

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