iscover
iscover 
With real-time payments making transactions instant and often irreversible, 26 per cent of younger Australians fear being tricked into sending money to fraudsters, compared to just 17 per cent of all adults.
For brokers, this growing concern presents both a risk and an opportunity – clients in this demographic may be more cautious about digital transactions, yet they still prioritise ease of use and cost savings over fraud protection when choosing financial products.
The FICO study revealed that 43 per cent of Australians believe payment scams (where they’re tricked into sending money) would cause the biggest financial loss, far exceeding card fraud (18 per cent) and identity theft (17 per cent).
Meanwhile, 36 per cent of Gen Z and Millennials think their identity has already been misused and 30 per cent of 18–24-year-olds see identity theft as their top financial crime fear.
Younger clients may be more hesitant about digital mortgage processes, especially if they’ve had previous fraud concerns. Brokers should reassure them about security measures while maintaining a smooth application experience.
Despite fraud fears, 48 per cent of Gen Z respondents said they prioritise ease of use over fraud protection, which sat at 17 per cent. Millennials (27 per cent) favour cost savings over security (25 per cent).
Brokers should balance security with convenience, ensuring digital applications remain simple and fast while still embedding strong fraud checks.
“Younger Australians are more exposed to digital risks simply because they live more of their lives online,” said Corey Smith, senior decisioning, risk, and analytics expert at FICO.
“They’re constantly using apps, marketplaces, and peer-to-peer payment tools, often moving money in real time. For many, even a small loss can hit hard – and they’re seeing scam stories go viral on social media every week. That mix of exposure, immediacy, and financial pressure makes scams feel very real for this generation.”
Despite recent headlines of bank branch closures and the rise of non-bank lenders, 75 per cent of Australians believe in-branch banking is the most secure. Another 40 per cent trust mobile apps more than websites.
For authentication processes, biometrics (fingerprint/face scans) are the most trusted (80 per cent), yet SMS passcodes remain the most popular (81 per cent).
As real-time payment scams and identity theft concerns rise, mortgage brokers must balance security with a smooth client experience.
Smith said: “Security is critical, but financial institutions must ensure fraud prevention solutions are seamlessly integrated into user experiences to maintain customer trust and engagement. By breaking down silos and integrating identity verification and fraud detection processes, we can streamline applications and bolster trust in legitimate customers.”
The survey said that younger borrowers want speed and simplicity, but they also need reassurance that their financial data is safe.
By integrating fraud prevention seamlessly into the lending process, brokers can build trust and loyalty with this key demographic.
[Related: ANZ warns businesses of rising fake invoice scams]
