Gen Z is scamming companies out of billions each year with staggering rates of ‘friendly fraud’

They’re canceling honesty now.

A new report reveals a staggeringly high number of Gen Zers openly admitting to engaging in credit card fraud — with nearly half of them committing the financial crime, according to new data from anti-fraud company Sift.

The research found that 42% of those aged 26 and younger admitted to filing a fraud claim — or other type of dispute — despite having not only received their purchase, but being satisfied with it as well.

This is known as first-party fraud, or friendly fraud — it often results in the customer successfully receiving a chargeback to their account.

“We’re seeing a trend of younger generations increasingly taking advantage of consumer-friendly chargeback protections,” said Rebecca Alter, Trust and Safety Architect at Sift.

“This should serve as a wake-up call for businesses to implement a proactive fraud strategy and end-to-end dispute management process in order to preserve profitability.”