Financial Literacy and Its Impact on Fraud Detection of Indonesia's Generation Z

Abstract

Everyone in the world had to adjust their way of life during the Covid-19 epidemic, since lockdown and quarantine measures were enacted in the majority of countries. As a result, social engagement and communication were forced to take place through the internet. Consequently, as in the case of Indonesia, the number of internet users expanded dramatically over this time period. With an increase in internet users and activity comes an increase in financial fraud. According to this study, Financial literacy has an effect on someone's capacity to spot fraud. From investigating through various literature and conducting surveys, Individuals with a high score in both financial knowledge and behavior have a better capacity to identify fraud. It might also be claimed that Indonesia's youth generation have financial literacy knowledge and skills. As technology advances, more research with the inclusion of digital literacy may be conducted. This will help people to get understanding of the digital world as well as financial expertise.