More young people than ever, especially Generation Z, are becoming victims to online scams. According to Vox, a 2023 Deloitte survey found that Gen Z Americans were three times more likely to fall for a scam than baby boomers and twice as likely to have their social media accounts hacked than baby boomers.
According to the Federal Trade Commission, in 2023, social media scams were one of the most prominent ways young Americans lost money, with 38% of them being reported by people between the ages of 20 and 29.
A recent report from the FTC shares that scammers are changing their tactics, with more scams occurring over text and email than phone calls. Scammers have also been impersonating more government and bank entities while using bank transfers or cryptocurrency to get the money.
Why does Gen Z fall for more scams?
Vox shares three reasons why Gen Z Americans tend to fall for more scams than others:
- Gen Z uses more technology than any other generation and thus have a higher chance of getting scammed.
- Growing up with the internet and technology gives them a sense of familiarity and could influence their decision to choose convenience over safety.
- Cybersecurity education to kids doesn’t properly explain online safety in a way that makes sense to their online experiences.
Tanneasha Gordon, a principal at Deloitte, told Vox that “because Gen Z relies on technology more often, on more devices, and in more aspects of their lives, there might just be more opportunities for them to encounter a bogus email or unreliable shop. ... Younger people will often encounter social media impersonation and compromised accounts.”
How to avoid online scams
To avoid online scams, Reuters shares several tips that anyone can use to keep themselves safe.
- Use multiple security options to keep your online accounts safe, such as two-step authentication, and turn off location services and cookie tracking.
- Don’t be so quick to accept a job offer that will make you pay them in the beginning; some job scams will send you a bogus check to cover “training” purposes and ask you to send the rest back.
- Be cautious about guaranteed crypto returns.
- Watch out for unexpected messages on social media that want you to become their “brand ambassador.”
- Create passwords that do not use common phrases or words, never share the codes to your two-step authentication app and always keep your devices up to date on their security.