From Gen Z to Baby Boomers, Scams Target Every Generation
If a scammer was trying to pull off a con on two groups of people, one aged 13-21, and one aged 55+, which group is more prone to loss? If you’d guess the aged 55+ group, you might want to reconsider.
Though they have never known a time when tech was not a huge part of their lives, Gen Zers are falling for more scams than other generations. A 2023 study by online investigators, Social Catfish, found that no age group has seen a bigger surge in money lost due to online scams than people under age 21.
In an era dominated by technology and interconnectedness, scams have become an unfortunate reality that spans across generations. From the tech-savvy Gen Z to the pragmatic Baby Boomers, each age group faces its unique set of challenges when it comes to navigating online fraud. Although people from any age group can fall for these scams, here are a few scams that cyber criminals use to specifically target Gen Z, Millennials, Gen X, and Baby Boomers.
Gen Z: The Digital Natives
Gen Z, typically considered those born 1997-2012, have always known a world of smartphones and social media. Unfortunately, that means Gen Z is particularly vulnerable to online scams. Cybercriminals often exploit their trust in technology and lack of experience in financial matters. A few common scams targeting Gen Z include:
Phishing through Social Media. Fraudsters use phishing tactics, such as creating fake profiles and pages on popular platforms, to trick young users into sharing personal information or clicking on malicious links.
Online Shopping Scams. Gen Z’s affinity for online shopping makes them susceptible to counterfeit websites and fake product listings. According to the Better Business Bureau, 83% of young adults who encounter an online retail scam that’s promising products but actually won’t deliver, will fall for it.
Millennials: The Tech-Savvy Generation
Although Millennials, born 1981-1996, were the first generation to fully embrace the digital age, they are no strangers to online scams. Their desire for financial stability and career advancement makes them susceptible to fraud in various forms:
Student Loan Scams. Fraudulent companies often target Millennials burdened with student loans, promising debt relief or loan forgiveness in exchange for upfront fees.
Job Scams. Millennials seeking career opportunities may fall victim to fake job postings, leading them to disclose sensitive information or even become unwitting accomplices in money laundering schemes.
Gen X: The Sandwich Generation
Caught between caring for aging parents and supporting their own children, Gen Xers, born 1965-1980, face unique challenges. Scammers exploit their multitasking lifestyles with scams like:
Tech Support Scams. Gen X, often responsible for managing family technology, may receive fake tech support calls or messages, leading to unauthorized access to personal information or financial accounts.
Healthcare Scams. With concerns for their parents’ well-being, Gen X may fall prey to scams offering fake healthcare products or services.
Baby Boomers: The Traditional Targets
Baby Boomers, born 1946-1964, grew up in a less technologically advanced era and are often targeted through traditional means. Common scams include:
Lottery and Prize Scams. Fraudsters exploit the allure of winning big, informing Boomers that they’ve won a prize or lottery, only to request upfront fees or personal information.
Investment Scams. Baby Boomers, often planning for retirement, are targeted with fraudulent investment opportunities that promise high returns but result in significant financial losses.
How to Avoid Getting Scammed
Although every generation is susceptible to being scammed, there are things that everyone can do to avoid getting scammed:
- Keep the security settings on your devices updated with the most recent patches.
- Keep your social media pages private.
- Never share personally identifiable information with an unverified contact.
- Don’t wire money to an unverified contact.
- Thoroughly research the company behind any job you consider.
- Never download a link from an unknown source.
- Visit sites directly instead of clicking on links embedded in ads.
- Choose strong, unique, and long passwords for all your accounts.
- Be wary of any website, ad, or email that has a lot of typos and grammatical errors.
In a world where technology evolves rapidly, including the rise of AI, scams also adapt and target each generation differently. Awareness and education are crucial defenses against these deceptive practices. By staying informed and cautious, individuals from Gen Z to Baby Boomers can protect themselves and their loved ones from falling victim to the ever-evolving landscape of scams.
At Scott Credit Union, your financial safety is our priority. Be sure to check out our security videos on YouTube to discover how you can better protect yourself from scammers and other types of fraud.
