When it comes to thinking about fraud and scams, a common misconception is that it mainly affects older adults. Fraud targets all ages; however certain demographics are more likely to see select types of fraud. Whether you are tech-savvy or prefer to be offline, scammers have developed tactics to make us susceptible.
Younger Generations
For younger generations, growing up with technology has afforded a level of comfort in use and a lifestyle that is heavily online. Hours can be spent on social media, online shopping, or connecting with others. Fraudsters know this and have placed themselves in those locations, ready for someone to bite the hook. 2024 marks the second consecutive year where Gen Z has lost more to scams than boomers. What scams are targeting this tech-savvy crowd? Investing in cryptocurrency, online shopping, and job scams cost individuals in this demographic an average loss of $155 in 2023.
Older Generations
Older generations need to be prepared for a different bag of tricks. Scammers are using emails, phone calls, and websites as their main avenues for contact. The most common topics people are being duped into supporting are tech support scams, prize/lottery scams, and romance scams, which has been the most impactful. In 2023, the average amount lost in romance scams was $3,600 with a 49% increase in victims from the year prior.
I Got Scammed – What Now?
Scams target all ages. If any of these situations happen to you, make sure to report it to the FTC and where applicable, your financial institution. These reports help law enforcement partners support investigations and prevent fraud from occurring.
