From Gen Z to Boomers: Scam Threats by Generation and How to Stay Safe

When we think of scam victims, the image of a vulnerable older adult often comes to mind. But the reality paints a different picture. Scams today affect every generation, and younger people are more often falling victim to fraud than many might expect. Recent research reveals that younger generations are reporting losses to scams more frequently than older adults. However, different scams target different age groups, and understanding these distinctions can help everyone stay safe. 

The Landscape of Scam Victims 

Contrary to popular belief, younger adults — specifically Gen Z, Millennials, and Gen X — are increasingly becoming targets of scams. One study last year found that no age group has seen a bigger surge in money lost due to online scams than people under age 21. Meanwhile, the Better Business Bureau (BBB) reported that adults aged 18-24 suffered a median loss of $200 from scams, which is over $50 higher than the median loss for people over 25. 

While younger people might be losing money more frequently, older adults were losing more in individual scams. The median reported loss for those aged 70-79 was $800, while people aged 80 and over reported losing $1,500. This highlights the importance of understanding how scams are tailored to different generations, exploiting their habits and vulnerabilities, for example: 

Younger Adults: 
They are far more likely to be approached on social media. Approximately 31% of fraud reports from people aged 18-59 mentioned social media as the starting point for the scam. For Gen Z and younger Millennials (ages 18-29), that number rose to nearly 40%. 

Older Adults:  
They are more likely to encounter scams over the phone. While only 10% of younger adults reported losing money to phone-based scams, a significant 24% of older adults said their fraud began with a phone call. For those 80 and over, that figure rose to over 40%. 

Top Scams by Generation 

Gen Z (18-24 years old): 

Gen Z is the first generation to grow up with the internet fully integrated into their lives. They report high levels of exposure to: 

• Online shopping scams: Gen Z’s affinity for online shopping makes them susceptible to counterfeit websites and fake product listings. According to the BBB, 83% of young adults who encounter an online retail scam promising products that won’t be delivered will fall for it.
• Investment fraud: Especially through social media platforms, with cryptocurrency scams being particularly prevalent.
• Employment scams: These made up 29.9% of scams reported to the BBB for this age group, with an average loss of $1,819.

While many are tech-savvy, this age group is more likely to trust digital interactions and be less suspicious of online offers. Experts suggest that part of the reason for Gen Z’s vulnerability is that scams are often tailored to their generation, more than half of which spend an average of at least four hours on social media daily. 

Millennials (25-40 years old): 

As Millennials navigate their careers and face financial pressures such as student loans, they are often targeted by: 

• Fake check scams: Fraudsters send you a check for more than you’re owed and ask you to wire back the excess. After sending the money, you find out the check is fake.
• Job scams: Scammers offer fake job opportunities to deceive victims into giving money, personal information, or free labor. These scams involve fake job listings, imposter recruiters, or promises of high-paying work-from-home jobs.
• Government imposter scams: Scammers pretend to be government officials to steal money or information. Real agencies won’t ask for payment via gift cards or threaten you.
• Student loan scams: Fraudulent companies often target Millennials burdened with student loans, promising debt relief or loan forgiveness in exchange for upfront fees.

These scams take advantage of their frequent online interactions, with many losing money to fraudulent businesses or job offers. 

Gen X, the “sandwich generation” (41-56 years old): 

Caught between caring for aging parents and supporting their own children, Gen Xers face unique challenges. Scammers exploit their multitasking lifestyles with scams such as: 

• 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.

Boomers and the Silent Generation (57+ years old): 

These age groups 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 victims that they’ve won a prize or lottery, only to request upfront fees or personal information.
• Investment scams: Boomers, often planning for retirement, are targeted with fraudulent investment opportunities that promise high returns but result in significant financial losses.
• Romance scams: An FTC report found 70,000 US citizens reported falling victim to a romance scam in 2022, suffering approximately $1.3 billion in losses. With loneliness a serious issue among the elderly, older generations account for the largest share of losses in this scam type.

Why Are Younger Generations More Vulnerable?

Despite being digital natives, younger generations, particularly Gen Z, are more susceptible to online scams for several reasons: 

• Trust in online information: A Pew Research Center report from 2022 found that adults under age 30 are almost as likely to trust the information they see on social media as information from national media outlets.
• Financial pressures: Get-rich-quick schemes prey on the generation that has inherited inflation, high housing costs, and increased debt.
• Online financial habits: Younger adults typically have more of their finances online, using mobile banking and saving passwords on their phones, which can make it easier for scammers to access multiple accounts if there’s a security breach.

Spare a Thought for the Sandwiched 

The “sandwich generation” refers to adults in their 40s or 50s who have the double responsibility of caring for their children and their parents. This dual role involves overseeing the online security and privacy of the entire family. They face the challenge of monitoring online activities and ensuring the safety of both the young and elderly. This can be overwhelming, especially when they lack technological expertise or knowledge about security threats, for example: 

• Keeping up with their digitally native children, who are comfortable online but may become complacent, adds another layer of complexity.
• They need to support aging parents who often struggle with navigating online activities. For the older generation, everything online can feel unfamiliar, making it difficult to recognize potential threats.
• Finally, members of this cohort find that their hectic schedules and constant pressure can leave them overstretched and vulnerable, and they may not have the time or focus to practice proper cyber hygiene.

These responsibilities can create a significant burden, making it crucial for members of the sandwich generation to get the support they need.  

How to Protect Yourself from Scams 

No matter your age, the key to avoiding scams is awareness and vigilance. Here are twelve top tips that can help protect you from scams: 

1. Keep security settings updated: Ensure your devices have the most recent security patches.
2. Privatize social media: Keep your social media pages private.
3. Protect personal information: Never share personally identifiable information (PII) with an unverified contact.
4. Be cautious with money transfers: Don’t wire money to an unverified contact.
5. Research job opportunities: Thoroughly research the company behind any job you consider.
6. Be wary of downloads: Never download a link from an unknown source.
7. Visit sites directly: Instead of clicking on links embedded in ads, visit sites directly.
8. Use strong passwords: Choose strong, unique passwords for all your accounts. Consider also multi-factor authentication (MFA).
9. Watch for red flags: Be wary of any website, ad, or email that has a lot of typos and grammatical errors.
10. Take your time: Many scams rely on urgency to push victims into hasty actions. A quick pause can prevent you from becoming a victim.
11. Verify before acting: If you’re unsure about what someone has told you, talk to a friend or relative about it. They could help you determine if it’s a scam.
12. Be aware of payment methods: Anyone asking you to pay with gift cards, a wire transfer service, a payment app, or cryptocurrency could be a scammer.

Scams don’t discriminate by age — everyone is at risk. However, different generations face different threats. By understanding how scammers target each group, you can better protect yourself and those around you. Whether you’re a tech-savvy Gen Zer or a senior who’s cautious about online interactions, staying vigilant and informed is your best defense against fraud. 

Trend Micro Check 

With the increasing number and sophistication of phishing scams, staying one step ahead is more crucial than ever. Unfortunately, antivirus software alone isn’t enough. Introducing the newly updated Trend Micro Check! Available for both Android and iOS, Trend Micro Check offers comprehensive protection from deceptive phishing scams, scam and spam text messages, deepfakes, and more: 

• Scam Check: Instantly analyze emails, texts, URLs, screenshots, and phone numbers with our AI-powered scam detection technology. Stay secure and scam-free.
• SMS Filter & Call Block: Say goodbye to unwanted spam and scam calls and messages. Minimize daily disruptions and reinforce your defenses against phishing.
• Deepfake Scan: Detect deepfakes in real-time during video calls, alerting you if anyone is using AI face-swapping technology to alter their appearance.
• Web Guard: Surf the web safely, protected from malicious websites and annoying ads.

To download Trend Micro Check or to learn more, click the button below. 

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