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Thursday June 13, 2024

Gen Z three times more vulnerable to online scams than boomers, study warns

Study says Gen Z, aged between 14 and 26, is more than three times as likely to be trapped by online scams than their Baby Boomer grandparents, aged between 58 and 76

By Web Desk
September 26, 2023
A boy seen using credit card online. Representational image from Unsplash.
A boy seen using credit card online. Representational image from Unsplash. 

Young Americans, often hailed as the tech-savvy generation, are finding themselves in the crosshairs of a growing online scam epidemic. 

A recent study conducted by Deloitte has sounded the alarm, revealing that Generation Z, aged between 14 and 26, is more than three times as likely to be ensnared by online scams than their Baby Boomer grandparents, those aged between 58 and 76.

In a digital age where our lives are intertwined with the internet, the study's findings revealed that familiarity with technology doesn't necessarily equate to online safety. Among Gen Z, a staggering 16 percent have reported falling victim to online scams, while a mere 5 percent of Boomers have faced such deceit.

The perils extend beyond mere scams as Gen Z is also more than twice as likely to have their social media accounts hacked (17 percent compared to 8 percent among Boomers). Moreover, 14 percent of Gen Z respondents have experienced the misuse of their location information, a disconcerting trend that outpaces other generations.

So, what sets Gen Z apart? 

Often referred to as 'digital natives', these young individuals grew up with the internet at their fingertips, making them more at ease with technology. However, this comfort may sometimes lead them to prioritise convenience over safety, unintentionally exposing themselves to cybercriminals.

Tanneasha Gordon, a principal at Deloitte, noted that Gen Z shops online frequently, providing ample opportunities for fraudsters to strike. 

"There are so many fraudulent websites and e-commerce platforms that just literally tailor to them, that will take them from the social media platform that they're on via a fraudulent ad," she warned.

The alarming trend comes with a steep price tag. According to an online fraud report by Social Catfish, young victims under 20 lost a staggering $210 million to scams last year, marking a significant surge from the $8.2 million lost in 2017.

The study's findings highlight the urgent need for increased online vigilance, not just among Gen Z but across all age groups. As scam losses continue to rise, reaching a staggering $10.3 billion in 2022, it is evident that the battle against cybercrime is one that requires collective effort and awareness.

With scams evolving and expanding in scope, the safety of our online interactions remains a paramount concern. Gen Z's tech prowess is an asset, but without the right precautions, it can also be a vulnerability.