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Gen Z most vulnerable to scams

Gen Z most vulnerable to scams

March 10, 2020

Australians under 25 lost over AU$5 million ($3.27 million/ €2.89 million) to scams in 2019 and reports made from this age group are increasing faster than older generations, ACCC reports.

In 2019, around 12,000 (7.15%) reports made to Scamwatch were from people under the age of 25, an increase of 11% compared to 2018 figures. Reports from this age group increased by 10 percentage points more than any other age group.

“Scammers don’t discriminate based on age and the wide range of scams reported by this age group is concerning,” ACCC Deputy Chair Delia Rickard said. “Young people may think they are tech savvy, but scammers are adapting and we expect to see more scams on newer platforms such as Snapchat and TikTok.”

Facebook and Instagram were the most common platforms for reports and losses by those under 25, with typical scams on these platforms involving fake online stores or the sale of fake tickets to events. Online shopping scams were the most common scams, making up more than 14% of reports and almost 12% of losses among people under 25.

Prague GIF

“Almost half of the losses to people under 25 occurred through bank transfer but you should also be wary of sellers asking for payment through unusual payment methods such as gift cards or bitcoin,” Rickard said. “Always try to purchase tickets from authorised sellers and be aware that many links sourced through social media will not be legitimate.”

The ACCC encourages that anyone who thinks they have been scammed, reports the incident as soon as possible to the relevant platform and/or report it to the ACCC through Scamwatch.

Categories : Around the Industry

Tags : ACCC Generation Z Scamwatch

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