When it comes to falling for scams, GOBankingRates’ recent Keep Your Money Safe survey found that Gen Z and millennials become victims more often than older generations. For example, while 35% of Gen Zers, ages 18-24, and millennials, ages 35-43, admit to being victims of phone-related financial scams, only 25% of Gen Xers, 45-54, admit to the same. Regarding Social Security scams, 18% of Gen Zers and 11% of millennials admit to being victims.
However, only 7% of Gen Xers and less than 2% of those who are baby boomers and older (ages 65-plus) admit to being victimized. Find out why it’s more common for individuals from younger generations to s. Earning passive income doesn't need to be difficult.
Brittany Allen, fraud prevention expert and senior trust and safety architect at , said that Gen Zers and millennials, having grown up online, tend to trust digital spaces more than older generations, which can, unfortunately, make them more susceptible to financial scams. “And their active presence on social media exposes them not only to scams but also to recruitment into fraudulent activities,” she added. “In fact, 34% of Gen Z consumers have encountered offers to participate in online fraud, compared to just 9% of baby boomers.
” Allen said that what adds to the challenge is that younger generations, such as Gen Zers and millennials, tend to be overconfident in their ability to spot scams. Allen said that this leads to a false sense of security, especially as scams bec.
