Gen Z’s digital fluency makes them susceptible to online scams, with scammers increasingly targeting young consumers and college students.
In 2024, the Federal Trade Commission reported that individuals aged 20-29 lost money to fraud and scams more frequently than those aged 70-79, highlighting the vulnerability of younger generations despite their digital savvy.
“Gen Z - their digital fluency is their superpower, and it’s also their blind spot,” said Margarita Alvarez, Senior Vice President at Wells Fargo.
With Gen Z heading to college campuses and taking on more financial responsibilities, Alvarez advises young consumers to verify the trustworthiness of online merchants and institutions.
Text phishing and impostor scams claiming to be from student financial aid offices, offering scholarships, or promising part-time jobs are popular among fraudsters, according to Melanie McGovern, spokesperson for the Better Business Bureau. McGovern also emphasized the importance of recognizing suspicious emails and websites, stating, “That deal online for books might not be a real website.”
McGovern advises, “If it’s something that’s unfamiliar to you, you didn’t sign up for it, the best thing to do is just delete it, get it off your phone, so there’s no temptation to go back and click on a link.”
As Gen Z continues to navigate the digital landscape, awareness and caution are crucial to protect against scams that exploit their digital habits.
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