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15 tips to protect Gen Z from online financial scams – a comprehensive guide.

Gen Z More Likely to Fall for Online Scams than Baby Boomers


When it comes to online scams, one might assume that Baby Boomers are the most vulnerable. However, a new report from consultancy Deloitte reveals that members of Generation Z are actually more than three times as likely to have fallen for an online scam in the past year. This is due to scams being specifically tailored to target this generation.

The Rise of Gen Z Scams

Generation Z, born between 1997 and 2013, spends a significant amount of time online, particularly on popular apps like Instagram, TikTok, WhatsApp, and Snapchat. This constant online presence exposes them to various scams such as counterfeit goods, fake giveaways, phishing emails, and romance scams. Cyber criminals are quick to target these emerging platforms, preying on the younger generation’s inclination to embrace new technologies.

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TikTok Scams

One growing scam on TikTok involves scammers promising to multiply users’ money through investments in cryptocurrency or the stock market. However, victims are required to send cash via services like Zelle or Venmo, or even directly send cryptocurrency to the scammers. Unfortunately, these promised gains never materialize, leaving victims at a loss.

Protecting Gen Z from Scams

As parents, it is essential to educate and protect teenagers and young adults from online scams. Here are a few tips to keep them safe:

  • Set up multiple security defenses: Enable two-step authentication, turn off location-based services and cookie tracking, delete unused accounts, change passwords regularly, avoid apps with security concerns, and be cautious when clicking on links.
  • Don’t pay for job offers: Warn Gen Z about job scams that require them to pay for training or supplies. Honest employers will never ask applicants to pay for a job.
  • Beware of guaranteed cryptocurrency returns: Remind young adults that most cryptocurrency investment opportunities promising guaranteed returns are often scams.
  • Be cautious of unexpected offers: Encourage Gen Z to be skeptical of unexpected offers, such as becoming a “brand ambassador” on Instagram. Unprompted requests that evoke strong emotions should raise red flags.

Additional Advice

Dr. Jessica Barker, co-founder of security firm Cygenta, suggests using unique passwords, never sharing two-factor authentication codes, and keeping devices updated to prevent cyber criminals from exploiting known security vulnerabilities.

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It is crucial for Generation Z, and the rest of us, to stay vigilant and informed about the latest online scams. By following these precautions, we can protect ourselves from falling victim to fraudulent schemes.

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