Fraud against seniors gets all the attention. BUT Millennials (24 – 40) are closing in fast as they are reporting money lost to fraud 25 percent more than Generation X’s and Boomers. And, Generation Z’s (11 – 23) are right behind them. Fraud against these groups comes from the new technology.
Scammers use digital interactions such as texts and robocalls to target Millennials, Generation Z’s are pursued via social media requests, chat bots, and other technologically advanced tactics. Generation Z’s grew up with technology and they are comfortable with receiving messages from “friends of friends,” influencers and others they don’t know but have come to trust.
During the pandemic people were isolated, which made them even more susceptible to “get rich quick” schemes. Generation Z’s know people on Instagram and Tick Tok who have thousands of followers and believe they’re making money. But not all are. They fall into easy traps of send me $100 and I’ll turn it into $1,000 – or some variation. We all know that “if it sounds too good to be true” it is. But when people want more and see others who have “done it,” they are easy prey.
Cybersecurity experts say Millennials and Z’s are particularly vulnerable because social media is part and parcel to their lives. They build their community, create relationships, gather information, form beliefs, get jobs, shop, and more. Scammers capitalize on familiarity and the instantaneous movement of money.
In April 2021, Javelin Strategy hosted a seminar that identified the four demographic groups of fraud victims, the tactics used by scammers, and the triggers they employed. Their summarized findings are below. Use this to educate yourself and your family.
Generation Z’s
- Tactics
- Social media friend requests
- Chat bots
- Triggers
- P2P (peer to peer) payment messaging (Venmo, Square, Paypal)
- Social friend requests
- Mule networks
Millennials
- Tactics
- Robocalls
- Texts
- Triggers
- Rewards
- Parcel tracking
- P2P (peer to peer) transfer confirmations
Generation X’s
- Tactics
- Emails
- Robocalls
- Texts
- Triggers
- Financial information
- Interest rates
- Parcel tracking
Boomers
- Tactics
- Robocalls
- Triggers
- IRS
- Healthcare
- Social security
Scammers are quick to understand and adjust to generational consumer trends and behavioral patterns. They use that knowledge to be one step ahead of their victims. They are in the business of knowing when their targets are the most susceptible. Fraud tactics are designed so they are believable. The tactics are different for each group, so they need to understand risks and how to identify scams – not an easy task. Use this information to keep your family safe.
Whatever it takes, The Seniors’ Answer® is here to make your life as carefree as possible.
Our mission is to make your life simple, secure, reduce stress and get things done. We specialize in helping all aspects of the day-to-day of busy professionals, families and seniors. We have a team devised to tackle and manage concerns that many may have. If you have questions or need information about you or your loved one’s life management issues, please reach out to us. We are here to make your life simple, secure and stress-free. We are available 24/7. Call us at 305-646-1833 or email us at Corrine@theseniorsanswer.com.
