Gen Z has found a home in the broad terrain of the internet, where cutting-edge technology coexists with cat videos.
This young generation is the future's architect, having grown up in a society where smartphones essentially function as an extension of the body. But as they make their way through the digital Wild West, they are increasingly coming to a fork in the road between convenience and cunning con artists.
The Area Where Generation Z Prospers
Let's take a moment to recognize the digital playgrounds that Gen Z uses before delving into the negative aspects of the digital world. Their domains include online forums, gaming websites, social media platforms, and instant messaging apps.
A 2022 Pew Research Center survey found that 95% of Gen Z members in the United States have access to a smartphone, and an equal number use social media on one or more platforms.
Taking the Bait: An Increase in Phishing Scams
The data speaks for itself: Gen Z is increasingly becoming a prime target for fraud, which is on the rise. Scammers took $210 million from underage victims in 2022. From $8 million in 2017, that is a rise. Particularly exposed is Gen Z, who have an instinctive confidence in digital connections.
Phishing is one of the most common problems aimed at Generation Z. Scammers are getting more and more creative in their tricks, imitating well-known platforms to fool consumers into disclosing personal information.
According to the 2022 Annual Cybersecurity Attitudes and Behaviors Report, 34% of Gen Z lost money or data as a result of phishing, while the likelihood of phishing attacks was around three times lower for earlier generations (Millennials, Gen X, Baby Boomers, and Silent Gen).
preying on haste and exclusivity
Scammers Recognize the Impact of FOMO (Fear of Missing Out)
Online shoppers are anticipated to lose $380 million, according to the Federal Trade Commission's (FTC) Consumer Sentinel Network, with individuals between the ages of 18 and 24 being most in danger. Gen Z is an excellent target due to its love of internet buying. Limited-time deals and special discounts can induce a sense of urgency that impairs judgment and can result in rash decisions and financial losses.
Scams Involving Mobile Banking
Due to Gen Z's dependence on mobile banking apps, con artists take advantage of this convenience. According to the most recent Chase Digital Banking Attitudes Study, 99% of Gen Z users a mobile banking app for a variety of purposes, such as monitoring credit scores, seeing account balances, and depositing checks.
Know the fundamentals of secure Internet banking and personal money. Knowing about typical financial scams can enable you to safeguard your hard-earned money and make informed judgments. Updating your antivirus software, apps, and gadgets is equally crucial. Frequent updates fix security flaws, making it more difficult for con artists to take advantage of vulnerabilities. However, Norton 360 provides industry-leading antivirus, malware, ransomware, and hacker protection for an even stronger defense.