Millennials more susceptible to fraud because of overconfidence
YOUNG adults are twice as likely to fall victim to scams than the older generation because of their overconfidence on the internet.
People aged under 34 are most susceptible to tactics adopted by scammers and willing to share their personal details online and over the phone, according to a survey of 4,000 adults by bank Marcus, part of Goldman Sachs.
It comes as millions of households have been targeted by fraudsters exploiting the cost of living crisis and money worries. Some types of fraud, such as bogus job offers and fake investment scams, have been specifically created to steal from young adults looking to earn extra money.
The study found that one in five adults aged under 34 had fallen victim to a scam, compared with one in 10 older adults. But they were the most confident of any age group in their ability to spot scams, with more than half stating they were “too technologically savvy” to be duped by criminals.
Sarah Card, of Marcus, said: “One reason younger people could be more susceptible to fraud is, they are more active in posting their personal details online, making them a target for fraudsters.”
She added: “But fraudsters do not discriminate and no matter your age, or how technologically savvy you might consider yourself, it is important that you remain vigilant.” Sandra Peaston of Cifas, Britain’s biggest independent anti-fraud agency, warned that young victims were frequently targeted by fake mobile phone deals, or by fraudsters posing as debt collection firms or selling scam investments.
Criminals pounced on paltry saving rates and falling stock markets in the first half of this year to steal more than £61million by promising high returns through investment scams, data from banking trade body UK Finance show.
Many used celebrity adverts with fake endorsements from the likes of Holly Willoughby and Martin Lewis to dupe victims into handing over thousands of pounds.
An investigation by The Daily Telegraph earlier this year found that children as young as six were being targeted by fraudsters, with more than a thousand children and teenagers now scammed every month.