Gen Z most at risk for online scams
Gen Z’s digital fluency helps them online but also makes them prime targets for scams like phishing, fake jobs and rental fraud.
WASHINGTON — Generation Z, known for their digital fluency, uses their online skills for almost everything. But that ease with technology can leave them open to scams and fraud, especially as more young people take financial control during college years.
Margarita Alvarez, senior vice president at Wells Fargo, calls Gen Z’s digital fluency “their superpower” — but also their blind spot when it comes to spotting scams. In 2024, the Federal Trade Commission reported that people aged 20 to 29 lost money to fraud and scams more often than those aged 70 to 79.
Melanie McGovern, spokesperson for the Better Business Bureau, warns young consumers to be cautious with emails and online deals that may not be legitimate.
“There are going to be emails that come to your inbox that might not be from who they say they are,” McGovern said. “That deal online for books might not be a real website.”
As many Gen Z members head to college and face more financial decisions on their own, Alvarez advises verifying who they trust online and ensuring merchants are reputable.
“Make sure that they’re being very mindful of the interactions that they’re making with any type of merchants, ensuring that they’re viable, trusted institutions,” she said.
Text phishing and impostor scams are common tactics used by fraudsters. Scammers often pretend to be student financial aid offices, offer scholarships, or promise part-time jobs—all methods to steal personal and financial data.
“If it’s something 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,” McGovern said.
Rental scams are another common threat. Asking for a credit card or a money transfer to see an apartment in person for the first time should raise a red flag for renters.
Experts encourage Gen Z to stay vigilant and take steps to protect themselves as they navigate financial independence in the digital world.
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