As a Millennial, you might consider yourself to be rather tech-savvy, and think you know enough to be able to spot an online scam a mile away. However, recent research by Business Bureau suggests that those of us who use technology and are constantly online are more likely to be vulnerable to falling for online scams.
In fact, over 30% of people between 25-34 years old had fallen victim to fraud. Whilst 15% of scam victims were between the ages of 18 to 24 years. In comparison, only 5% of online scam victims were aged 75 years or above. Therefore, the likelihood that a security breach would occur and result in financial losses is higher amongst the millennials and the younger generation. So, why are millennials at a risk?
How Scammers prey on millennials
Given that Millennial spend so much time online, it’s not unexpected that their chances of getting scammed are increased.
Here’s a list of most of the prevalent scams used by scammers to defraud the younger generation:
- Scammers try to use stolen or counterfeit cheques to pay you for online goods that you are selling. Alternatively, they can ask you to buy gift cards on their behalf while using fake cheques as payment. They might also send you a cheque for more money than you owe them and demand the difference.
- Since we see the convenience of online shopping, it makes it easier for scammers to create fake adverts promoting goods. Only shopping fraud is when you’ve ordered a product online, but it is never delivered, thus causing monetary loss.
- Scammers often create fake job adverts in order to lure people into applying for a job. These job offers are usually offering large returns in exchange for your investment.
- Millennials are susceptible to romance fraud on dating apps, scammers build fictitious accounts in order to establish a connection and eventually defraud trusting victims of their money.
- In order to obtain “back taxes” or personal information, scammers may also assume the identity of a government organisation.
How To Protect Yourself:
Change the way you shop online:
An easy way to purchase virtually anything from the convenience of your home is through online shopping. Verify that the website is connected securely using HTTPS, making it safe to enter your information. Anyone can open an internet store, so be sure it has a physical address and a phone number you can call if something goes wrong. Online purchases made using credit cards are typically the safest kind. Avoid using methods like direct wire transfers, bank transfers, or mailing money orders or cheques.
Use security software on your devices:
On your phone and computer, installing comprehensive security software can provide you access to a number of preventive measures, such as anti-virus protection, spam filters, online advisors, and more. If you click on a suspicious link, these tools might be able to help.
Get password assistance:
Get a password manager to increase your security since password leaks are a top-risk area. The greatest password practices, which include coming up with lengthy, one-of-a-kind passwords, also make them challenging to remember. You can generate stronger passwords, update them frequently, and store and access them safely by using a password manager.
Millennials appear to be more vulnerable to these hackers for the reasons stated above. The good news is that you can really protect yourself better than other age groups because you understand how to implement safety recommendations better than any other population. Merchants should also avoid turning away millennials and other potential customers, instead implementing and employing safe measures to ensure that both parties are protected from fraud while without losing money.