Gen Z has digital savvy, and they use it for just about everything, but the ease of online transactions could leave them open to scams.
Scammers are targeting young consumers and college students who might lack the experienced eye that can spot a scam.
“Gen Z -- their digital fluency is their superpower, and it’s also their blind spot,” said Margarita Alvarez, senior vice president with Wells Fargo.
The Federal Trade Commission says that in 2024, younger people ages 20 to 29 reported losing money to fraud and scams more often than older people -- ages 70-79.
“That’s why it’s so important to let them know, ‘Hey, there’s gonna be emails that come to your inbox that might not be from who they say they are. That deal online for books might not be a real website,’” said Better Business Bureau spokesperson Melanie McGovern.
With members of Gen Z headed to college campuses and responsible for more financial decisions on their own, Alvarez advises young consumers to verify who they trust, especially online.
“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,” Alvarez said.
McGovern said text phishing and impostor scams that claim to be from a student financial aid office or offer a scholarship or promise a part-time job are popular among fraudsters and can swipe personal and financial data.
“If it’s something that’s 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.
Also popular: Rental scams that ask for a credit card or a money transfer in order to see the apartment in person for the first time. That should be a red flag.