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Gen Z is losing more money to fraud than boomers. Experts reveal why digital fluency can be a blind spot and which scams, like scholarship and job cons, are especially dangerous. Be mindful of fake emails and websites! #GenZ #scams #fraud #money #tips
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We're actually going to talk about some
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scammers and not from boomers, from Gen
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Z. People losing money right now. It's
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kind of surprising. It turns out Gen Z
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is particularly vulnerable to
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fraudsters. Now, the Federal Trade
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Commission says people ages 20 to 29
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reported losing money to fraud scams
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more than people ages 70 to 79, those
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baby boomers. So, let's get this why
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this is happening. We're going to uh
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talk to somebody right now, Margarita
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Alvarez. She's the head of payment risk
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for programs for Wells Fargo. Margaret.
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All right, we had a little shuffling
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going on right there, but we finally got
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to you. Thanks for joining me. All
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right, so this is big news right now.
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Gen Z losing more money to scams than
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baby boomers. So why do you think this
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is happening? Do you think digital
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fluency could be a blind spot for this
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techsavvy generation?
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You know, while techsavvy
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um you know, it doesn't necessarily
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correlate to being scamroof. And to your
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point, while digital like and being
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digital is super a superpower for Gen Z,
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it also happens to be the playground for
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scammers and scammers are going to
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capitalize on seasonal opportunities
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where Gen Z is vulnerable like
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specifically like around back to school
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imposter scams.
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Now you just said it right there, back
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to school. So what is it about that time
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that makes it such a gold mine for
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scammers?
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You know, Gen Z is embarking on new life
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experiences. Like they're getting their
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first taste of independence. They're
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working to be able to manage financial
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pressures from the growing cost of
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college. And so that leaves them, you
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know, susceptible and vulnerable to
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scammers um putting together any types
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of tricks that capitalize on those types
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of pressures and new experiences.
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Okay. So, what are the actual top scams
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that Gen Zers can actually fall for?
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Uh scholarship. um scams, anything that
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promises some type of like financial aid
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or grants. Um job scams when they're
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looking for new um opportunities to be
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able to make some money. Um housing and
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rental scams. Um any type of like online
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market um scams when they're looking for
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new supplies such as textbooks or new
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computers, um etc. They just have to be
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very mindful of that.
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Okay. So, you're talking about being
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mindful. So, what are some other red
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flags that people should really be
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looking out for right now?
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Then you need to be able to take a look
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at fake emails, um, text spoofing,
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uh, fake websites of any sort, you have
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to be able to make sure not to be able
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to share personal information. Even if
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you're getting emails from a friend,
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make sure that you take the time to be
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able to validate it. Just be cautious
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and aware.
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All right, Margarita Alvarez with the
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information we need. Thank you very
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much. Thank you so much, Ike.
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