Yash Pillay
In recent years, scams have surged to alarming levels, becoming a significant concern for nearly every South African. The Southern African Fraud Prevention Service (SAFPS) reported a staggering 32% increase in fraud incidents in 2024 alone, reflecting a growing crisis that transcends age and demographic boundaries.
When we think of scam victims, the image of a vulnerable older adult often comes to mind. But the reality paints a different picture. Scams today affect every generation, and younger people are more often falling victim to fraud than many might expect.
Younger generations, especially Gen Z, are more vulnerable to online scams due to their high trust in online information, financial pressures, and extensive online financial habits. In fact, one recent study found that no age group in the US has seen a bigger surge in money lost due to online scams than people under age 21.
While younger people might be losing money more frequently, older adults are typically losing more in individual scams. What’s more, while younger adults are more likely to be targeted by scams on social media, older adults are more susceptible to phone-based and email scams.
This highlights the importance of understanding how scams are tailored to different generations, exploiting their habits and vulnerabilities, for example:
Top scams by generation
Gen Z (18-24 years old):
Gen Z is the first generation to grow up with the internet fully integrated into their lives. They experience high levels of exposure to:
- Online shopping scams: Gen Z’s affinity for online shopping makes them susceptible to counterfeit websites and fake product listings.
- Investment fraud: Especially through social media platforms, with cryptocurrency scams being particularly prevalent.
- Employment scams: These are of the most popular scams for cybercriminals when it comes to this age group.
While many are tech-savvy, this age group is more likely to trust digital interactions and be less suspicious of online offers.
Millennials (25-40 years old):
As Millennials navigate their careers and face financial pressures such as student loans, they are often targeted by:
- Tax season scams: Fraudsters pose as SARS to prey on unsuspecting taxpayers. These scammers trick people into putting money into their bank accounts by claiming there is an outstanding tax payment that must be paid to SARS before the taxpayer can file their tax returns.
- Mobile data and airtime scams: Fraudsters are impersonating mobile service provider representatives, claiming that a mobile phone user’s account is being hacked. They ask for personal details and an OTP sent to your phone. With this information, they can access the victim’s mobile app account and steal airtime and data by directing it to their own numbers.
- Facebook Marketplace scams: Facebook Marketplace scams are on the rise, with fraudsters targeting those looking to make significant purchases. Scammers often advertise items at below market value or claim they can be reserved before an auction. They pretend to be legitimate auctioneers, using random photos from the internet to attract buyers. Once interested, they request a large upfront deposit to “reserve” the vehicle, promising it won’t go to auction. These scams take advantage of frequent Facebook interactions, with many losing money to fraudulent businesses.
- Job scams: Scammers offer fake job opportunities to deceive victims into giving money, personal information, or free labour. These scams involve fake job listings, imposter recruiters, or promises of high-paying work-from-home jobs.
Gen X, the “sandwich generation” (41-56 years old):
Caught between caring for aging parents and supporting their own children, Gen Xers face unique challenges. Scammers exploit their multitasking lifestyles with scams such as:
- Tech support scams: Gen X, often responsible for managing family technology, may receive fake tech support calls or messages, leading to unauthorised access to personal information or financial accounts.
- Healthcare scams: With concerns for their parents’ well-being, Gen X may fall prey to scams offering fake healthcare products or services.
Boomers and the Silent Generation (57+ years old):
These age groups grew up in a less technologically advanced era and are often targeted through traditional means. Common scams include:
- Lottery and prize scams: Fraudsters exploit the allure of winning big, informing victims that they’ve won a prize or lottery, only to request upfront fees or personal information.
- Investment scams: Boomers, often planning for retirement, are targeted with fraudulent investment opportunities that promise high returns but result in significant financial losses.
- Romance scams: With loneliness a serious issue among the elderly, older generations account for the largest share of losses in this scam type.
How to protect yourself from scams
No matter your age, the key to avoiding scams is awareness and vigilance. Here are six top tips to help protect you from scams:
- Keep security settings updated and use strong, unique passwords with multi-factor authentication.
- Privatise social media and protect personal information by not sharing it with unverified contacts.
- Be cautious with money transfers and research job opportunities thoroughly.
- Be wary of downloads and visit sites directly instead of clicking on embedded links.
- Watch for red flags like typos and grammatical errors and take your time to avoid hasty actions.
- Be aware of payment methods and use tools like Trend Micro Check to identify potential scams.
Scams don’t discriminate by age — everyone is at risk. However, different generations face different threats. By understanding how scammers target each group, you can better protect yourself and those around you.
Yash Pillay, Sales Engineer at Trend Micro. He writes in his personal capacity.
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