Despite being assumed as the most digitally native generation, Gen Z is being scammed three times more than silver surfers, debunking the assumption that older generations are less tech-savvy.
Gen Z is regarded as the first true digital natives and are reported to spend more time online than any other generation. However, a recent study by cybersecurity provider F-Secure found that 16-24 year olds are three times more likely to fall victim to online scams (37%), compared to those aged 55 and above (12%). Challenging the assumption that they are the most tech-savvy demographic.
Despite their vulnerability, only 11% of Gen Z respondents expressed concerns about online shopping safety, a stark contrast to 31% of the over 55s. The research indicates a potential lack of awareness among Gen Z regarding the risks associated with online transactions.
In an attempt to protect themselves, and uphold the notion they are scam proof, 71% of Gen Z respondents admit they either completely, or sometimes, avoid independent online retailers, perceiving them as higher risk than well-known brands, where they shop for a greater sense of safety and security. However, the study reveals a misconception, as scams occur across all shopping platforms, with occurrences at 27% for small independents, 23% for large online platforms, and 21% for large retailers.
The most common items Gen Z fell victim to in online scams last year are:
- Fashion items
- Tech
- Beauty products
- Furniture and home decor
- Travel
- Sports gear
- Gifts
- Food
- Vehicles
- Concert tickets
Tom Gaffney, cybersecurity expert at F-Secure, says: “Gen Z may be the most tech-savvy of all when it comes to using online tools but it appears that it may be a false assumption to assume they have the same awareness of threats. While they can make a TikTok video and jump on the latest viral trend, our research shows they are less able to identify when they are being exploited by cyber criminals.
“There is a clear lack of awareness among this demographic when it comes to online safety, which could be driven by over-sharing and misplaced trust online.”
F-Secure, a leading cybersecurity provider, offers the following tips to stay safe when shopping online:
- Don’t click on declined payment links in emails, even if they look like they’re from a trusted retailer like Amazon. Instead, log in to the retailer’s official website to check the payment status.
- Be wary of free offers for digital assets, especially in online video games. Cybercriminals often use these to trick users into giving away their login details.
- Be cautious when purchasing from new or unknown online stores. Look for warning signs like a lack of company information or a recently created domain.
- Don’t fall for social media scams advertising too-good-to-be-true deals. Check comments and user profiles carefully before making a purchase.