Gen Z the fastest growing victims of scams
Australian's under 25 lost over $5 million to scams in 2019 and reports made from this age group are increasing faster than older generations.
In 2019, around 12,000 (7.15 per cent) reports made to Scamwatch were from people under the age of 25, an increase of 11 per cent compared to 2018 figures. Reports from this age group increased by 10 percentage points more than any other age group.
"Scammers don't discriminate based on age and the wide-range of scams reported by this age group is concerning," ACCC Deputy Chair Delia Rickard said.
"Young people may think they are tech savvy, but scammers are adapting, and we expect to see more scams on newer platforms such as Snapchat."
Facebook and Instagram were the most common platforms for reports and losses by those under 25, with typical scams on these platforms involving fake online stores or the sale of fake tickets to events.
Online shopping scams were the most common scams, making up more than 14 per cent of reports and almost 12 percent of losses among people under 25.
"Almost half of the losses to people under 25 occurred through bank transfer but you should also be wary of sellers asking for payment through unusual payment methods such as gift cards or bitcoin," Ms Rickard said.
If you believe you have witnessed or fallen victim to a scam, you are able to report this to the ACCC through Scamwatch, which also offers further information on where to get help and how to protect yourself from scams.
The Money Edge | Bundaberg