This group of people grew up with computers and smartphones. If a new technology is introduced they are the people you go to because they are always ahead of the curve. However, despite being tech-savvy and receptive to changes, it’s relatively easy to scam millennials. A report in the United States showed that 40% of Americans in their 20s were victims of financial fraud. This report collaborated Lloyd’s report which showed that people aged between 18 and 34 years lost money to people impersonating the police, customs agents and bank employees.
In comparison to people in the millennial group, fewer people aged over 75 fell for such scams. Given how tech-savvy this group of people is, the reasons for gullibility came to question.
- Millennials overshare
Millennials willingly share information online. On many social media sites this generation shares nitty-gritty details of their lives. From events, workplaces, social gatherings to images, you can know a person’s life online without having ever met them. Due to this, it is also very easy to impersonate people like bank staff to scam them.
Often sites like Facebook have games and programs that ask for personal details such as date of birth. The interest in such games leads to people giving out details willingly. Such information makes it very easy for fraudsters to pull off impersonation scams.
In the age where data is a gold mine, it’s easy to acquire personal data from millennials. It’s also easy to identify possible targets by fraudsters since they study individuals from their interactions online. When such scammers call the targets they know so much that the targets easily fall for the scams. In some cases, the victims even give out passwords.
The culture of oversharing makes it easy for millennials to feel comfortable enough to give personal information to strangers.
- Millennials often transact online
Compared to other generations millennials make the highest number of online transactions. They shop online for almost anything available on e-commerce platforms. Millennials also access their financial accounts online. It’s easier to hack them because they use Wi-Fi connections in unsecured places. Millennials will make transactions on their laptops and mobiles without protecting their devices with passwords. Some of the sites are they transact on collect personal information. Due to these actions, it’s easier for fraudsters to scam them.
- Millennials underestimate their risk of scamming
Since they are confident in their technological knowledge, they believe that it’s hard for them to get scammed. Studies show that millennials believe that they are more secure. Millennials assume that it’s easier to scam older people, less educated people and people who are financially unstable.
As a result of this false confidence, they take more risks. They are more likely to fall for online scams because they believe they know these things. Older people take time to make decisions which gives them room to spot a scam. Millennials are less cautious resulting in high numbers of scam victims from this group of people. Investments: How To Spot Online Scams And Protect Yourself