One might think that most scam artists and fraudsters target groups of people that are easy to take advantage of, such as older less tech-savvy individuals. But according to a new survey by UK Finance, that might not be the case. In fact, people under 35 are more likely to be targeted with impersonation scams and many do end up sharing personal or financial information.
This does not constitute advice and advice should be sought in all instances before acting on it.
What is an impersonation scam?
An impersonation scam consists of fraudsters contacting you and pretending, or impersonating, either a person or an organisation you would ordinarily trust. While this might seem like a red flag to many, these scams can be very advanced. Any information they manage to get from you they can then use to get something even more useful — your financial information.
The survey revealed that 75% of 18 to 34 year olds had been contacted by an impersonation scammer and of those targeted, nearly three quarters (73%) had been convinced to send money or share information.
Why are under 35s being targeted?
Because younger generations have grown up with technology, there are more ways than ever to stay connected. Scam artists aren’t just calling on the phone anymore, they’re using text messaging and other apps like WhatsApp to achieve their goals. One of the recent scams utilised WhatsApp, with fraudsters impersonating family members or loved ones in need of financial assistance with scenarios like being stranded overseas or an overdue bill.
It could also have something to do with the fact that this age group believes themselves to be impervious to scams and not easy to trick. This confidence might actually make them more susceptible to malicious attacks since many will not even think to check out potential sob stories that come their way.
It’s important to remember internet safety, despite how much you think you are protected from fraud and scams. Don’t be caught out by criminals and stay vigilant about your financial affairs. If you have any concerns about becoming the victim of a scam, be sure to stay in touch with your bank and financial advisor.