Whether we know it or not, almost everyone has received some form of scam call, text, or email. Some of us are vigilant enough to ignore these attempts at deception, but unfortunately, an alarming proportion of the population falls victim to such scams.
Some of us may read about the plight of scam victims and think “that’s really obvious” or “I would never be in this situation.” However, one should be careful not to become too complacent.
Scammers' tactics are becoming increasingly sophisticated in order to gain trust. Gone are the days when you might receive an email from the winner and need to keep your winnings in a safe place.
Recent reports show that younger, more educated people are more likely to fall for elaborate pig-killing scams, in which scammers first build trust with their victims before defrauding them through fraudulent investment schemes.
This type of scammer targets users on online chat groups or dating apps and brainwashes them over several months to profit from their first few investments and make them look real. But eventually, victims end up losing money as they pour more and more money into the bogus scheme, and once the victim realizes they've been duped, the scammer disappears.
As scams become more sophisticated, digital natives are more vulnerable to scams
Digital natives are more vulnerable to scams
Digital natives refer to people who are born, learn, live, and grow up with high technology. Educational game expert Marc Prensky first proposed the concept of "digital natives" in 2001, calling those who grew up in the Internet age "digital natives."
While we might think that older people are more likely to fall victim to online scams, the opposite is true. A 2022 study by the Institute for Public Understanding of Risk (IPUR) found that people under 25 are more likely to be scammed than those 65 and older.
This is because digital natives rely on internet platforms and mobile apps for shopping, banking and communication. Going online more frequently increases your risk of scams and online fraud.
Familiarity with navigating online platforms can give users a false sense of security, making them easy targets for scammers.
Overconfidence can lead to incorrect judgments and decisions, with irreversible consequences. Psychologists have long documented an optimism bias in young people, which makes them more likely to engage in risky behavior because they believe they will be safe from harm or misfortune.
Fueled by this reassurance, the more digitally savvy may engage in shady investment opportunities or divulge personal information to new friends or online romantic interests. Others are willing to buy a product online because it costs half the price in a brick-and-mortar store.
It bears repeating that if it seems too good to be true, it usually is. But out of financial necessity, we may not see the red flags in the first place.
As scams become more sophisticated, digital natives are more vulnerable to scams
How to protect yourself online?
As their complexity continues to increase, the ability to spot potential scams becomes more challenging. Banks and online platforms have taken extra steps to help users protect against cybercrime, but we must also take responsibility for our own actions.
If you are new to investing or a specific online platform, take the time to become familiar. Be wary of websites that mimic trading and stock investing platforms, especially those that make it easy to spend money, such as binary options - a financial instrument that turns every trade into a simple yes or no question.
Don't feel pressured into making a hasty decision, ask for time to decide if you need it. If necessary, seek objective advice from friends or relevant authorities.
It’s perfectly fine to leverage online platforms for our personal business and convenience, but as our reliance on such areas continues to grow, we need to be aware that the threats posed by scammers will evolve as well.
