Understanding Scam Trends: Who is Most Vulnerable?

Scams are a growing concern for people of all ages, and the patterns of who gets scammed are more varied than one might expect. While it’s common to think of older adults as the primary targets, recent statistics reveal that people of all ages fall victim to fraud, albeit in different ways. Here’s a deep dive into the latest trends and some essential tips on how to safeguard yourself from these deceitful schemes.

Scam Trends by Age Group

Young People (Under 20)

• Sharing Personal Information: Scammers often ask children to share personal information, such as their address, school, or parents' financial details, under the guise of a contest or game.

• Money Transfer Scams: Scammers send money via peer-to-peer apps, then claim it was sent by mistake and ask for it to be returned. Once the money is sent back, the original payment is found to be invalid.

• Online-Gaming Scams: Scammers may persuade young gamers to share personal information or click on links that lead to malware by offering free in-game items or currency.

Younger Adults (Ages 18-59)

According to the Federal Trade Commission (FTC), adults between 18 and 59 are more likely to report losing money to scams. Common frauds targeting this group include:

• Online-Shopping Fraud: This often involves fake websites offering items at unbelievable prices. Victims make payments, but the products never arrive, and their credit card information might be compromised.

• Cryptocurrency Investment Scams: These scams promise high returns with minimal investment. Often, scammers use fake celebrity endorsements to lure victims into sending cryptocurrency, which is then stolen.

• Job Scams: These scams involve fake job offers that require upfront payment for training or materials. Victims are often tricked into depositing a counterfeit check and then wiring real money to the scammer.

Older Adults (70 and Up)

Older individuals are less likely to report scams but suffer larger financial losses. Common scams include:

• Tech-Support Scams: Scammers pose as tech support, claiming that a computer has a virus and asking for remote access. They may install malicious software or lock the computer until a ransom is paid.

• Prize, Lottery, or Sweepstakes Scams: Victims are told they’ve won a prize they didn’t enter, but must pay a fee to claim it. The prize never materializes, and the money is lost.

How to Protect Yourself from Scams

1. Verify Websites and Offers: Always check the legitimacy of websites before making purchases. Look for secure payment options and read reviews from other users.

2. Be Skeptical of Unsolicited Communication: Whether it's an email, phone call, or pop-up message claiming you’ve won something or need tech support, verify the sender's identity before taking any action.

3. Protect Your Personal Information: Avoid sharing personal details, including passwords and financial information, with anyone you don’t know or trust. Be cautious when asked for this information online or over the phone.

4. Research Job Offers: If a job offer seems too good to be true or asks for payment upfront, it’s likely a scam. Verify the company’s legitimacy and job details before proceeding.

5. Monitor Your Accounts: Regularly check your financial accounts for any unauthorized transactions or suspicious activity. Report any discrepancies to your bank immediately.

6. Educate Yourself and Others: Stay informed about common scams and share this information with family and friends.

Why is it Important to Report Fraud? 

Your story and  experience with fraud can help others prevent a scam.

If you think you see a scam, talk with someone. Your story could help someone avoid that scam. Then report it to the Federal Trade Commission. Your story could help the FTC stop the scammers.

Awareness is a powerful tool in preventing fraud. Staying informed and vigilant can protect you from falling victim. For more detailed information and resources on how to avoid fraud, visit our Fraud and Security Center.

Sources: Federal Trade Commission

Please note: The content in this article comes from individual opinions and experiences. The content should not be taken as advice coming from City National Bank of Florida. City National Bank of Florida does not offer tax, legal or accounting advice