NEW YORK—In a finding that may initially surprise some, a new study has found younger consumers are more likely to be targeted and fall victim to fraud or scams than their older counterparts.
However, given their far greater use of social media channels, the fact younger people are more often targeted by crooks isn’t as much of a surprise.
The study, conducted by TD Bank, found 41% of consumers between ages 13 and 34 have been targeted by fraudsters through social media and nearly a third have fallen victim to financial fraud, Banking Exchange stated in its analysis.
“Concerningly, an even higher percentage (43%) of young adults reported they would be too embarrassed to tell anyone if they were a victim of fraud or scam,” Banking Exchange said.
Therefore, an alarming number of incidents are likely never reported, according to the report.
‘Doesn’t Mean Your Immune’
"Growing up as a digital native and being more technologically savvy doesn't mean you're immune to the dangers of online scams,” Sophia Leung, a TD Bank fraud expert, said in a statement. “As financial fraud schemes become more sophisticated and difficult to detect, falling victim is nothing to be embarrassed about. Instead, it's important to remain hyperaware of potential threats and arm yourself with the knowledge to protect yourself from future fraud attempts."
The report found younger consumers are now also finding themselves grappling with heightened concerns about financial fraud, despite being more tech-savvy.
According to the survey, 18- to 34-year-olds are experiencing a rise in fraud attempts as 63% say scams are targeting them more now than ever, Banking Exchange added.
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