Scams have reached unprecedented levels in South Africa, posing a growing concern for people of all ages. The Southern African Fraud Prevention Service (SAFPS) reported a staggering 32% increase in fraud incidents in 2024 alone. While many assume that scams primarily target older individuals, recent trends show that younger generations are increasingly falling victim to fraudulent schemes.
A Shifting Victim Profile
The stereotype of scam victims as elderly individuals unfamiliar with technology is outdated. Today, scammers tailor their schemes to exploit the habits and vulnerabilities of different age groups. Surprisingly, younger generations, particularly Gen Z, are frequently targeted due to their trust in online interactions and financial pressures. A recent study in the US found that individuals under 21 have experienced the highest surge in money lost to online scams.
While younger victims may lose money more often, older individuals tend to lose larger sums per incident. Social media is the primary avenue for scams targeting younger users, whereas older adults are more susceptible to fraud via phone calls and emails. This generational divide underscores the importance of understanding how scams are designed to exploit specific demographics.
Common Scams by Generation
Gen Z (18-24 years old)
Growing up in a digital world, Gen Z is particularly vulnerable to:
- Online shopping scams: Fraudulent e-commerce sites and counterfeit products target their love for online shopping.
- Investment fraud: Cryptocurrency and social media-based investment scams lure in young investors with promises of high returns.
- Employment scams: Fake job listings deceive applicants into providing personal information or paying upfront fees.
Despite their tech-savviness, Gen Z’s reliance on digital communication often makes them less suspicious of online offers.
Millennials (25-40 years old)
As they navigate careers and financial responsibilities, Millennials frequently fall victim to:
- Tax scams: Fraudsters pose as SARS agents, demanding payment for false tax obligations.
- Mobile data and airtime fraud: Scammers impersonate mobile service providers to gain access to accounts and steal airtime and data.
- Facebook Marketplace fraud: Scammers post fake product listings, tricking buyers into paying deposits for non-existent items.
- Job scams: Fraudulent job offers lure victims into handing over money or personal details.
Gen X (41-56 years old)
Juggling responsibilities for both aging parents and children, Gen X is targeted by:
- Tech support scams: Fraudsters pose as IT professionals to gain access to personal data.
- Healthcare scams: Fake medical products and services prey on concerns for family health.
Boomers & the Silent Generation (57+ years old)
Older generations, less accustomed to digital deception, are targeted through traditional means:
- Lottery and prize scams: Victims are tricked into paying fees to claim non-existent winnings.
- Investment fraud: Scammers promise high returns, leading to significant financial losses.
- Romance scams: Fraudsters exploit loneliness, establishing emotional connections to extract money.
How to Protect Yourself from Scams
Regardless of age, awareness and caution are the best defences against fraud. Follow these key tips:
- Keep security settings updated and use strong, unique passwords with multi-factor authentication.
- Limit personal information shared online and privatize social media profiles.
- Research job opportunities and financial investments thoroughly before committing.
- Avoid clicking on suspicious links or downloading unknown attachments.
- Be alert for red flags such as spelling errors, urgent requests, or unverified contacts.
- Use fraud detection tools like Trend Micro Check to verify suspicious transactions.
Scammers adapt their tactics to exploit generational behaviours, making vigilance essential for everyone. By recognizing these threats and taking proactive measures, individuals can safeguard their finances and personal information from fraudulent schemes.
Main Image: AI Impact
