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- Americans have lost a record-breaking $4.2 billion to online scams in 2020.
- A growing number of those being targeted are members of Generation Z, ages 20 and younger.
- Scammers are abusing social media platforms to reach younger users, who are typically more trusting when it comes to sharing personal data online.
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Teens and young adults are becoming victims of internet scams at a faster rate than other age groups, according to a new report.
Social Catfish, an online identity verification service, released a study analyzing data from the Internet Crime Complaint Center, Federal Trade Commission, FBI and their own surveys.
Over 23,000 victims under the age of 21 fell victim to online scams in 2020, up 156% from just over 9,000 in 2017, IC3 reported. They represent over $70 million in total losses in 2020.
All told, Americans lost a record-breaking $4.2 billion to online scams in 2020, the Social Catfish data found.
People ages 18-29 were more likely to be victims of identity theft than those 45 and older, a survey conducted through Security.org also found.
Younger, tech savvy generations are generally thought to be safer from scams than older generations. But younger generations are on the internet more and have more social media accounts, says Aliza Vigderman, senior editor at Security.org.
"They just might not be as knowledgeable about how to protect their information," added Vigderman. "I think growing up with the technology, they kind of inherently trust it, maybe moreso than someone who learned about it or started using it as an adult."
Social platforms, including dating apps, drew in a lot of younger users during the predominantly online environment of the COVID-19 era. According to Social Catfish's findings, individuals are mainly targeted on social media platforms, the top being Facebook, Google Hangouts, Instagram, and WhatsApp.
Scammers engineer fake social media profiles on platforms like Facebook and Instagram to direct message and engage with young users. Once they've gained young users' trust, scammers can lure them to platforms like Google Hangouts and WhatsApp to avoid getting reported on the former apps.
Facebook and Google have said that they take action against scam ads on their platforms, but reports show the companies haven't been able to adequately crack down on fraudulent activity on their platforms.
Facebook and Google were unable to be reached for additional comment by time of publication.
Social Catfish suggests people be careful not to trust others they've never met in-person and to verify their identity. Red flags include individuals who claim to have a job overseas or profiles with no mutual connections reaching out on social media. The company also suggests password managers to make it harder for scammers to guess passwords.
If you have been a victim of an online scam, you should report the case to the IC3, FTC, and FBI.