While we often picture seniors as the victims of online scams, there is a new demographic that is increasingly falling for these fraud tactics. Young adults, often seen as tech-savvy, are becoming targets of sophisticated online scams.
Scammers have evolved and broadened their tactics. Young adults are being targeted through social media scams, fake employment offers, romance schemes, and phishing attempts, among others. Understanding these scams and recognizing the red flags can empower individuals of any age to go online safely.
It's Not Just Seniors Falling for Scams
In recent years, the perception that seniors are the primary victims of scams has changed. A recent report shows that the victims of scams are most likely 20-49 years old.
Reasons for the Shift
Increased Online Activity
Younger generations are more active online, making them more accessible targets.
Trust in Technology
Many young adults are more confident about their knowledge of technology and place significant trust in digital platforms, making them overlook threats.
Social Media Culture
Oversharing is common on social media platforms and has made it easier for scammers to gather personal information.
Common Types of Scams Targeting Young Adults
Younger adults have pretty much grown up navigating websites and online platforms. However, this confidence also makes them prime targets for scams. Everyone needs to be aware of these crimes to prevent financial loss and identity theft. Let's look at some scams that young adults should be particularly cautious about.
Fake Employment Offers
Job hunting often starts online. While legitimate opportunities exist, so do countless fake employment offers posted by scammers. These online criminals typically promise high paying roles with minimal effort or experience required. They often ask for personal information, such as Social Security numbers or bank details, pretending it is a part of an application process or for direct deposit purposes.
Warning Signs
- Unsolicited job offers are sent directly to your email address
- Requests for upfront payments for training or materials
- Vague job descriptions or overly generous salaries
Prevention Tips
- Research the company thoroughly before providing any information
- Verify the contact details and job position through official company channels
- Never pay money upfront for a job opportunity
Social Media Scams
Scammers often create fake social media profiles, pretending to be someone they're not, whether it is a friend, family member or a company. Once they make a connection with you, they send fake links or try to get you to share your personal and financial information. They can also contact you, saying you have won an online giveaway or your account has been compromised.
Warning Signs
- Unsolicited requests to friend or message you
- Requests for personal information or money
- Limited information on their profiles, like pictures, followers, or signs it was recently created
Prevention Tips
- Don't accept invites from people you don't know
- Use your privacy and security settings
- Contact the individual or company through another platform
- Do your own research
Romance Scams
More people are turning to dating apps and websites to find connections. More than 50% of couples meet online. However, while you are looking for a real connection, scammers create fake profiles to establish trust and build bonds, eventually asking for financial help.
Warning Signs
- Quick to express their emotions
- Making excuses to meet in person
- Elaborate stories of needing money for emergencies
- Requests for gift cards or wire transfers
Prevention Tips
- Be cautious of sharing personal information too early
- Reverse image search their profile pictures
- Keep personal discussions within the app until you feel secure
Phishing Attacks
Phishing attacks are attempts to gain access to your personal and financial information by masquerading as companies that you know and trust. They commonly come through emails, text messages, or imitative websites, with the goal of stealing credentials like passwords and credit card numbers.
Warning Signs
- Fake emails from institutions asking for personal details
- Urgent messages threatening account closures unless immediate action is taken
- Links to fraudulent websites designed to look legitimate
Prevention Tips
- Verify the sender's email address and texts
- Avoid clicking on suspicious links
- Contact the company directly through information found on their official website
- Use two-factor authentication for added security
Financial Aid Fraud
For many young adults in post secondary programs, financial aid is a lifeline. Unfortunately, scammers have capitalized on this by posing as advisors or official bodies promising aid in exchange for upfront fees or your personal information.
Warning Signs
- Offers of "guaranteed" scholarships or grants
- Requests for a fee to apply for aid or receive a financial award
- Unsolicited communications claiming you’ve been selected
Prevention Tips
- Legitimate financial aid processes never require payment
- Contact educational and financial institutions directly
- Review the contact information in the message
What to Do if You're Approached by a Scammer
First and foremost, stay calm and slow down if you suspect someone is trying to scam you. Whether they approach you through unsolicited phone calls, emails, or social media messages, you should be cautious. Avoid sharing any personal information, such as your Social Security number, credit card details, or answers to security questions, especially if the interaction seems suspicious.
Here are some steps you can take if you suspect you have been approached by a scammer:
Stop Communications
Immediately stop communicating with them. Do not reply to emails, text messages, or phone calls, as this encourages further contact.
Document the Encounter
Take screenshots, save emails, and write down any phone numbers or names mentioned. This documentation can be used when making a report.
Report the Contact
Whether on social media, email or text message, you are able to report accounts as fraudulent and messages as spam.
Verify Requests
If money or personal information is requested, verify the contact through official channels. Do not make a decision based just on the information provided.
Steps to Take to Secure Your Information
Protecting your personal information online is your first line of defence against scams. Here are steps you can take to stay safe online:
Update Passwords Regularly
Your passwords should be strong and unique. Avoid using the same password across multiple sites, and incorporate a mix of letters, numbers, and symbols.
Enable Two-Factor Authentication
Wherever possible, activate two-factor authentication to provide an added layer of security to your accounts. This will help safeguard your information even if your password is compromised.
Monitor Financial Accounts
Regularly review your bank statements and credit card transactions for any unauthorized activity. Report anything suspicious to your financial institution.
Limit Sharing Personal Information Online
Be mindful of the amount and type of information you share on social media. Don’t post details such as your address, phone number, or full birthdate.
Resources for Scam Reporting
If you have become a victim of a scam, it is important to report it. Not only can it help reduce the damage personally, but it can also help prevent others from becoming victims as well. Here are some resources where you can report fraudulent activities:
Canadian Anti-Fraud Centre (CAFC)
This is the central agency in Canada that tracks scams and fraud. Reporting to the CAFC can help them with tracking and publishing data on scams.
Better Business Bureau (BBB)
Report any fraudulent business practices to the BBB. They maintain records and public warnings about scams.
Local Law Enforcement
If you're involved in a scam that leads to financial loss or identity theft, contact your local RCMP department to file a report.
Financial Institutions
Notify your bank or credit card company if you suspect your accounts have been compromised. They can freeze accounts and issue new cards.
While technology can offer incredible opportunities, it also comes with risks that can lead to serious financial and personal consequences. By recognizing the various types of scams and being aware that they are not invulnerable, young adults are less likely to become victims.
January 29, 2025