These tips can help Gen Z avoid online financial scams
© Reuters. FILE PHOTO: A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration/File PhotoYou might automatically think of Baby Boomers, many of whom are above 60 and are typically not as tech-savvy as younger generations. But that stereotype is wrong.
This backs up separate reports from the Federal Trade Commission, which has found that younger generations are 34% more likely to report losing money to fraud compared to those 60-plus.Users of popular apps like Instagram, TikTok, WhatsApp or Snapchat are often in their teens or twenties, which is what comprises Gen Z .
The Better Business Bureau recently warned of a growing TikTok “money-flipping” scheme being reported in its Scam Tracker service. Scammers promise to multiply your money many times over by investing in crypto or the stock market, but first you have to send them cash via services like Zelle or Venmo, or even send them cryptocurrency directly. Of course, those promised gains never materialize.
Some job scams will even send you a check to cover supposed costs like training or supplies, and instruct you to send back whatever cash is left over. Of course, that check turns out to be bogus.Whatever your view on the legitimacy of cryptocurrency, there is no denying that scammers are rife in the sector, and they are targeting the young.
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