Scams Targeted at Young Adults
08/21/2024
Scams Targeted at Young Adults
One important lesson for young adults to learn is the importance of protecting their personal details and financial information. What most people do not know is that minors under the age of 18 are more likely to become victims of identity theft than adults (Investopia.com). While it may not be practical to keep young adults completely off social media, it can be extremely beneficial to teach them ways to protect themselves on the internet.
According to a 2021 study, social media usage is up 84% among teens compared to 2015 (Investopia.com). Many children as young as eight years old have access to smartphones, and scammers have taken notice. As a result, identity theft among teens and scams aimed at young adults have increased substantially. Some of the most common scams targeted at young adults include:
- “Instascammers” who puts comments in the comments section claiming they are part of a giveaway or “get-rich-quick scheme.”
- Celebrity impersonators who pretend to need money and in return will provide special and/or personalized swag in return.
- Social media quizzes which ask for personal details like mother’s maiden name or your favorite book, which seem trendy and innocuous, but mimic many security questions that hide sensitive information.
- Fake check scams where a scammer directly messages a young adult saying they want to buy one of their social media photos. The scammer will then send a fake check, but claim they sent too much as ask for a portion to be wired back. The check will then bounce, and the teen will be responsible for any money spent or sent.
The best way to help your child avoid these scams is to talk with them. Remind them never to trust anyone they have met online, and that people claiming to be celebrities online cannot be trusted. Also teach them to guard their personal information when using the internet. Things that seem innocent can contribute to their identity getting stolen. Things like your pet’s name, school mascot, or favorite book can be personal identifiers and even lead scammers to break into online accounts.
Depending on the parent’s preference, they may also wish to go through the security settings on their child’s device and social media account. Making social media accounts private and only accessible to those the child knows in real life can greatly reduce the risk of identity theft online. Furthermore, it may be appropriate to turn off location services and uninstall apps that access personal information.
While it may not be possible to entirely monitor everything your child does online, educating them on potential risks to their physical and financial safety is a great way to prepare them for future financial independence. Learning to be skeptical online will take them far in avoiding the pitfalls of scams and frauds. If you would like more information about the latest scams, visit our other blog posts on TheSavingsBankOhio.bank/blog.
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