According to new data published by Dazed, younger generations are just as prone to being scammed as older generations.
A recent study by the Local Government Association in the United Kingdom indicated that those aged 16 to 34 are more prone to be scammed (through phone calls and texts) and that this age group accounts for more than half of all scams in that nation.
Mobile Scam on Younger Generation Increased
Meanwhile, a survey released last week by Visa and the Aston Institute for Forensic Linguistics (AIFL) indicated that 18-34-year-olds in the U.K. Scam victims are nearly twice as likely to be under 55.
In addition, 23 percent of young people are unlikely to check scam messages for spelling or grammar errors, and 29 percent are unlikely to consider how persuasive the language is, according to the study. Impersonation scams have increased by 155 percent on Instagram in the last year, with the majority of users falling into the 18-24 and 25-34 age groups, according to InsideHook.
Scam artists have reached unprecedented heights, flourishing at a time when we are most susceptible. Consider this: the scamming business in the United States is believed to be worth $29 billion and expanding. In 2021, consumers reported losing more than $5.8 billion, up 70% over the previous year. Every year, one out of every ten individuals in the United States falls victim to a scam, according to the Federal Trade Commission.
By preying on their victims' emotions and lack of confidence, these con artists prey on the most vulnerable members of our society: the elderly.
Crooks impersonate IT experts from firms such as Amazon and Apple. They may demand high fees upfront or lower rates with a longer term support hook. Gift cards or other difficult-to-trace techniques are frequently requested. They are friendly, talkative, and sympathetic to the victim's frustration at being unable to keep up.
How To Protect Yourself?
Meanwhile, one in every five persons aged 45 to 54 seeks companionship online. According to the FTC, there were 56,000 complaints filed in 2021, resulting in $547 million in damages. Desert Sun reported. This is how it usually works. You publish your dating profile online, and a suitor from another state or country responds. Here are a few things to remember to help you stay safe:
1. Please do not respond. Hackers rely on your curiosity or worry about the situation described in the communication. Refusing to engage is the finest advice. By replying, you risk being duped into disclosing sensitive information that might put you in serious financial trouble.
2. Take a deep breath and try to remain cool if you receive an urgent communication. Consider any urgent upgrades or limited-time offers as probable smishing efforts. Continue to be skeptical and approach with care.
3. If you're worried about a message affecting your car loan, contact your bank or merchant immediately. WesBank, legal entities, and enterprises do not send text messages requesting particular account information or login information.
4. In a text message, do not click on any links. Make certain that they are genuine.
5. Please double-check the phone number. Email-to-text services can be identified by unusual phone numbers, such as 4-digit ones. This is just one of the numerous ways a fraudster might hide their genuine phone number.
6. When responding to text messages, think before you act.
7. Recognize offers that appear to be too good to be true.
8. If in doubt, phone the firm or individual who claims to have sent the SMS to verify its authenticity.
9. Financial Services Smishing is disguised as a financial institution notice. Financial services are more sensitive to both general and institution-specific communications as internet banking and a flurry of digital services expand in popularity. An urgent request to access your account, being requested to verify suspicious account activity and other tactics may be used in a financial services smishing hoax.
10. Authenticate using several factors (MFA). If the account being hacked requires the second way of verification, an unencrypted password may still be worthless to a smishing attacker. Two-factor authentication is the most prevalent type of MFA, and it often involves a text message verification code.
11. Never send a password or PIN by text message. This information should never be shared with anybody and should only be used on official websites.
12. Install an anti-malware program. For Android and iOS phones, particular tools can protect you against dangerous applications and SMS phishing links.
13. Inform the institution involved about any SMS phishing attempt.
The good news is that smishing attacks' possible repercussions are simple to avoid. The safest method to be safe is to ignore the content and do nothing at all. Delete the questionable message. In essence, the events will only affect you if you follow through and take the bait.
Of course, you should be aware that text messaging is a legitimate business activity and a way for many shops and organizations to communicate with you. Not all messages should be ignored, but you should always behave safely regardless of the scenario or message, as per Economist.
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