Research has revealed that criminals are tailoring scams to victims depending on their age, lifestyles and spending habits.
The fraud report from PYMNTS Intelligence, a consumer research company, found that fraud is becoming increasingly sophisticated and personalised.
Gen Z are now being heavily targeted by fake job offer scams, with fraudsters taking advantage of young people’s urgent search for employment.
Fraudsters are using TikTok to message people with enticing jobs offering up to £800 for just one day’s work.
Scammers believe that baby boomers – those aged 61 and 79 years old – are most likely to fall for online shopping scams.
PYMNTS found that older generations are three times more likely to fall for eCommerce scams than Gen Z and millennials.
The National Fraud Helpline reported on a woman who was tricked by criminals who claimed to be from Amazon.
The scammers hacked her online shopping account, compromising her personal and financial information.
A spokesperson for PYMNTS said: “Financial institutions are scrambling to keep up with this digital fraud epidemic.
“Customers are getting ripped off left and right, and banks are caught in the crossfire.”
They also suggested that scams designed to target older generations are often simpler and use less advanced techniques.
To avoid malicious scams, it’s important to check the identity of the person contacting you as scammers will often impersonate well known brands or financial institutions to gain trust.
You can also enable two-factor authentication on your accounts while keeping a close eye on your online banking transactions in case of any suspicious activity.
PYMNTS says: “The landscape of financial scams is continually evolving, with fraudsters employing increasingly sophisticated and personalized tactics.
“Scammers adeptly exploit human psychology, tapping into emotions such as fear, urgency and compassion.
“Vigilance, education and technological innovation are paramount in safeguarding against the pervasive threat of financial scams.”
Have you lost money to a scam? Contact National Fraud Helpline. Call 0333 0033218 or fill out our Claim Form.