When you imagine someone getting scammed online, you probably picture the same stereotype as everyone else. It’s grandma at the computer, sending gift cards to a Nigerian prince, right? Well, you might be a few generations off, according to new research.
A Deloitte survey reveals Generation Z become victims of online scams at a higher rate than any other generation. Their report shows that Gen Z is three times more likely to get scammed than even the notoriously tech-illiterate boomer.
Generation Z — people born between 1997 and 2012 — never knew a world without the Internet, iPads, or apps. But being the world’s first digital natives doesn’t make Zoomers invulnerable to phishing or identity theft.
Zoomers are getting older, and they’re taking on more adult responsibilities with banking, taking out online loans, and thinking about their financial future. As you join in on the fun, you need to know how to identify phishing tactics to stay safe. This way, you can learn how to get a loan by phone or manage your checking account without endangering your finances.
What is Phishing?
Phishing involves malicious actors trying to trick you into sharing personal information, like your account numbers and passwords.
These hackers often pretend to be a legitimate financial institution or organization, leveraging the trust you have in this brand to respond.
5 Red Flags of Financial Phishing
The chances of getting caught hook, line, and sinker by phishing tactics drop considerably when you know what to look for. Go over these red flags and commit them to memory.
1. Urgent or Aggressive Language:
Scam artists often use urgent language, pressuring you to act fast so you don’t think before sharing your data. They threaten you with severe consequences if you don’t respond to their request. They may even use aggressive language to try and bully you into compliance.
2. Unusual Requests:
These urgent messages usually direct you to do something suspicious. They might ask you to share your login credentials in a reply, or they may request you download an attachment. No legitimate financial institution will ever ask you to do this.
3. Inconsistent or Inaccurate Email Addresses:
Legitimate online loan companies and banks have emails with branded domain names.
Scammers, on the other hand, have to make do with a poor imitation. They may rely on the same email provider as you, so you’ll spot a domain like Gmail, Outlook, or AOL. Their username often includes special characters and numbers.
4. Wrong Financial Institution:
If you receive an email about a payday loan you don’t have with a cash advance lender you don’t bank with, don’t respond. The easiest way to avoid becoming a victim is by ignoring spam.
5. Grammatical Mistakes and Spelling Errors:
Legitimate online loan companies and banks employ communication departments filled with education professionals who write polished emails and web copy. If you receive an email riddled with mistakes, there’s a good chance a desperate scammer wrote it.
Bottom Line: Protect Yourself Online
Phishing only works if you respond, so be cautious of who you talk to online — even when it comes to your bank.
- Never share personal information outside of legitimate websites or apps.
- Contact your financial institution using their official phone number if you feel like you’re talking to a fraud.
- Look for financial institutions that invest in accessibility widgets that improve transparency.
- Confirm your financial institution has a privacy policy and appropriate enterprise security.
- Read online reviews for every company you do business with.
These tips can keep even the youngest generation safe from phishing scams.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
