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Karl Hunting
Karl Hunting

Senior Financial Adviser

Melbourne

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How scammers target different age groups

With online scams an ever-present threat, recent insights from identity theft and cyber support non-profit IDCARE, show the scams people of different ages are more likely to fall victim to.

Make no mistake, scammers target different age groups deliberately, as any mother who fell victim to the recent “Mum, I lost my phone” scam can attest to. This text scam is carefully worded to sound just like any other message a parent might receive from their teen several times day. The same is true of scams that appear to be messages from trusted services providers like Australia Post or Coles. Scammers are experts at sliding into the slipstream of our daily lives with messages that appear routine.

Here's a summary of IDCARE’s findings about how different age group are targeted:

Young Adults (18-24)

Young adults, aged 18-24, are frequently targeted by online shopping and extortion scams. They tend to engage with scammers primarily through social media platforms like Facebook and Instagram. Notably, they are over three times more likely to be deceived by rental scams and almost four times more likely to fall victim to extortion scams compared to other age groups.

Adults (25-34)

Individuals in the 25-34 age group often fall victim to employment and rental scams. Their engagements with scammers are mainly via social media, notably Facebook. They are twice as likely to be duped by employment scams and rental scams compared to other age groups.

Middle-Aged Adults (44-54)

Middle-aged adults, aged 44-54, are susceptible to various scams, including phishing and investment schemes. They interact with scammers through diverse channels, such as social media and telephone. Notably, they are more likely to be impacted by phishing scams, with scammers often impersonating officials from organisations like MyGov and Telstra. The IDCARE learning Centre has a great video with a full explanation of phishing.

Among these scams, investment fraud stands out as particularly costly for this age group, with victims facing an average loss of $96,500. Cryptocurrency scams are prevalent, with victims falling prey to sham trading platforms or direct solicitations via social media channels. For example, individuals may believe they are engaging with reputable figures in the cryptocurrency community, only to realise they have been scammed.

Older Adults (65+)

Older adults, aged 65 and above, commonly encounter phishing and investment scams, primarily through telephone and email communications. They often suffer significant financial losses due to these scams. Investment scams are prevalent in this cohort, with victims potentially losing their life savings.

Important note: Your FMD adviser will never respond to a request for funds by email without calling both our client and the financial institution first. We have moved access to important documents to our secure client portal with strong encryption and multifactor authentication, specifically to protect client data.

There are actions you can take to protect yourself from scams:

  1. Stay informed about the latest scams by regularly visiting the websites of organisations like IDCARE and SCAMWATCH
  2. Take time to evaluate unsolicited text or email offers and seek advice from trusted sources like your FMD adviser.
  3. Don’t rush into decisions, even when feeling pressured or enticed by attractive deals, as this is a key tactic of scammers.
  4. Verify the legitimacy of any text or email communication by directly contacting the organisation using trusted contact details. Remember, your bank or services like Amazon, Australia Post and Netflix will never ask for sensitive information through unsolicited links.
  5. Protect your online data with strong, unique pass phrases and consider using a password management tool like LastPass or NordPass

If you have any questions about how to secure your financial information, talk to your FMD adviser.

General advice disclaimer: This article has been prepared by FMD Financial and is intended to be a general overview of the subject matter. The information in this article is not intended to be comprehensive and should not be relied upon as such. In preparing this article we have not taken into account the individual objectives or circumstances of any person. Legal, financial and other professional advice should be sought prior to applying the information contained on this article to particular circumstances. FMD Financial, its officers and employees will not be liable for any loss or damage sustained by any person acting in reliance on the information contained on this article. FMD Group Pty Ltd ABN 99 103 115 591 trading as FMD Financial is a Corporate Authorised Representative of FMD Advisory Services Pty Ltd AFSL 232977. The FMD advisers are Authorised Representatives of FMD Advisory Services Pty Ltd AFSL 232977. Rev Invest Pty Ltd is a Corporate Authorised Representative of FMD Advisory Services Pty Ltd AFSL 232977.