Gen Z, the generation born into the digital age, has emerged as the most susceptible to online scams, losing more money than any other age group. A recent report from the Better Business Bureau (BBB) highlights that individuals aged 18 to 24 suffered the highest median losses to online scams in 2023, marking the second consecutive year this age group has topped the list.

High Financial Impact on Gen ZOn average, Gen Z lost $155 per person to scams last year, with employment, online shopping, and cryptocurrency-related fraud being the most common schemes. According to Katie Galan, BBB’s Director of Education and Community Engagement, this generation’s familiarity and comfort with technology make them prime targets for scammers.

Rising Scams Targeting Younger UsersWhile BBB’s data does not include those under 18, the report reveals that scammers increasingly target even younger internet users. In households with children aged 7 to 18, 16% reported that their children were targeted by scams in 2023, up from 11% in 2022.

Older Adults Less Affected, But Romance Scams Still a ThreatAdults aged 55 to 64 reported the lowest average losses, at $91 per person, mainly falling prey to investment and home improvement scams. However, those over 65 remain highly vulnerable to romance scams, which have seen a significant rise, with average losses per victim increasing to $3,600 in 2023.