Black Friday warning: Gen Z and Millennials are three times more likely to fall victim to online shopping scams than Boomers | London Daily News

Ahead of Black Friday, Brits are being urged to stay vigilant as they search for the best deals, with online shopping scams costing consumers £51 million each year*. Surprisingly, Gen Z and Millennials—often seen as tech-savvy—are among the most frequently targeted and affected by online shopping fraud.

Before reaching for your credit card, wellbeing charity caba advises young shoppers to be mindful of online scams during the holiday shopping rush.

Analysing data from Action Fraud, caba found that Gen Z and Millennials are three times more likely to fall victim to online shopping fraud compared to Boomers. Despite being thought of as more tech-savvy than Boomers (those aged between 59 and 70), people between the ages of 20 and 39 were more susceptible to online shopping scams.

Scams like phishing emails and online fraud are particularly prevalent during Black Friday, one of the busiest times of the year for shoppers. According to research from caba, almost 30,000 people between the ages of 20-39 reported falling victim to online shopping and auction scams, while others were duped through social media and banking fraud. 8,300 victims were caught out on social media, while just over 7000 were tricked by fraudulent banking schemes.

Surprisingly, this number was much higher than for Boomers who reported falling victim to scams less often than younger generations. In comparison, only 8,400 Boomers fell victim to online shopping scams, while 3,100 and 3,800 lost money to social media and banking scams, respectively.

Tom Barrett, financial wellbeing expert at caba, says

“Gen Z and Millennials, who despite being more digitally equipped, are more susceptible to scams that disguise themselves as legitimate offers. With the constant barrage of ads and limited-time deals, it’s easy to let down your guard. Scammers are becoming more sophisticated, targeting individuals across age groups, not just the vulnerable. The key is vigilance—always verify and be cautious with personal information.”

“Black Friday isn’t just a prime time for shoppers; it’s also when criminals actively look for financial information, sensitive data, and new victims. People need to be equipped with the knowledge to recognise these threats and take action quickly.”

Victims of such scams are often left with the added pressure of managing changes to their financial details, liaising with their banks, and having uncomfortable conversations with friends and family about their unfortunate experience.

“The emotional strain of falling victim to a scam can leave victims not only financially hurt but also embarrassed and unsettled,” points out Tom.

How to protect yourself from scams this Black Friday

While scams have become more sophisticated, there are simple steps you can take to protect yourself this Black Friday. Tom warns that beyond the financial hit, scams often lead to a serious blow to confidence for many victims.

As Black Friday approaches, Tom encourages shoppers to use a simple but effective acronym—S.C.A.M.—to help people spot the signs of a deal that might be too good to be true.

“By using this checklist, people can recognise and challenge suspicious requests. This includes practical tips for keeping your personal and financial information safe from scammers, especially for those who may be unsure of what warning signs to look for or who may feel uncertain about questioning suspicious requests,” says Tom.

Falling victim to a scam can leave you facing multiple challenges and figuring out how to handle the pressure associated with fraud. Start by:

• Updating your financial details and coordinating with your bank to secure your accounts 

• Explaining the situation to friends and family and leaning on them for support 

• If you’ve been impacted by a scam and are struggling financially, don’t hesitate to reach out for help. Seek professional debt advice if necessary. 

Black Friday is an exciting time for us shoppers, but it’s also a prime opportunity for criminals to exploit unsuspecting consumers. By arming yourself with knowledge and staying vigilant, you can avoid falling prey to scams and make the most of the sales season.

Remember, it’s not just about spotting the deals—it’s about spotting the scams, too. Stay safe and keep your hard-earned money where it belongs.