Young adults often reluctant to admit to being victims of social media fraud image credit: shutterstock

Despite being tech-savvy, many young adults between the ages of 18 and 34 report being more likely to have been targeted by fraudsters through social media (41%) than their older counterparts. And nearly one-third say they have fallen victim to financial fraud, according to research from TD.

Notably, an even higher portion of young adults (43%) said they would be too embarrassed to tell anyone if they were a victim of fraud or a scam. This means many incidents are likely never reported.

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Feeling Vulnerable

As young adults navigate how to manage their finances, many also find themselves grappling with heightened concerns regarding financial fraud.

According to TD, of those in the 18 to 34 age group:

  • 62% report feeling vulnerable to being a target for financial fraud;
  • Over the next year, 93% believe fraud attempts will increase;
  • And 63% say scams are targeting them now more than ever before.

“Growing up as a digital native and being more technologically savvy doesn’t mean you’re immune to the dangers of online scams,” said TD fraud expert, Sophia Leung, Senior Vice President, Protect Platform. “As financial fraud schemes become more sophisticated and difficult to detect, falling victim is nothing to be embarrassed about. Instead, it’s important to remain hyperaware of potential threats and arm yourself with the knowledge to protect yourself from future fraud attempts.”

Developing a fraud-fighting know-how

Fraud prevention education is paramount for safeguarding financial well-being and digital security. While many young adults dedicate time to educating themselves about fraud, many expressed still being worried about falling victim to job scams (19%), investment scams (15%) and cheque scams (12%).

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