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By Suzanne Blake
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Gen Z and millennials are the most at risk of falling for extortion scams, according to a new survey from Malwarebytes.
Scammers are weaponizing artificial intelligence (AI) and other technology to extort money, and seven in 10 victims in the study identify as Gen Z or millennial.
Why It Matters
AI has made scams increasingly pervasive in Americans’ digital lives, with fake voices and videos leading to more convincing sextortion, deepfake and virtual kidnapping ruses.
Read More on Personal Finance
In 2024, consumers lost more than $12.5 billion to fraud, according to the Federal Trade Commission.
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What To Know
With seven in 10 victims being Gen Z or millennial, the study revealed that growing up digitally savvy doesn’t necessarily make you immune to the risks of falling for a scam.
Among Gen Z specifically, 58 percent said they’ve been targets, and 28 percent have indeed become a victim.
“The scammer makes you believe it is a legit conversation,” a Gen Z survey respondent told Malwarebytes. “They/He/She talk to you like they know you. Trying to convince you they are supporting/helping you in some way to fix something. When they are just fishing for more information!”
The survey, based on the responses of 1,300 U.S. adults, also revealed that males disproportionately made up 65 percent of extortion scam victims.
“Gen Z and millennials remain high targets due to their exclusive use of smartphones and the amount of time they are on their devices,” Kevin Thompson, CEO of 9i Capital Group and host of the 9innings podcast, told Newsweek.
“They often share photos of themselves and more frequently have leaked chats they do not want exposed, making them apt targets for abuse.”
What People Are Saying
Truman Kain, researcher at Huntress, told Newsweek: “Gen Z is a top extortion target since they are chronically online. Meeting strangers on the internet feels normal to them, so they’re easier to find, talk to, and exploit. It makes sense they’re a top target.”
Thompson also told Newsweek: “We all must be cognizant of what is said and/or how it is said when we produce content online. How it can be perceived or misperceived out of context. These attacks can come via an email or threatening phone calls forcing an action. Like I always say, slow down. Do not react to any messages or phone calls. Any time someone or something is asking you to act quickly, it is likely a scam and report it to the authorities as quickly as you can.”
Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek: “The positives of Gen Z and Millennial generations being more tech savvy can quickly become negatives if they are too trusting in digital resources. We're seeing more AI scams that are more sophisticated in their approach to targeting individuals, crafting statements that sound very official, and luring targets into a false sense of security to gather their information. Don't assume just because you're a member of Gen Z or a Millennial that you can't fall victim to one of these scams.”
What Happens Next
While Gen Z and millennials might be more likely to fall for scams today, they likely will build resilience and higher rates of skepticism in the long term, Kain said. “Typically, once you’ve been burned by one type of scam, you’re less likely to fall for the next, and more likely to stay vigilant overall. Gen Z isn’t doomed, but if they don’t start taking privacy and security seriously, they can expect to be tracked, targeted and manipulated more effectively than they can even imagine.”
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