How scam-savvy are you? Arizona educator unpacks age-based fraud

Tom Marlowe

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Fraud is basically a less wholesome version of a Hallmark movie — the actors may change, but it’s typically the same basic plot. Google what you’ve been told, ask your friends and family if they think it’s legitimate or ask your financial institution.”

From investment schemes to job offer scams, fraud affects every generation — but the methods scammers use and the money victims lose varies widely by age.

We often think of younger adults as being more tech-savvy, and they are, but that doesn’t mean they’re scam-savvy. Fraud impacts every generation, and scammers are experts at knowing exactly how to take advantage of each phase of a person’s life.

Desert Financial Credit Union employees work with members to prevent fraud and recover money lost to fraud whenever possible. Recovery can be much more difficult and less likely to be successful when someone actively authorizes transactions, withdraws cash or schedules wire transfers. Our fraud prevention team has seen members scammed out of $10,000, $50,000 or even $100,000 at a time.

Scammers often coach victims on what to say to credit union and bank employees and may encourage victims to wire money, purchase gift cards, open accounts or share sensitive information.

Here’s how scammers tailor their tactics based on age and behavior:

Gen Z (ages 18–28)

Because members of Gen Z are just starting their careers, they are most likely to be caught in employment scams that often start on social media platforms like Instagram and TikTok, and may offer “quick cash” or remote work opportunities.

Zoomers also frequently succumb to online purchase fraud and investment/crypto schemes. Scams targeting younger generations are typically quick scams that result in smaller, more frequent payoffs for con artists.

Millennials (ages 29–44)

While younger millennials are still fairly new to their careers and are targeted most frequently by employment scams, older, more established Millennials are more likely to fall victim to investment and crypto fraud.

Millennials are typically approached by scammers through text, social media platforms and spoofed emails that look like they are coming from trusted contacts.

Gen X (ages 45-60)

Gen X is most susceptible to investment and crypto scams as they try to increase their savings for retirement. This generation is also likely to fall for employment and romance fraud.

Boomers and seniors (55+)

Older Americans are most likely to be targeted with investment and crypto scams as they save for and try to stretch their retirement savings.

Seniors, especially those who may feel lonely or disconnected from their family, are more likely to be targeted by long-term romance or friendship scams that make them feel like they are helping someone in need.

Home improvement scams are also more likely among older generations. Scams targeting older adults tend to take longer and result in the loss of much larger sums of money.

Spotting red flags

Here are seven warning signs that should make you pause to research potential scams before moving forward with a possible scammer:

1. Someone you don’t know contacts you
2. Someone you’ve never met in real life asks you for money, even if you think you’ve established a relationship with them online or over the phone

Fraud is basically a less wholesome version of a Hallmark movie — the actors may change, but it’s typically the same basic plot. Google what you’ve been told, ask your friends and family if they think it’s legitimate or ask your financial institution. Fraud will usually become apparent when you take a moment to slow down, think about it and ask people you trust for advice.

Editor’s note: Tom Marlowe is a fraud educator and senior vice president of operations at Desert Financial Credit Union. Please send your comments to AzOpinions@iniusa.org. We are committed to publishing a wide variety of reader opinions, as long as they meet our Civility Guidelines.