Rising Scams in the Digital Age: Why Everyone, Not Just the Elderly, is at Risk

As Scams Evolve, Even the Tech-Savvy Are at Risk

As technology becomes increasingly integrated into our dly lives, so too do scammers adapt their tactics to exploit vulnerabilities in digital platforms. Despite widespread awareness of these deceptive schemes and media coverage on scam cases, approximately 14,349 instances were reported during the first half of 2022, nearly doubling from the 7,746 cases recorded over the same period last year.

A growing segment of society that is particularly susceptible to such frauds are younger individuals who have grown up with digital tools at their fingertips. This includes those under age 25 found in a recent study by the Institute for Public Understanding of Risk IPUR, who were reported as being 10 more likely to fall prey to scams than their older counterparts, aged 65 and above.

The younger generation relies heavily on online platforms such as shopping sites, banking portals, and messaging apps. This increased digital presence significantly rses the risk of encountering fraudulent activity online. A false sense of security arises from familiarity with navigating these digital landscapes, making young users more vulnerable to scammers.

Confidence in virtual interactions can lead individuals into risky decisions that may have irreversible consequences. The optimism bias often observed in younger adults makes them less guarded when it comes to potential scams. They might be more inclined to partake in questionable investment opportunities or share personal information with online acquntances under the illusion of digital security.

While it's tempting for some to believe they're too tech-savvy to fall for scams, a common misconception is that older people are the primary victims. The reality, however, underscores how everyone should remn vigilant agnst such deceptive tactics, especially as scammers continue to adapt their methods in sophisticated ways.

As we increasingly rely on digital tools for various aspects of our lives, the risk of cybercrime escalates alongside advancements in online platforms and services. It's crucial not only for banks and tech companies to implement security measures but also for users themselves to adopt responsible digital behaviors.

To safeguard agnst scams:

1. Educate Yourself: Familiarize yourself with potential scam types, especially those med at younger audiences, such as pig-butchering schemes that initially build trust before leading to elaborate investment frauds.

2. Cautiously Evaluate Offers: Be wary of seemingly too-good-to-be-true deals on social media platforms or online forums that ask for personal information under the guise of enhancing engagement.

3. Be Discerning in Investments: Exercise caution with binary options and other financial products that seem overly attractive without a robust understanding behind them. Always verify the legitimacy of investment opportunities before committing funds.

4. Secure Transactions: Only use reputable online payment services like PayNow, PayPal, Mastercard, or Visa for online transactions to ensure secure payments.

5. Avoid Hasty Decisions: Don't feel pressured into making immediate choices when in doubt. Take time to assess the situation and seek advice from trusted individuals or professional sources.

With technology becoming an integral part of dly life, so too does the threat landscape evolve. As our depence on online platforms grows, it's essential that we remn vigilant agnst threats such as scams and cybercrime.

Acknowledging this risk requires proactive steps from both technology users and providers alike to ensure digital security for all.

The original article was first published on ChannelNewsAsia.

Assistant Professor Reuben Ng further discussed the topic with CNA938 in a radio interview, which can be found here.

Jared Ng serves as Communications Manager while Assistant Professor Reuben Ng acts as Lead Scientist Data and Technology at IPUR.
This article is reproduced from: https://ipur.nus.edu.sg/insights-commentarie/as-scams-get-more-sophisticated-young-and-digitally-savvy-individuals-are-more-likely-to-fall-prey/

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