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Social media scams — they’re not just for your grandma anymore. While the age of elder fraud and identity theft is alive and well, scam artists are increasingly targeting younger social media users and their bank accounts. In this new age of fraud schemes, here’s what to look out for and how to avoid common scams.

Social media use by generation

If you’re a member of Gen Z, your parents likely aren’t on the same social media platforms that you are. Which social media apps we use depends largely on our age group, our tech proficiency, and where our friends are. If you don’t want your mom watching your Snap story or your BeReal, this is probably a good thing, but the story doesn’t end there.

Age is one of the most important indicators of social media usage, because different generations want different things from their social media sites and apps. For example, users between the ages of 30 and 49, who are in their prime working years, are most likely to use LinkedIn for its professional growth tools. Older users don’t use the platform as regularly and younger users are much less likely to use it at all.

Similarly, the format of social media feeds varies greatly from platform to platform. TikTok and Instagram users often consume content from influencers, while Facebook users typically use the platform to keep up with close friends and family. That’s why, when you show your mom a meme, she might ask “who is that?”

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A new age of scams

On Facebook, scammers often hijack a user’s trust by impersonating family and friends, or using romance schemes. Gen Z usually doesn’t fall for these same scams, as their social media experience is based less on personal relationships. However, younger users still have their blind spots.

A common Instagram scam is to bait aspiring influencers with fake brand ambassador programs. After some flattery and the promise of exposure and compensation, users are asked to buy an expensive “starter kit” or provide information that can be used for identity theft. Building an online following is hard, and scammers know how tempting the “easy button” of a brand deal can be for hopeful users.

Other fraud schemes are not new, but have adapted to new platforms like TikTok. Get-rich-quick schemes lure users into cryptocurrency “rug-pulls,” leaving them empty handed once the crypto coin implodes. Other fraud artists mimic legitimate accounts to encourage users to click malicious links or pay for non-existent products.

Staying safe online

Younger social media users may not have lived through the “scared straight” era of internet safety in the 2000s, but many of the same principles apply today. Exercising a healthy degree of skepticism when interacting with any social media account is a great place to start. And be sure to cross-reference any information you receive about a product or investment with at least two reliable sources.

Another online safety rule can be taken from behavioral finance. Scam artists and legitimate salespeople alike know that a quick sale is usually a successful sale. So before giving anyone information or money online, take 24 hours to think about it with a clear head.

Fraudsters are increasingly targeting younger social media users on the platforms they use most often. Scams are evolving and may now appear in the form of brand ambassador deals and rug-pull schemes. Taking a step back and doing your own research about a deal that sounds too good to be true is a good way to keep clear of many online scams, no matter your age or the social media platform that you use.

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