‘Generation Z’ in the crosshairs of online scammers

By | May 6, 2023

As 76 million credit card details are for sale on the ‘dark web’ thieves Target younger consumers on social media.

In it Tik Tok A hoax is gaining ground in which users call their friends using the voice of an answering machine to tell them that they are going to charge a sum of money to their account. Kaspersky researchers detected an increase in the number of malicious emails in June (almost 100,000 in total) and around 350,000 between March and June 2022.

“Gen Z have grown up with a phone or an iPad in their hands,” said Christine Halvorsen, CEO of Protiviti, a risk and compliance consulting firm. “He’s very comfortable buying things online and trusting those transactions.”

According to Kaspersky research 39% of Gen Z surveyed have been the victim of a phishing scam. The same research highlights a particularly worrisome element: the overconfidence that children of this generation have about the safety of online purchases.

The amounts lost by younger people are much less than those lost by older people, who are more likely to fall victim to phone scams than people posing as family members or support technicians. The median loss to online fraud for people ages 18-59 was $500 in 2021, while for people 80 and older it was $1,500.

On the “Dark Web” stolen credit card information is sold from 0.40 bitcoins (about 300 euros) to 2.40 bitcoins (about 2,000 euros). The price varies depending on the days that the user can use them and the credit limit allowed for each card.

A page on the dark web says: “Clone credit cards are being sold with a four-digit code, which you can use anywhere in the world. You can use them at ATMs, stores, and for online purchases. We can send you a complete guide on how to use them with absolute safety. The price of each card is 0.40 bitcoins with a credit limit of $4,000-5,000. If you buy a card and lie about it being invalid when you request a replacement, you will be blacklisted from future purchases with us. In case of our error, the card will be replaced.”

“The exact amount is hard to determine,” said a NordVPN analyst. “FTC reports that US consumers lose more than $3.3 billion to credit card fraud, up from $1.8 billion in 2019.”

The report included a breakdown of card theft by state, with California (88,000), Texas (74,000) and Florida (62,000) the states with the most breaches, and Alabama, Wyoming and Washington with the most. leaks per capita.

“While the amounts are not huge, there is usually a plan,” say experts who study online fraud. The Protiviti expert said that scammers who place ads on social media are often the offspring of an organized criminal enterprise that focuses more on data theft than financial gain.

In updating its list of recommendations, the Federal Trade Commission recommends:

  • Use national retail websites when possible; they are more likely to resolve any issues that arise.
  • Do your research – check reviews before you make a purchase.
  • Use credit cards: you have a better chance of getting your money back in case of fraud.
  • Only pay through a secure payment service: are they asking you to transfer money? Think twice!
  • Pay only when you are connected to the Internet through secure connections; avoid using free or open public Wi-Fi networks.
  • Only pay through a secure device: Keep your operating system and security software up to date.
  • Beware of ads offering outrageous deals or miracle products: If it sounds too good to be true, then it probably is.!
  • Popup saying you’ve won a prize? Think again. You may have “won” malware.
  • If you do not receive your product, please contact the merchant/seller. If you don’t get a response, contact your bank.

With information from the Wall Street Journal

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