ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Surge in Online Scams Targeting Teenagers

Why are young adults increasingly falling victim to scams?
PUBLISHED FEB 4, 2024
Cover Image Source: Scams targeting teenagers | Pexels | Photo by Stanley Morales
Cover Image Source: Scams targeting teenagers | Pexels | Photo by Stanley Morales

The vulnerability of teenagers to scams has seen a staggering surge, with a recent study by Social Catfish revealing a jaw-dropping 2,500% increase in money lost to scammers over the past five years by individuals aged twenty and younger. According to the study, the year 2022 witnessed victims under the age of twenty losing around $210 million to scams. While seniors remain the most victimized group, losing over $3.1 billion in the same year, the significant spike in young victims signals a concerning trend that demands immediate attention. 

Image Source: Pexels/Keira Burton
Image Source: Pexels | Keira Burton

That year, online scams cost people $10.3 billion, a significant increase from the previous year's $6.9 billion. The average victim incurred losses of nearly $13,000, as per the study's findings. However, the accuracy of these figures may be compromised, given that out of the 5,500 victims surveyed, 4,455 refrained from coming forward or filing a report due to feelings of shame. Moreover, of the total amount lost, only $433 million, equivalent to 4.2%, was successfully recovered by the FBI. 

Social influencers have become unwitting accomplices in the elaborate schemes devised by scammers. The modus operandi typically involves the creation of fake accounts by fraudsters who then host sham brand-sponsored contests. These contests often promise lucrative prizes, enticing teens to participate. Subsequently, the so-called "winners" are asked to pay a fee or provide their bank account details to claim their prize. To safeguard against such scams, teens must avoid sharing sensitive information.

Romance scams have also witnessed a surge in recent years, preying on the emotional vulnerability of teenagers. Scammers create fake personas, establish online relationships with unsuspecting teens, and manipulate them into sending explicit photos. Scammers then threaten to expose these compromising images unless a ransom is paid. 

Scammers have moved a step ahead and are hitting the emotional side by making fake calls and believable reason|Pexels
Image Source: Scammers | Pexels

Furthermore, gaming platforms have also become a hunting ground for scammers. The study also warns against clicking on random links, especially when making purchases within a game. Instead, it is recommended to make in-app purchases directly to ensure the transaction's security. This proactive approach can shield individuals from phishing scams.

Besides these threats, there are many other scams targeting teenagers. Online learning scams are on the rise, with scammers being quick to exploit this trend by creating fake online courses and charging unsuspecting teens for access. Parents and guardians should remain vigilant and ensure to sign up with reputable sources only.

Cover Image Source: Pexels | Photo by Christina Morillo
Image Source: Pexels | Photo by Christina Morillo

To combat the growing menace of scams, comprehensive education, and awareness programs are essential. Parents, educators, and guardians must engage in open conversations with teenagers about the potential risks lurking in the virtual world. Promoting digital literacy, critical thinking, and responsible online behavior can protect teens from falling prey to such schemes. Victims can report the scam to the Federal Trade Commission (FTC) Report Fraud site, the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center (IC3), and IdentityTheft.gov.

MORE ON MARKET REALIST
Harvey was sure tha the player, Darren didn't want to be on the show at all.
5 hours ago
The unexpected collaboration aims to solve a long-standing home surveillance issue.
7 hours ago
The co-founders of Y'all Sweet Tea blew away the Sharks with their incredible numbers.
1 day ago
From his lips to his bald head, Harvey has to defends all sort of jabs.
1 day ago
The woman who gifted the painting to the owners had earlier sold it to another dealer as she couldnt sleep at night.
3 days ago
When it came to naming something of Harvey they would want to touch, the players didn't hold back
3 days ago
Rick Harrison's go to expert warned him not to touch it with a "10 foot pole."
3 days ago
The massive manufacturer has been operational for more than a hundred years now.
4 days ago
While the player was overwhelmed with emotion, host, Drew Carey was left hanging for a handshake.
6 days ago
Turns out, the guest's father was the renowned artist, Demetrios Jameson.
6 days ago
While the player, Rodney Flippen took the loss on the chin, fans were left heartbroken.
7 days ago
Harvey was stunned to see that Lisa would risk her marriage to get the top answer.
7 days ago
The outbreak has been linked to four deaths, and 19 hospitalizations, according to the CDC.
7 days ago
The President and CEO of Walmart, Doug McMillion expressed that AI will "literally change every job."
Oct 1, 2025
While the seller was confident that the instrument was ever so valuable, Harrison begged to differ.
Oct 1, 2025
The 54th season of the show has begun with a brand-new game, but fans fear it could be rigged.
Sep 30, 2025
The guest had absolutely no idea that the Ching Dynasty snuff bottle could be worth so much.
Sep 30, 2025
While Corey Harrison tried his best, the seller had other plans and stuck to it.
Sep 28, 2025
Harvey warned the contestant that she may be in a situation she can't handle.
Sep 27, 2025
In the end, the expert adviced the guest to put the item on a pedestal for the future.
Sep 27, 2025