Last Updated: October 22, 2024
With so many of our transactions now taking place online, it’s more important than ever to be vigilant with our hard-earned cash.
We’re used to sending money to companies that we’ve found through a Google search, as well as giving out our email addresses and phone numbers for various forms of marketing. As a result, more people have our data than ever before.
Whilst companies have a responsibility to look after your personal information, you also have a responsibility to only give it out to legitimate businesses and individuals. Unfortunately, this isn’t always easy. There are many scammers out there who want to try and trick you into parting with sensitive information, and they’re very convincing.
Knowing the red flags you should be looking out for and being cautious can go a long way to protecting you from scams. But what about your more vulnerable friends and family? In this post, we look at who might be most at risk of getting scammed, and what you can do to help them.
Seniors
It sometimes feels like the internet has been around forever, but it is still a relatively new invention. As such, senior members of your family won’t have grown up with this technology, making it harder for them to know if something doesn’t look quite right. Fraudsters know this and will deliberately target them.
Many older people are reluctant to ask for help or admit to falling for a scam, making it easier for criminals to extract even larger sums of money. Seniors can also be more isolated, making it harder for them to quickly check suspicious emails or text messages with you.
Young people
You might think that the younger generation are one of the most tech-savvy, and therefore the least likely to be victims of fraud. However, research shows that 20% of 16-34 year olds have been scammed. This may be because they use technology more, so the chances of falling upon a fraudulent site or social media scam are higher.
Younger people are also at risk because they tend to have less financial security, and so sometimes fall for scams that they wish were true. Schemes such as giveaways on social media, a free holiday or even just signing up to an email to get a large discount are all things young people should be vigilant about.
Low-income households
The cost-of-living crisis has hit households across the UK, including those who may not have previously struggled. This has meant that more individuals have turned to personal loans and credit cards to help them get through the month, presenting immoral scammers with an opportunity to take advantage of their vulnerability.
Like young people, low-income households may be more likely to ignore red flags if they see them, in the hope that they genuinely will win money, goods or a free trip away. They are also more likely to seek out unlicensed money lenders if they can’t get a loan from a genuine provider.
How can you protect your loved ones?
If you’re concerned about a loved one, you’ll want to help them – but money is a sensitive subject for many. Most people won’t ask for help if they have been scammed – for fear of seeming silly or naïve.
However, as well as encouraging open conversations around money, you can set out to educate friends and family about the warning signs of a scam, as well as how they can keep themselves safe online. How you do this will depend on the person – generally people won’t want to be lectured – but by sharing articles about cybersecurity tips and things you yourself do to stay safe online, you can encourage others to take these important steps too.
Practical tips to share with your loved ones include keeping security packages up to date on laptops and desktop computers, including antivirus software and a firewall to make devices more secure. You can also install a password manager for your loved ones, so that they have different passwords for different sites. This has the double effect of reducing the likelihood of scammers gaining access to their password, but also minimises the damage if they do manage to get into one account, as they won’t be able to get into another.
Remember, it’s important that your loved ones feel comfortable talking to you and checking if something is a scam. Often, pausing and taking a moment to think twice before acting, will stop them from losing their money, so remind them that you are here to help.
