So, you're sitting in front of your screen, minding your own digital business, when a plea for help pops up: "Can you wire me $10,000?" It's the kind of message that sets off alarm bells for many, a classic online con notorious for swindling seniors out of their retirement money. But wait, here's the twist - the unsuspecting victims aren't the tech-challenged boomers; it's the tech-savvy Gen Z. Yes, it’s the young ones that are more likely to fall for it.

Gen Z More Likely to Be Victims of Scams

In a report fresh off the press from Deloitte, a startling revelation emerges. Despite being the generation born and bred in the bowels of the World Wide Web, Gen Z is more likely than boomers to fall prey to internet scams. In a survey encompassing over 2,000 Americans, Deloitte's findings are nothing short of eyebrow-raising.

The report found that Gen Z is three times as likely as boomers to fall for an online scam (16% vs. 5%) and twice as likely as boomers to get hacked on social media (17% vs. 8%). Social media scams are nothing new, especially in the crypto space, but as we'll see, they're on the rise.

Just so that we know what we're talking about, Oxford Languages defines Gen Z as: "the generation born in the late 1990s or the early 21st century, perceived as being familiar with the use of digital technology, the internet, and social media from a very young age."

Why this unexpected result? Well, it's surprisingly straightforward. Younger people these days are virtually living online (pardon the pun). They shop, socialize, and work through the internet, giving them more opportunities to encounter sly characters promising extravagant crypto returns or deceitful e-commerce sites masquerading as legitimate retailers. It's a perilous digital jungle out there, and the younger generation is unwittingly wading in deeper.

As if that weren't disconcerting enough, the numbers tell a grimmer tale. Scam losses are on the meteoric rise, with e-con artists raking in approximately $210 million from young people under 20 just last year. This is a staggering escalation from the estimated $8.2 million in 2017, according to the watchdog group, Social Catfish.

Varo Bank to the Rescue

But fear not, for in this digital wilderness, a savior emerges: Varo Bank. Enter Varo to Anyone, a free, instant payment service that doubles as your protective shield against the scammers' onslaught. With Varo to Anyone, money sent, received, and stored from Varo Bank accounts is insured up to a hefty $250,000. You can send these secure transfers to anyone in possession of a US debit card, irrespective of where they bank, and all of this comes with a delightful absence of fees, courtesy of Varo, a US national bank that’s FDIC-insured.

Here's how it works: Install the Varo app, and you gain the power to send money instantly to anyone holding a US bank account, no matter which financial institution they favor. Simply grant the app access to your phone contacts or manually input the recipient's US phone number or email. After dispatching the funds, your recipient will receive a prompt text or email notification guiding them on how to collect their money. They merely need to enter their debit card information into Varo Bank's secure portal, and voila, the transaction is complete.

Sometimes, things come in pairs and this is one of those happy occurrences. Just remember, scammers are out there and it pays to be incredible cautious, especially if you spend a lot of time online.