Online scams are more prevalent among young people than ever, while older generations lose the most to these frauds.

According to SEON’s fraud prevention report, this is based on data analyzed by the FBI in 2020. Internet Crime Complaint Center.

SEON’s “Gen-Z Fraud ReportThe largest increase in fraudulent reports year over year between 2019-2020 was seen among those under 20.” There was an 116% rise in fraud reports from young people aged 23-186, compared to the previous year. They lost $70.98million, which is approximately $3,000 per individual, collectively in 2020.

The report stated that “fraud doesn’t discriminate based on age” and that digital-first does not make one immune from scams. Gergo Varga, a product ambassador for SEON said that the trend was clear.

Remember this: The report highlights some intriguing trends but it advises that you take them “with a pinch salt” because they include both individuals and businesses. Businesses can sustain much higher losses than the average individual.

Next in age, those in their 20s saw an increase of 59% between 2019 and 2020. The 70,791 victims reported lost an average loss of $2,789 per person.

In general, victims lose more money as they age. Average losses for those aged 30 and 40 were $5,570 per person in 2020. For those over 40, it was $7,832.

The average American age 60 and older lost more money due to fraud online. A total of 966 million losses were reported by people aged 60 years and over. This is an average loss of more than $9,000. The highest loss was suffered by people in their 50s, at an average cost of $9864 per individual.

According to SEON, the main reason that younger people lose less money is because they have less financial resources. This did not indicate that they were being targeted harder.

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