Gen Z is Being Scammed

Young adults are supposed to be tech natives: always aware of the hidden catch and the sketchy link. But it turns out that being raised with the internet doesn't mean a whole lot when fraudsters were too.

The House Financial Services Committee's recent report on fraud recently found that: "In 2024, the success rate for fraud and scam attempts on Americans ages 20 to 29 was nearly twice the success rate against elderly Americans."

Really?

Yes, it's true. Exact rates vary, but analyses consistently find the under-30 crowd getting defrauded more often than older Americans. In 2024, the FTC found that 44% of those in their 20s who submitted an FTC report experienced fraud, compared to 24% of those in their 70s. A Pew survey last year found 26% of Americans aged 18-29 had lost money to a scam, compared to 15% of those over 65.

The simple fact, as the Committee's report shows, is that scams are a universal problem in 2026. Today across Southeast Asia, the report writes, "as many as 150 'scam centers'—industrial-scale scamming sweatshops—employ as many as 300,000 human-trafficked laborers to attack American consumers." Fraud has become a booming, highly organized business.

We all live in the same digital waters. No matter how digitally savvy you are, you too are a fish, and when presented with the right worm and the right hook, you will bite. We all will.

Scammers know what they're doing, and they're constantly adapting. A strong response means Washington, Wall Street, and Main Street working together to deploy every tool available and prevent professional fraudsters from reaching Americans' wallets.

The good news is that the work of combatting scams is real, ongoing, and genuinely bipartisan. Financial institutions, technology companies, telecommunication providers, law enforcement, and government agencies are investing in scam detection tools, education campaigns, and cross-industry partnerships to stop scammers in their tracks and build clear warnings for consumers.

The Committee's report is an important step forward because it makes clear where more progress is needed: better information sharing, stronger coordination, and clear responsibilities across the entire ecosystem.

It's not just your grandparents' retirement savings at risk. It's everything, from the 25-year-old's savings for a first home to the college savings new parents might set up for their kids. It's monthly paychecks and protected investments. Scams affect everyone. Preventing them requires everyone to play a part.

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