Young Brits three times more likely to be victims of online scams than grandparents, study claims

Young British adults are falling victim to online scams at three times the rate of over-65s, upending common assumptions about who is the most vulnerable in the digital age.

According to a major study of 15,000 European adults by SquareTrade Europe, 61% of 25-to-34-year-olds and 59% of 18-to-24-year-olds report being personally targeted by a scam, compared to just 20% of seniors. Despite this, over a quarter of under-25s still believe their grandparents are the ones most at risk online.

The primary driver behind this vulnerability is how younger demographics interact with technology. Living their lives through smartphones makes them prime targets for criminals operating on social media and messaging apps, which account for 41% of scam encounters among under-25s – with Instagram and TikTok alone responsible for nearly a quarter.

Furthermore, 32% of victims whose accounts were breached reported that the attack originated from a stolen physical smartphone.

As young adults build wealth, they are increasingly targeted by sophisticated financial traps. One in five 25-to-34-year-old victims fell for fake investment scams involving fraudulent crypto schemes and trading platforms, costing an average of £414 per incident.

Coupled with rising artificial intelligence threats – nearly half of UK consumers worry AI is making fraud harder to detect – criminals are deploying flawless phishing, deepfakes, and voice clones.

The emotional fallout is particularly severe among younger generations. Nearly half of scammed 25-to-34-year-olds blame themselves rather than the criminal, breeding intense shame that often stops them from seeking help. Shockingly, 10% of scammed under-25s confided only in AI chatbots like ChatGPT about the experience.

The study also highlighted growing risks of “money muling,” with 42% of 18-to-24-year-olds approached to let strangers use their bank accounts to move funds, and over 5% admitting they went through with it. Experts emphasise that as digital life expands, younger consumers urgently need robust online protection tools to bridge the widening security gap.

SquareTrade