Technology and all it entails is often seen as a young person’s game, right? They’re always up to date with the latest innovations, from artificial intelligence (AI) to virtual reality (VR), but is this stereotype correct?
When it comes to being scammed online, the general perception is that those aged 60+ are the most vulnerable. They’re often assumed to be less familiar with digital platforms, making them seem more susceptible to online scams. Media stories about pensioners losing life savings to scams tend to get more attention, reinforcing the idea that older people are frequent victims.
However, this lazy stereotype is far from the truth. According to a survey by Santander.co.uk, 46% of scams target those aged 35-65, compared to just 22% targeting those over 66.(1)
Just look at the numbers: in the UK, people aged 35 to 64 spend, on average, just over 5 hours online each day, while those over 65 spend around 3 hours.(2)
So, with greater time exposure online, what are the typical threats that those in their 30s to 60s are being exposed to?
The latest must-see event
We might not go out as much as we did when we were younger, but when we do, we usually spend more because we want to make it count. This can involve going to a show, concert, or sporting event, with average tickets typically costing £100+. With the rise of reselling websites, an amazing 20% of tickets are now sold this way. This can lead to higher pricing but also opens the doors to scam websites purporting to have access to must-see tickets.
During the summer, Oasis-mania swept the nation, and with that came unprecedented demand for tickets. Hundreds of fans reported being scammed, with the average loss being £436.(3)
Over 90% of reported cases began with fake adverts or posts on social media, with the vast majority originating on Facebook, including Facebook Marketplace.
A quick search on Facebook reveals numerous unofficial groups, many boasting tens of thousands of members, dedicated to buying and selling tickets for the Oasis tour. This is despite Meta’s own commerce policy stating that the sale of concert tickets is “not allowed” on the platform.
Building scams
As we reach our 30s, we often focus on moving house or renovating our existing property as our family and needs grow.
Children are not only expensive, but also take up a lot of time, meaning those DIY jobs we used to do now have to be outsourced to professionals. These professionals often have a professional website, with pictures selling the no-hassle renovating dream! However, the urgency to get these jobs done has seen a surge in building-related fraud over recent years. Scammers ask for large upfront payments before vanishing without a trace or leaving behind dangerous and substandard work.
In many cases, fraudsters claim to hold professional qualifications, duping victims into handing over thousands of pounds for work that was never completed. Many of these payments are made online using authorised push payment (APP), where victims are tricked into transferring money directly into criminals’ accounts. These can be accounts in fake names, but many victims tend to think they are protected as payment is made online rather than by cash.
Top tips
Humans are impulsive by nature, and sometimes the heart rules the head. So, when it comes to buying tickets or undertaking building work, we recommend the following four basic rules:
- Stick to trusted businesses: Always use reputable companies that have a proven track record.
- Check your URLs: Manually search for the trusted website and avoid using AI- generated links as AI models, such as Chat GPT, do not check the validity of the links they generate. This increases the chances of users being directed to a fake page.
- Be cautious on social media: You can’t always verify if a ticket listing is genuine or who building work was actually carried out by. Fraudsters can easily create fake ads using fake images.
- Avoid deals that look too good to be true: If a ticket is being sold at an unusually low price or for a sold- out event, it’s a red flag. Similarly low price online building quotes should be researched diligently.
- Use a secure payment method: Pay with your credit card for more protection. PayPal is also safer compared to bank transfers.
At Equilibrium, we place great importance on making our clients aware of scams. We strongly urge everyone to attend our Cyber Security Masterclass, designed to increase awareness in all ages and focus on preventative measures to tackle this ever-increasing threat. You can book the Masterclass via our website or through your usual Equilibrium contact.
Finally, if you are worried you have been scammed, please contact Action Fraud immediately on 0300 123 2040.
