Gen Z and millennials most likely to fall victim to cyberscams

Despite being amongst the most tech-savvy of Australian, new data from the ACCC has found Gen Z and millennials are far more likely to fall victim to cyberscams than any other generation.

In 2019 this group lost over $5million to scammers and in 2020 have already lost a reported $4.6 million to con artists.

The end of the financial year is a particularly dangerous time for people to fall victim to scammers. Aussies regularly transmit sensitive personal information at tax time which causes a flurry of activity from cybercriminals eager to take advantage of the unwitting.

Gen Z and millennials have proved particularly vulnerable at this time of year as they rush to complete tax matters often missing red flags. Indeed research conducted by NortonLifeLock in 2019 around Australian behaviours on doing their tax return online found when it comes to victims of cybercrime, almost four in ten (39 per cent)  of Gen Z claim to have been victims of cybercrime in the past. This compares to only 22 per cent of Baby Boomers. Millennials outranked all age groups with 44 per cent claiming to have been victims of cybercrime.

With tax time around the corner, NortonLifelock cybersecurity expert, Mark Gorrie, has shared some timely tips to help people spot a scam and try protected while publishing their tax return. These include:

1. Be cautious of emails, SMSs and phone calls claiming to be from the Australian Taxation Office (ATO).
2. If you’re not sure about the validity of any communication from the ATO, call them directly.
3. Use security software on your computer and backup regularly.
4. Be sure your computer is fully patched and up-to-date.
5. Look for misleading signals in an email and never open attachments if you are unsure.
6. Know the status of your tax affairs and your accounts.
7. If you’re filing your taxes online, use a secure Wi-Fi connection or a VPN.
8. Secure print materials.