Summary
Gen Z's confidence in their tech skills may blind them to real threats, making them easy targets for scams that exploit instinctive reactions over careful, critical thinking.
Despite being digital natives, Gen Z is surprisingly the most targeted and victimised generation when it comes to scams. Data from money app Revolut reveals that Gen Z and Millennials together accounted for 65% of reported scams over the last 12 months. In fact, Gen Z alone made up 38% of these reports, challenging the assumption that tech-savvy users are immune to cyber threats. "Nobody thinks it’ll happen to them. But the truth is, no one is un-scammable," says scam and security expert Jenny Radcliffe. "Many scammers are talented social engineers who know exactly what levers to pull and when. Most people assume they’re not important or wealthy enough to be targeted or that they’ll spot a scam when they see one."
While Gen Z’s high scam rates are partly due to their heavy reliance on mobile banking and digital transactions, that's not the whole story. Optimism bias which is the belief that negative events are unlikely to happen to us, also plays a key role. This cognitive bias makes individuals underestimate risks and overestimate their ability to avoid them, leaving them more vulnerable. Gen Z should be cautious not to mistake tech savviness for invulnerability. To avoid falling victim to scams, they must adopt a more mindful, deliberate approach to decision-making instead of relying on instinct alone. As Daniel Kahneman explains in Thinking, Fast and Slow, quick, emotion-driven "System 1" thinking often leads to poor judgement, whereas rational, measured "System 2" thinking helps us make safer, more informed choices. By slowing down and questioning before they act, Gen Z can better protect themselves from the growing sophistication of digital scams.