The ever-increasing digital dependency of our age appears to have had an unintended dark side, as new data reveals a surge in online scams targeted towards young Australians. According to recent reports released by a leading bank, there has been an almost four-fold increase in scams reported by customers under the age of 18 in the last year. Similarly, scams against those under 30 have more than doubled.

Chris Whittingham, the General Manager of Financial Crime & Fraud Prevention at a renowned bank, has pointed out the alarming rise in a particular type of scam – sextortion. These involve scammers conning young individuals into divulging sensitive, compromising information, which is then used to extort money from them.

“It’s alarming to see such a big spike in the number of scammers tricking young people into sending compromising information online,” he said. “Scammers will then use this information to extort money from the victim, often requesting a number of small payments over a period of time.”

The bank’s data reveals a stark gender difference in the victims of these scams – young males are overwhelmingly the most targeted. Among those who fall prey to these scams, 4 out of 5 are young males. Furthermore, youth under 30 constitute half of all victims of threat and penalty scams, which have also seen a remarkable rise.

Whittingham warned that scammers have become exceptionally skilled at extracting information that young people willingly share on social media. Details about one’s school, hobbies, or location can easily be used against them. They either form a connection with the victim using this information or impersonate them.

“Always stop and think before you post, be very cautious of anyone you’ve never seen in-person or spoken to on video chat before, and never give away details like your address or date of birth,” he advised.

Buying and Selling Scams – A Growing Threat

Buying and selling scams are another peril that young Australians frequently fall prey to. “These scams often occur through fake websites or online marketplaces. Scammers allure victims with competitive prices for high demand items like concert tickets or designer clothes,” Whittingham said.