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Younger, digital-first generations are now more likely to fall for scams than their parents or grandparents, according to a new report commissioned by Block Inc. (NYSE:XYZ) and conducted by PYMNTS Intelligence.
The study, based on a U.S. Census-balanced survey of 15,110 adults between Sept. 9 and Sept. 22, 2025, found that nearly one in five U.S. adults (19%) have been scammed in the past five years.
Millennials topped the list, with 24% reporting scam experiences, followed by 22% of Gen Z, while only 14% of baby boomers and seniors said the same.
The data flips the traditional assumption that scams mostly target the elderly, the report noted. Younger, tech-savvy consumers who spend more time online and on social media are now the most exposed.
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According to the findings, scammers are increasingly using social media platforms and AI-driven impersonation tools to deceive victims.
About 24% of Gen Z victims were first approached on social media, while nearly two-thirds of all victims sent payments within 24 hours.
"AI voice and chat tech making impersonation scams more convincing than ever," Block said in a post on X, formerly Twitter, while sharing the report.
Block CEO Jack Dorsey also shared the report on social media.
The report highlights that victims who report scams to their banks are far more likely to recover their money and rebuild trust.
Trust in financial institutions rose from 70% among those who recovered nothing to 90% among those who recovered most or all funds.
Still, 23% of victims never report the scam and 42% consider switching banks afterward, underscoring how scams can erode consumer confidence in the financial system.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
