Varo Bank – Protecting Gen Z from Itself

<p>So, you're sitting in front of your screen, minding your own digital
business, when a plea for help pops up: "Can you wire me $10,000?"
It's the kind of message that sets off alarm bells for many, a classic online
con notorious for swindling seniors out of their retirement money. But wait,
here's the twist – the unsuspecting victims aren't the tech-challenged boomers;
it's the tech-savvy Gen Z. Yes, it’s the young ones that are more likely to
fall for it.</p><p>Gen Z More Likely to Be Victims of Scams</p><p>In a <a href="https://www2.deloitte.com/us/en/insights/industry/telecommunications/connectivity-mobile-trends-survey.html">report
fresh off the press from Deloitte</a>, a startling revelation emerges. Despite
being the generation born and bred in the bowels of the World Wide Web, Gen Z
is more likely than boomers to fall prey to internet <a href="https://www.financemagnates.com/tag/scam/" target="_blank" rel="follow">scams</a>. In a survey encompassing
over 2,000 Americans, Deloitte's findings are nothing short of eyebrow-raising.</p><p>The report found that Gen Z is three times as likely as boomers to fall
for an online scam (16% vs. 5%) and twice as likely as boomers to get hacked on
social media (17% vs. 8%). Social media scams are nothing new, <a href="https://www.financemagnates.com/thought-leadership/b2broker-ceo-raises-red-flag-on-social-media-scams/" target="_blank" rel="follow">especially in the crypto space</a>, but as we'll see, they're on the rise.</p><p>Just so that we know what we're talking about, <a href="https://languages.oup.com/google-dictionary-en/" target="_blank" rel="nofollow">Oxford Languages</a> defines Gen Z as: "the generation born in the late 1990s or the early 21st century, perceived as being familiar with the use of digital technology, the internet, and social media from a very young age."</p><p>Why this unexpected result? Well, it's surprisingly straightforward.
Younger people these days are virtually living online (pardon the pun). They
shop, socialize, and work through the internet, giving them more opportunities
to encounter sly characters promising extravagant crypto returns or deceitful
e-commerce sites masquerading as legitimate retailers. It's a perilous digital
jungle out there, and the younger generation is unwittingly wading in deeper.</p><p>As if that weren't disconcerting enough, the numbers tell a grimmer
tale. Scam losses are on the meteoric rise, with e-con artists raking in
approximately <a href="https://www.globalsecuritymag.com/New-Study-As-Kids-Return-to-School-Record-210-Million-Lost-to-Online-Scams-3.html" target="_blank" rel="nofollow">$210 million from young people under 20 just last year</a>. This is a
staggering escalation from the estimated $8.2 million in 2017, according to the
watchdog group, Social Catfish.</p><p>Varo Bank to the Rescue</p><p>But fear not, for in this digital wilderness, a savior emerges: <a href="https://www.varomoney.com/">Varo Bank</a>. Enter Varo to Anyone, a free,
instant payment service that doubles as your protective shield against the
scammers' onslaught. With Varo to Anyone, money sent, received, and stored from
Varo Bank accounts is insured up to a hefty $250,000. You can send these secure
transfers to anyone in possession of a US debit card, irrespective of where
they bank, and all of this comes with a delightful absence of fees, courtesy of
Varo, a US national bank that’s FDIC-insured.</p><blockquote><p lang="en" dir="ltr">How to send money with Varo to Anyone: just add your recipient, enter the dollar amount, and tap “Send money”. It’s that easy.