Social media is still the primary source of scams for Gen Z consumers. In 2025, six in 10 (58%) reports from Gen Z customers involved social media, compared with 45% across all age groups according to Barclays.
The widespread use of AI has made scams harder to spot. Three in four (75%) consumers believe AI has made online fraud more convincing. As a result, one in three Gen Z shoppers (34%) now avoid online shopping due to scam fears, the highest rate among any generation and 12% higher than older age groups (22 %).
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They also found that 42% of people who acted on social media investment content lost money, not always through scams, but often by following unregulated advice from so-called financial influencers (finfluencers). Whatever next ‘finfluencers’ are real and another iteration of criminal lowlifes.
One in four (24%) consumers reported feeling pressured to act quickly on unsolicited tips (a popular scammers ploy), mistaking displays of wealth as a sign of credibility. Among Gen Z (18–27), this figure is almost half (48%). Barclays first disclosed this data in November, warning of the growing risks posed by finfluencers.
What Is A Finfluencer?
Finfluencers are cyber criminals that have social media personalities who use their platforms to provide financial information and advice. Whilst many offer valuable, education on a range of social media platforms, many others are unregulated and can lead followers to significant financial losses through scams or dodgy advice. This is criminal activity and should be reported to the Financial Conduct Authority (FCA).
