Younger generations tend to trust technology more than their elders, making them particularly susceptible to fraud. Furthermore scammers are increasingly turning from targeting landlines - more commonly used by older generations - to mobiles - used by younger people.
The true scale of financial fraud is also hard to nail down as the research shows that as many as two-thirds of people who have been stung are too embarrassed to report it.
As a result, This is Money � which launched its Beat the Scammers page in 2016 � along with Truecaller have come together to offer hints and tips for millennials to watch out for when it comes to fraud.
It is a must read for a generation who have grown up trusting technology and at time when the typical Briton receives seven nuisance calls and three spam texts a month, according to its research of more than 2,000 people.
Truecaller say that nuisance calls and scams have traditionally targeted the elderly, with pension pots plundered by fraudsters preying on so-called easy targets, but now younger people are increasingly in their sights.
In the wake of a ban on cold calls targeting pensioners, Truecaller say the Government has missed one of the scammers' main targets - tech-loving youngsters.
Furthermore, its research shows that of those who have been defrauded, 25�34 year olds lose the most amount of money from phone scams compared with over 55s who lose the least.
Fraudsters are moving from direct cold calls on landlines to robocalls, texts and WhatsApp messages via mobile and tablet devices.
In 2018 this is set to get worse, especially as only 54 per cent of people are savvy enough to never answer calls or text messages if they do not recognise the sender.
Nick Larsson, head of growth and partnerships at Truecaller, said: 'Millennials trust technology from an early age.
'From conversing with friends and family to using their smartphones for mobile banking, 18-24 year olds explicitly put trust in their pocket.
'But with our research showing that they are the most targeted group when it comes to scams and spam � this trust and familiarity with technology can sometimes be misplaced.
'The elderly therefore aren't necessarily the priority for educating on scams and spam.
'In fact it is the younger generation who use smartphones all day, every day, who need to wake up to the dangers of being so well connected by technology - even if it is just answering an unknown number.'
HOW TO STAY SAFE
Mobile phones stand as much more than a platform for social media apps, texts, calls and e-mails - they are sadly now a hunting ground for identity thieves.
The information people unwittingly put online can be used by scammers in fraud attempts to steal money or identities.
Truecaller and This is Money have compiled the below top tips for staying safe when using your mobile phone:
1. Think twice
Always be cautious when receiving text messages from unknown numbers.
Pay extra attention to if the country code is from abroad.
However, caution is required even when text messages appear to be from known senders.
Fraudsters can make texts appear as if they have come from banks, even appearing in genuine text message threads.
These can contain links to malware or include phone numbers of fraudsters.
2. Ask for verification
If you receive a suspicious call or text message, always ask the person to verify themselves and get them to send more details over e-mail.
You can also contact an official representative of the company to verify the information.
It is better to be safe than sorry - do not be pressured on the telephone.
Remember that fraudsters may try to make you panic or flustered on the phone to increase the chance of you making a mistake.
3. Keep up to date
Ensure you regularly update your apps and phone software as they have the latest security features.
It may also be worth considering installing anti-virus software onto your mobile phone. Many will do this with their laptop, but not think there is a need for a phone.
Think twice about what you share and who you answer too, and avoid posting information that makes it easier for fraudsters to replicate your data and online persona.
4. Online dating
Beware of who you are speaking with when using popular dating websites and apps.
Scammers use the platform to groom victims into long-distance relationships using e-mails, instant messaging, texting and phone calls.
Once they've gained your trust, they are able to gain information that allows them to answer security questions as you.
5. Never share sensitive information
Your bank will never require you to share sensitive information like account details or passwords over the phone.
If in doubt, hang-up and ring the number on the back of your debit card from a different phone - fraudsters can stay on the line.
You can also pop into your local branch with any concerns (if it hasn't been closed).
6. Suspect a phone scam?
Hang up and never ring back the number.
There's a type of scam that is called one-ring scam where fraudsters play on your curiosity and give you a missed call - and when you call back you'll be charged a crazy amount of money.
Suspect an e-mail scam? Same rules apply, don't reply to it or click on any of the links, pictures or attachments.
7. Wi-fi warning
Increasing numbers of locations offer complimentary wi-fi.
However, be warned the next time you online shop, bank and enter passwords, a wi-fi attack on an open network can take less than two seconds.
Keep wi-fi activity to surfing the net and leave the important stuff to when you're home on a secure network.
8. False job listings
As the largest generation in the workforce, young people can be easy prey for fraudsters.
False job listings can appear as seemingly legit job posts and recruiter messages.
Before accepting a LinkedIn request, or messaging back a recruiter, dig a little deeper and look for warning signs such as an incomplete profile, low connections and foreign email addresses.
Research the sender's name to ensure they exist and are who they say they are.
9. Use strong secure passwords
Use a password that's strong and secure - something like the first letters of a line of your favourite song, just make sure you include a mix of cases and numbers.
Always use a different password for each platform. If you use the same for a number of different accounts, fraudsters can quickly attack in a variety of ways.
10. Don't suffer in silence
Speak out to spread awareness of scams. The more it's spoken about the more we can protect against fraudsters.
If you have fallen victim to fraud, you can get in touch with This is Money: lee.boyce@thisismoney.co.uk
You should also log it with Action Fraud UK - any trends that can be spotted may help prevent future victims from making the same mistake.
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