A Ponzi Scheme (PS) is a fraudulent investment system that collects money from new investors to pay existing clients. Despite numerous warnings from regulatory agencies, new schemes continue to evolve, and many Nigerians have fallen victim. This paper examined the level of awareness and susceptibility to PS among youths in Kano State, Nigeria. The study was conducted among 400 (270 males and 130 females) youth using a descriptive survey approach. The participants were randomly selected based on their consents. A semi- structured questionnaire was used to collect primary data. The data was sorted and entered into the computer for data analysis using the standard statistical instrument. Statistical analysis revealed that the majority of the surveyed youths were aware of PS, the factors influencing participation, and the consequences on victims. The respondents were aware of PS via their friends, social media platforms, news websites/blogs, television/radio programs, and school. The results showed a significant difference in awareness based on gender and locality (P < 0.05): females and urban youths demonstrated higher awareness levels than males and rural youth respondents. The study recommends mass awareness campaigns and financial literacy education to reduce Nigerian youths’ susceptibility to PS and related financial scams.