Are tech-savvy millennials easier targets for fraud?
FTC data show they're 25 percent more likely to report losing money to fraud
The stereotypical millennial might be a computer whiz. But contrary to popular belief, this generation might not be as tech savvy as we previously thought.
It turns out that millennials are much easier targets for fraud than adults ages 40 and over, according to a recent Federal Trade Commission study. The FTC published its findings in a blog last week that found millennials are 25 percent more likely than their older peers to report financial losses linked to fraud.
BY THE NUMBERS: Millennials more likely to report losing money through fraud
Further, the data show that millennials are twice as likely as people ages 40 and up to say they’ve lost money through online shopping, and they are 77 percent more likely to admit losing money through scams that circulate via email. They’re also more likely to report financial losses related to debt-relief scams as well as promises of money through jobs or investment opportunities.
According to the FTC, the top five scams millennials reported include online shopping scams, business imposters, government imposters, fake check scams, and romance scams.
Perhaps unsurprisingly, the amount of money millennials reported losing to scams was lower than the losses incurred by their older counterparts. In fact, they say they lost an average of $400 – compared to $500 for people ages 40 to 59, $640 for people ages 60 to 79, and $1,700 for people ages 80 and up.
All of this just goes to show that anyone can fall for scams, no matter their age. To avoid becoming a victim, check out these FTC tips on online shopping, bogus job offers and debt-relief scams. If you find something that looks like a scam, you can help out by reporting it to the FTC directly.
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