As crazy as it sounds, the Federal Trade Commission is out with new reporting that says millennials are the bigger targets for fraud and scams.
According to the FTC, in 2018, millennials reported losing money to a fraud or scam 43% of the time compared to seniors who reported losing money only 15% of the time. The most common scams that millennials lose money on are online shopping, fake business opportunities, government agency scams, fake checks and romance scams.
However, millennials are more likely to report fraud than seniors who may feel embarrassed. Still the fraud numbers are alarming. According to FTC reporting, millennials are 25 percent more likely to report getting swindled scammed that those over age 40 than people 40 and older, they are 93 percent more likely to losses due to fake check scams, and 77 percent more likely to be scammed by email.
Experts warns millennials the same they do other populations: if it sounds too good to be true, it usually is. If someone demands cash or a payment immediately or if you have questions they can’t answer, shut the conversation down and call the company back directly, do a Google search and check its legitimacy.
Is there a scam you want us to cover? Tell us in the comments below. You can also contact us for more information! Feel free to shoot us an email to Outreach@ConsiderTheConsumer.com. You can also find us on Twitter, Facebook, Instagram, LinkedIn, or even connect with us directly on our website!
About the Author: Aisha K. Staggers is a writer, lecturer, political analyst and literary agent. She appears weekly for “Staggers’ State of Things” on the Dr. Vibe Show. Her work has been published by Paper Magazine, AfroPunk, The Spool, GREY Journal, MTV News, HuffPost, Blavity, Atlanta Blackstar, For Harriet, New York Review of Books and a host of other first-run publications and syndicated outlets. Find her on Twitter @AishaStaggers. For more of her work, check out her page here!