Lots of people fall for scams. Is it any different for Millennials? That’s what the FTC explores in its new Data Spotlight, Not what you think: Millennials and fraud.
According to the Data Spotlight, Millennials are 25% more likely to report losing money to fraud than other adults (age 40 and over), and much more likely to tell us they lost money on certain types of fraud. Online shopping frauds stand out – Millennials are twice as likely to report losing money on items that are never delivered or not as advertised. They’re also far more likely to report losses on frauds promising ways to make money or fixes for debt-related problems.
How else are Millennials different? The amount of money they report losing is one key difference. Even though Millennials are more likely to report losing money, their median individual reported loss of $400 is much lower than what other age groups report.
The way scammers reach Millennials also differs. Millennials are 77% more likely than other age groups to say they lost money to a scam that started with an email. By contrast, they are slightly less likely than other age groups to report losing money to scams that started with a phone call.
The bottom line is that despite some differences, fraud can affect anyone, regardless of age. If you see a scam, report it to the FTC at ftc.gov/complaint.