WASHINGTON — Say what you want about millennials,but they aren't shy about speaking up. And numbers from a recent fraud report are reflecting that notion.
According to a report by the Federal Trade Commission, millennials ages 20 to 39 are 25 percent more likely to report getting swindled than people 40 and older. Millennials are 93 percent more likely to report losing money to fake check scams and 77 percent more likely to lose money through an email scam.
The report shows the most common fraud millennials lose money through are online shopping, business imposters, government imposters, fake check scams and romance scams.
FTC data on fraud reports filed between September 2017 and August 2019 showed millennials lost $71 million to online shopping. Often, the items were either never delivered or they did not appear as advertised.
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Although research shows that the over 40 crowd report the exact same fraud instances, millennials encounter these frauds, aside from romance scams, more frequently than their older counterparts. On average, millennials report losing $400 to fraud, which is much lower than those 40 and older are reporting.
The FTC wants to remind people that fraud affects every generation, and with their latest Consumer Protection report, everyone should take precautions when they are asked for money or personal information.
For more information on how to protect yourself from fraud and scams, click here.
If you would like to report a scam, click here.