Who Is Getting Scammed?
Perhaps you'll be as surprised as I was to learn that millennials are more likely to be scammed than seniors. We keep hearing about seniors and scams all the time. However, according to a new report from the Federal Trade Commission those in their 20's are the ones most likely to get ripped off. 40% of Americans that fall in this age group reported losing money in schemes. This compares to 18% of those in their 70's losing money.
There is still a ring of truth when it comes to seniors getting scammed though. It's the amount of money lost. The millennials according to the FTC lost on average $400 in scams while those in their seventies lost on average $621. Those aged 80 and older averaged a loss of $1,092. Seeing these numbers make me think of that image we have seen so many times on Social Media. Perhaps it's an image from 1969 and they ask how old you were in 1969. If you take the bait and answer age 5 or older, you're maybe ripe for the picking as you are in at least your mid 50's. An age where you should have more money than the average recent college grad. There have been warnings about these types of messages.
There are of course a few common sense rules when it comes to cutting your odds of being taken. Don't give out personal information such as social security numbers and if you're asked to send money, think twice. I also learned that if you are making an online purchase a credit card is safer than a debit card. A credit card has certain federal rules that offer protection that a debit card doesn't.
Use caution and if it sounds too good to be true, guess what? It could very well be the case.