Millennials: Why You’re at Greater Risk of Being Scammed

Scam artists are targeting every age group, and Millennials are scammed as much as anyone else.

All the latest surveys and reports are telling the same story: As smart as they are, Millennials are scammed more than ever before and it’s only going to get worse. Con artists are scamming and defrauding more people out of more money, year after year. On top of that, it’s not one age group or generation that’s the primary target any more, it’s everyone.

And kids are leading the way, as they seem to be easy prey for scammers. Take a look:

Millennials are the more likely to be searching for jobs online than their parents (the Baby Boomers).
Youngsters may be quicker to try new apps and platforms, and more willing to share more personal information online with little hesitation.
Younger people click on more apps and respond to more offers online.
Scammers troll for younger victims and trick them into buying merchandise that’s never delivered.

It’s a brand-new day.

That’s not necessarily how it was 50 years ago, before the internet. Back then, senior citizens were likely the most targeted generation by scammers, who went after their pension checks or devised elaborate schemes to swindle them or get them to donate to charities.

Today, it’s a different story, made that way by the all the latest technologies since then.

Computers
Smart phones
The internet
Home Networks
Social media
Online investing
Bitcoin

In short, the internet has made every generation smarter and more connected, some to a greater degree than others.

And while the generations are still primarily defined by attitudes and behavior, they all share one thing in common—they’re all targets for scams.

What the statistics are telling us today.

And just because somebody maybe more technically savvy and adept, it doesn’t mean they’re safer.

The latest statistics prove it.

People in their 20s and 30s, that includes some of Gen Z and the Millennials, are 25% more likely to be losing money to fraud than people 40 and over,
Drop the age group down to under 24 and they’re reporting scams twice as much as senior citizens, however the seniors lose more as a group.
Here’s a statistic from the FBI that’s eye-opening and alarming. They’re reports indicate that more than 80% of “young adults” who were exposed to a scam fell for it—a percentage that’s the highest of any age group.
Millennials reported losing nearly $450 million to fraud in just two years.

It’s also important to note that the report is based on reported losses to the Federal Trade Commission. It’s known that many who get scammed don’t report and/or file a complaint.

Imagine what the numbers would be if all losses were reported.

Many people who lose money to scams never file a complaint or report. If you fall victim to a scam, you should report it to the FTC by clicking here.

Younger generation is tech-savvy but not scam savvy

Millennials are scammed because they’re tech-savvy, but not fraud-savvy.

The millennials and Gen Z are extremely tech-savvy and tech-comfortable. The latest innovations don’t worry them. They’re either interested or not, but don’t feel threatened.

That’s part of the age group’s strength…and part of their downfall when it comes to con artists.

It’s ironic, actually, that when Baby Boomers need help with new devices, programs or apps, they turn to their kids or younger coworkers for advice.

Turns out, the younger crowd should be asking their older counterparts advice on how to stay out of trouble with con artists.

Read this article on WhatIsMyIPAddress.com on how to avoid scams and be more scam-savvy.

A study uncovered a surprising bit of information that revealed 23% of victims between the ages of 18 and 37 “engaged” with scammers and their pitch. Meaning, instead of sensing danger and breaking the connection, they continued the dialogue. As a group, 10% of those who started a dialogue with the scammers eventually lost money.

I don't always ask for your credentials. But when I do, you will give them to me.

Playing in the danger zone.

It would be wrong to conclude that the younger generation is more gullible and that’s why they’re falling for scams in greater numbers these days. You could simply say they’re learning the hard way and learning fast—and there is some truth to that. But keep this in mind also.

Younger people are likely online much more than Baby Boomers. They use their phones constantly for more than conversations with friends.
They may engage in “riskier” activities—social media, dating apps, gambling, job hunting—which simply exposes them to more scams lurking online (It’s not that that activity is inherently risky, but rather that they’re in areas where scammers hunt.)
The younger crowd probably feels confident in their technical skills and therefore, don’t think they’ll fall for a scam.

Again, remember that younger people are seeking different things online from those over 40. Their interests, likes, goals and pursuits are different and how they go about getting what they want takes a different path also.

That’s a normal routine for most of the country.

Scam victims discover too late that what seemed easy and inviting was a trap they simply walked right into.

Check our article out on ways we don’t see a scam coming. It’s very eye opening.

What NOT to do after you get scammed.

A report by Microsoft about online security revealed some news that, if not surprising, was a great reminder to anyone reading this article.

The report discovered that 25% those who were scammed (or even attacked) online did not take steps to improve their security or line of defenses afterward. Perhaps they thought reporting the scam was the best thing (or the only thing) they needed to do.

That’s not the case. Here’s what the security experts suggest you should do if you’ve been scammed:

Change passwords on social media accounts
Change passwords on bank accounts
Set up two-factor authentication on affected accounts
Update your computer’s operating system, software programs and operating systems.
Do a data breach check to see if you have accounts that have been compromised.

Scammers love all ages and Millennials are scammed more than most.

Here’s the takeaway from latest reports on scams.

Every age group is a target—no group is exempt.
Scammers are growing more sophisticated and use all the programs, apps, and social media platforms we all do. They’re everywhere.
Expanding technology will continue to create more opportunities for scammers to defraud us. The majority of scams (but not all of them) involve the internet.