Younger adults are falling victim to scams at all-time high | #scams | #elderlyscams
LANSING, Mich. (WILX) – Typically, when you think about victims of online scams the elderly come to mind. But the Better Business Bureau’s newest report shows young people are falling victim to scammers at an all-time high during the pandemic.
The data shows that adults aged 18 to 24 reported the highest average losses from scams over the past year. The 65 and up group typically sees the highest loss.
Financial experts say Instagram and Facebook ads are to blame for a lot of the cons.
“Scammers go where they feel they can best take advantage of people,” said Melissa Lanning Trumpower, executive director of the BBB Institute for Marketplace Trust, BBB’s educational foundation, which produced the report. “Not surprisingly, scams perpetrated online through websites and social media apps were the riskiest contact methods for all age groups in 2020 – including both young adults as well as older adults.”
One way scammers take advantage of younger adults is by utilizing a payment method less familiar to younger generations: checks. Fake check scams were the second most risky scam for adults ages 18-24 in a year where payment via online payment systems rose across all age groups. Fake check scams yielded one of the highest median dollar losses per encounter at $1,679 in 2020.
Another popular scam is shopping for pets online instead of going in-person, and not ending up with a pet at all.
Experts are reminding consumers to always do research before giving away any information online.
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