More Millennials are Losing Money to Scammers Than Seniors

It’s usually thought that it’s seniors who are most vulnerable to becoming victims of scammers, but it turns out more Millennials are losing money to scams than older people. An annual report out from the Federal Trade Commission shows that 40 percent of those aged 20 to 29 who made fraud complaints to the FTC last year lost money, compared to just 18 percent of those who were 70 and older. MarketWatch said part of the problem is what’s called “optimism bias,” in which young people assume other people are at a higher risk of fraud, so they take more risks online. For instance, they’re more likely to share personal information like their email address or mother’s maiden name online. Younger people may also be less familiar with what a scam looks like. However, one area where the stereotype is true is in how much money is lost, because while younger people are more likely to fall victim to scammers, seniors lose more money when they do. The FTC said the median loss for people between the ages of 70 and 79 was $621, versus just $400 for those 20 to 29. (MarketWatch)