When we hear about internet scams, we typically think about elderly victims tricked into wiring money through an email con or clicking on a fraudulent link. However, according to shocking new research by the Better Business Bureau, most victims of scams are much younger than that.
“Millennials do not get into the details of offers. They don’t fact-check the validity of offers, like other generations do,” said Jason Dorsey in conversation with the Detroit Free Press. “They just take it to be true. Some of it is life stage. Maybe they haven’t been scammed before, while the little old lady has been scammed before or knows 15 people who have been scammed, so she’s more aware of it.”
The survey found that more than 30% of older Millennials, the 25- to 34-year-old group, had been conned, and younger Millennials, those ages 18 to 24, hover just below 15%. Contrast that with the 75-plus cohort, who were less than 5%.
So just how are Millennials losing money to scams? Interestingly, the BBB found that 20% were online purchase scams and 10% were employment scams. The most popular cons for Millennials targeted overall were employment scams (13%) and debt collection scams (12%).
“[Millennials] don’t know the IRS doesn’t reach out to you via Facebook and you wouldn’t pay the IRS with iTunes cards,” Dorsey added.