A new report conducted by the Better Business Bureau has revealed that it is the younger generations that are most at risk of falling for scams. This is a new development however; previously, it was always the elderly generations that were most at-risk. So, what has suddenly changed that makes the young more vulnerable to scams? To find the answer, the first place to look is to scammers and their evolving methods.
The Better Business Bureau reports that those aged 18-24 are now the most likely victims of a scam. Scammers have been updating their methods since the beginning of time, looking for fresher meat. These days, the young are struggling with student debt, rising costs of living, and a more competitive job market. This is where scammers are now hiding, as they know that young college graduates are the perfect target in 2019. Scams using bait such as high-paying job postings and work-from-home offers are increasingly common in today’s world. As such, the burden of avoiding scammers has shifted to the young, and they will have to be more careful as scammers play on their pain points to make a quick buck.
On the flip side, while the young are now the most likely to be victims of a scam, they typically lose the least money. The scams targeting the young are generally fast and sly, whereas the scams targeting the elderly are more often a “long con,” building up rapport and stealing more money over time, or in one swoop. A young scam victim typically loses $92 in a reported incident, while an elderly victim loses an average of about $400. So the dichotomy is that if you are less likely to fall for a scam, you are more likely to lose more money when a scam artist gets around to you.
If you know of any business in the U.S. that scams their customers/targets, you can report them to the Better Business Bureau through their website. In applicable cases, you can also report scams to the Federal Trade Commission or the Attorney General’s Office. Stay safe.
