Millennials fall for scams more than grandparents
Just released: 2018-03-05
Seattle Weather Summary: 46 degrees
Move over, grandma and grandpa. Your Millennial grandkids reported losing money to financial scams last year than you did, new government data shows.
In all, 40% of Americans in their twenties who reported fraud in 2017 indicated they lost money to the schemes, the Federal Trade Commission said last week in its annual databook of consumer complaints.
The percentage surpassed the 18% of U.S. consumers 70 or older who reported they lost money to fraudsters last year, the FTC said.
However, the median loss reported by adults in their seventies was $621, and for those aged 80 or over it was $1,092. Both age groups reported a higher median loss than the $400 for those aged 20-29, the data showed.
The findings emerged from the first year in which the federal watchdog agency broke out consumer complaint data by age groups.
Overall, the data includes 2017 complaints reported by 2.68 million consumers, down from the 2.98 million who reported fraud, identity theft and other consumer problems in 2016.Read More...