Scams affect one in four North American households each year at an estimated loss to individuals and families of $50 billion, yet most consumers believe they are invulnerable.
Millennials more likely to get scammed than seniors, a newly released survey by the Better Business Bureau reports.
The age group most likely to fall for scams and lose money are people aged 18 to 24, according to the BBB Institute for Marketplace. The stereotype of seniors as scam victims is actually wrong — it’s millennials who are less likely to recognize a scam.
The BBB surveyed more than 2,000 adults in the U.S. and Canada. It found 34 per cent of people in the 18 to 24 age group reported losing money in a scam, compared to 11 per cent of seniors.
“We’ve bought into stereotypes about scam victims — they’re usually seen as vulnerable and elderly, or gullible and poorly educated,” said the paper’s co-author, Emma Fletcher. “We are all at risk, but younger and more educated individuals are actually the most likely to be scammed.”