There’s a general perception out there that older folks are much more likely to be the victims of fraud, especially online fraud, than Millenials. After all, the younger generation doesn’t remember a world without computers, tablets, and phones. They’re bound to be too savvy to fall for scams, right?
Check out this statistic: According to a report by the Federal Trade Commission, 40% of people 20-29 have lost money to fraud. Only 18% of those 70 and older reported losing money. That means young people are more than twice as likely to lose cash to crooks.
Here’s the breakdown by age:
29% of people 19 and under, reported losing money to fraud.
40% of those 20 to 29 lost money.
32% of those between 30 and 39.
28% of those 40-49.
Yes, there’s a pattern here. You really do get wiser as you get older. The likelihood of falling victim to fraud drops as you age.
25% of those 50 to 59
20% of those 60-69
18% of those 70 – 79
18% of those 80 and older.
The one downside is that older folks tend to lose more money when they do fall victim. Young people lose around $400, while those over 70 lose over $600 and those over 80, more than $1000 on average.
Online shopping is the top fraud source for younger people. They are just a little too willing to click that buy button without investigating the site or the seller.
The states reporting the most fraud were Florida, Georgia, Nevada, Michigan, and California. The most popular types of fraud are fake debt collection, identity theft, and imposter scams.
The most common way for crooks to get paid is through wire transfer and gift cards. So be especially wary of anyone that requests that type of payment.
So don’t just assume that the younger folks in your life are wise to the way of cons. Share your wisdom!