Report: Millennials Fall Prey to E-Commerce Scams More Than other Generations

Report: Millennials Fall Prey to E-Commerce Scams More Than other Generations

October 10, 2019

Millennials are 25 percent more likely to report losing money to fraud, particularly e-commerce scams, than other age groups. A new report from the Federal Trade Commission finds people in their 20s and 30s report losing money at a higher frequency than people 40 and over.

The top five frauds to which Millennials report losing money are:

  • Online shopping frauds
  • Business imposters
  • Government imposters
  • Fake check scams
  • Romance scams

Millennials reportedly are twice as likely as people over 40 to report losing money while shopping online.

“Frequently, shopping-related reports to the FTC are about items that are never delivered or aren’t as advertised,” said FTC officials in a summary of the data.

The average amount lost to fraud-related scams among the Millennial generation was $400. The FTC data shows Millennials have reported lost nearly $450 million to fraud in the past two years. Of that, online shopping accounted for $71 million in reported losses, and government imposter scams accounted for $61 million in reported losses.

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Joan Goodchild