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.