Money Monday: millennials more vulnerable to scams

Money Monday: 3 scams targetting millennials

(KFVS) - Overconfidence is making millennials more vulnerable to scams than baby boomers, according to researchers at the Better Business Bureau.

The BBB says American consumers lose about $50 billion every year, but most consumers still believe they could avoid a scam because they don't fit into a traditionally vulnerable population.

"We've bought into stereotypes about scam victims – they're usually seen as vulnerable and elderly, or gullible and poorly educated," says Emma Fletcher, product manager with the BBB Institute. "These stereotypes are strongly held… and they are wrong. We are all at risk, but younger and more educated individuals are actually the most likely to be scammed."

The BBB watches for scamming trends with its Scam Tracker. The BBB says of those consumers reporting scams to the Scam Tracker, 89 percent of seniors ages 65 and older recognized the scam in time, while only 11 percent reported actually losing money.

Millennials between the ages of 18 and 24 couldn't even recognize the scams. In fact, that was true for more than three times as many millennials than seniors.

Furthermore, 34 percent of millennials reported losing money.

So, here are the top three scams targeting millennials right now:

  1. The Employment Scam - in which students will get a job like as a mystery shopper- and are paid with a fake check.
  2. The Student Loan Debt Relief Scam - promises to reduce student loans for a fee…but the company does nothing, and keeps your money.
  3. The Tech Scam - thieves send click-bait to your email account…that has a virus attached to steal your personal information.

If you see one of these scams, you can report it to the BBB through their scam tracker by clicking here.

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