More millennials lose money in scams than elderly, new data shows

MILWAUKEE -- Millennials are now getting scammed more than the elderly, according to new data from the Federal Trade Commission.

The FTC reports that in 2017, 40% of Americans in their 20s said they lost money in a scam, while only 18% of those 70 or older reported losing money.

22-year-old Max Brink isn’t surprised to hear that statistic. He was scammed by an online purchase where he clicked on a pop-up ad and paid $220 for a pair of Nike Presto sneakers.

“I kind of knew what I was looking for, I knew there was something suspicious about it,” said Brink. 

His sneakers showed up two and a half months later, and they were counterfeit. 

According to the Better Business Bureau, the stereotype of scam victims is wrong. It’s no longer the elderly who are most vulnerable. 

“We believe that seniors have been hearing about scams for so long that they’ve heard the message loud and clear,” said Lisa Schiller with the BBB. 

Schiller said employment, student loan, and credit card scams are also popular ones targeting younger people. 

“Millennials are definitely tech savvy I just think they are acting too quickly, they’re not taking time to stop and check out the company, check out the offer, make a call to the BBB, and see if other people are reporting the same thing,” said Lisa Schiller with the Better Business Bureau. 

In Max Brink’s case, he didn’t report his scam, but he put his pride aside and told family and friends what happened. 

“We use technology the most and because of that, we are most apt to believe what we see on the internet,” said Brink.  “The pop-up sites, don’t click on them, it’s usually too good to be true,."

Print this article Back to Top