BBB Research Shows People Ages 18-24 Reported Losing More Money to Scams Than Older Age Groups
In a recent Better Business Bureau report, younger people between the ages of 18 to 24 years old are now reported to lose more money in scams than older age groups.
According to data submitted to BBB Scam Tracker from Jan. 1, 2022, to June 24, 2023, employment scams are listed as the number one riskiest scam for younger people, making up almost 30% of reported scams among the age group.
Robyn Householder, President & CEO of Better Business Bureau serving Middle Tennessee and Southern Kentucky, explained why we have seen an increase in scams in that age group.
“Young adults are more active online than ever before. They not only purchase goods online but also search for employment,” she said.
Following employment scams on the list are online purchases, which made up a little more than 29% of all submitted reports, with 84% reporting lost money.
BBB research shows young people were more likely to report being targeted by text messages or internet messaging, but the most common methods scammers use with the highest likelihood of a monetary loss include websites and social media, especially on Instagram and X, formerly called Twitter.
When it comes to making a payment, people ages 18 to 24 years old reported a higher percentage of scams through online payment systems and bank account debit, and they lost the most money through wire transfers, checks, and cryptocurrency.
Additional scams submitted included investment, fake check/money orders, phishing and romance scams. To read the full report, visit BBB.org/youthscams
Tips to Avoid Scams
- If something sounds too good to be true, it probably is. Whether it’s a great job or a really low price, take time to do your research.
- If somebody pressures you to act quickly, it’s a red flag. Extract yourself from the situation and make sure it isn’t a scam.
- Never click on links in unsolicited emails or texts. Scammers pretend to be well-known organizations you trust. Go directly to your account or their official website to ensure the inquiry is real.