BUFFALO, N.Y. (WIVB) — According to new research from the Better Business Bureau (BBB), people ages 18 to 24 are losing more money from scams than older age groups.
This conclusion was drawn after a look at scams reported between the start of the year and June 24. People ages 18-24 lost an average of $200, while other age groups lost between $123 and $160 per scam, on average.
They say the riskiest scams are those that appear to offer employment. Nearly 30 percent of the scams reported to the BBB by this age group involve employment. On average, members of this age group lost more than $1,800 to employment scams.
The BBB says about 19 percent of employment scams reported by 18-24-year-olds involved inspecting or reshipping packages. About 43 percent mentioned fake checks.
“Scammers often ask their targets to deposit a check and transfer funds to another person or account for training or equipment,” the BBB said.
Online purchase scams weren’t far behind on the list, making up just over 29 percent of the reports from this age group. Although, the median loss per person was far less, at $100.
Here’s the top 10 list for the riskiest scams (ages 18-24):
- 1. Employment
- 2. Online purchase
- 3. Cryptocurrency
- 4. Rental
- 5. Investment
- 6. Fake check/money order
- 7. Phishing
- 8. Romance
- 9. Advance fee loan
- 10. Credit repair/debt relief
So how were people reaching Zillennials? The BBB says people in this age group “were more likely to report being targeted by text message or internet messaging than other age groups.”
“The contact methods with the highest likelihood of a monetary loss (susceptibility) included website and social media,” BBB said. “The contact methods with the highest reported median dollar loss were phone call, text message, and in person. This group reported a higher percentage of scams targeting them on Instagram and X (Twitter) than other age groups.”
When it comes to the payment method, the BBB says ages 18 to 24 “reported a higher percentage of scams via online payment system and bank account debit.”
- Median losses for different payment methods (18-24)
- wire transfer ($2,150)
- check ($1,500)
- cryptocurrency ($1,200)
The BBB encourages people to always do background research on any job offer or company allegedly selling something.