BBB: Younger People Losing More Money To Scammers Than Older Adults

CHARLOTTE, N.C. – If you think the elderly are the only ones falling victim to scammers, think again.

New research from the Better Business Bureau shows younger people, age 18 to 34, are actually losing more money to scams than older adults.

“Yeah, it really turned my thinking on its head. You know, for years we were saying, you know, OK, the demographic we have to be most concerned about are 60 years and older. And this is the exact opposite of that,” says Tom Bartholomy, with the Better Business Bureau.

He says scammers have gone to where younger people are.

“It’s people that are very tech savvy but not very scam savvy,” he says.

The study found the top scam young people are falling for deals with employment.

Victims are finding job opportunities online and are often hired on the spot or after a Zoom interview.

“You need to fill out this W2, so your Social Security number, or you pay by direct deposit, so your bank routing number and account number. You willingly give them all of this information which is a treasure trove for identity thieves,” Bartholomy says.

The second biggest scam deals with online purchases after victims often click on links sent through social media.

“If you click on the link, that’s the first bad thing because you’re installing malware on your devise right away. But then look at the URL. Consumers are reporting that there’s two Z’s on Amazon, or two M’s,” Bartholomy says.

Experts say taking just a few minutes to vet or verify who you’re dealing with can save you a lot hassle.

“5 minutes is all it takes. 5 minutes to just step back and go, OK what do I know about this company, what can I learn,” Bartholomy says.

Other top scams targeting young people involved cryptocurrency, rental properties, and romance schemes.

Experts say, if something sounds too good to be true, it probably is.

And if somebody pressures you to act quickly, it’s often a red flag.