Most of us associate fraud victims with an older demographic. However, recent data released by the Federal Trade Commission (FTC) shows that young adults reported losing money to fraud more often than any other age group. The following are the top three scams reported by people in their twenties:
Debt Collection Fraud was the top complaint category for all demographics, with a total of 608,535 reports. Fake collections agents call and demand immediate payment for debts that were already paid, canceled, or simply do not exist.
Identity Theft is an umbrella term for numerous types of scams. Credit card fraud is the most common, followed by employment or tax-related fraud. The FTC data shows a 23% total increase in credit card fraud, with 14,494 reports of employment and tax-related scams by young adults ages 20 through 29.
Imposter Scams can fool just about anyone. From utility companies and IRS agents, to ticket sellers and big-winner announcers, imposters will try anything to get your information over the phone, internet, or in person.
The FTC study contradicts stereotypes that scams primarily target the elderly. Experts say millennials are more casual about sharing personal information online, while older adults are getting better at recognizing scams. So no matter what your age, never give out your information without verifying the business or person requesting it.