Who is most likely to lose money in a scam? The answer may not be what you think

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For years the stereotypical scam victim has been characterized as either elderly or uneducated. However, new research by the BBB shows that 69% of victims are under the age of 45, and 78% hold a college or graduate degree!

The truth is scammers are quite clever and are experts at gaining your trust—making all ages at risk of falling victims to scams. One in four North American households each year is affected by scams, and annual losses to individuals and families are estimated at $50 billion, yet most consumers believe they
are invulnerable. “Of those consumers reporting scams to BBB Scam Tracker, 89% of seniors (age 65 and up) recognized the scam in time, while only 11% reported actually losing money. For those age 18-24, however, more than three times as many failed to recognize the scam – 34% reported losing money.”

The takeaway - no one is immune from scams or identity theft. All of us are potential scam victims – regardless of age or education level. The best protection is to learn as much as you can about scams going on in your area and the tell-tale signs of a scam. Fore-warned is fore-armed.

For more information, go to “Invulnerability Illusion” Means Millennials More Likely to Get Scammed than Boomers.

To report a scam, go to the BBB Scam Tracker. To find trustworthy businesses, go to bbb.org.