SCARS Institute’s Encyclopedia of Scams™ Published Continuously for 25 Years
RSN™ Special Report: Millennials Are Scammed More Often Than Parents
Millennials Scammed Out Of More Money Than Their Grandparents
Move over, grandma and grandpa. Your Millennial grandkids reported losing money to financial scams last year more than you did, new government data shows.
In all, 40 percent of Americans in their twenties who reported fraud in 2017 indicated they lost money to the schemes, the Federal Trade Commission said last week in its annual databook of consumer complaints.
The percentage surpassed the 18 percent of US consumers 70 or older who reported they lost money to fraudsters last year, the FTC said.
However, the median loss reported by adults in their seventies was US$621, and for those aged 80 or over it was US$1,092. Both age groups reported a higher median loss than the US$400 for those aged 20-29, the data showed.
The findings emerged from the first year in which the federal watchdog agency broke out consumer complaint data by age groups.
Overall, the data includes 2017 complaints reported by 2.68 million consumers, down from the 2.98 million who reported fraud, identity theft and other consumer problems in 2016.
Consumer complaints about debt collections declined year over year in 2017 but still remained the top complaint category with 23 percent of all reports. The number of debt collection reports was due in part to complaints submitted by a data contributor who collects them via a mobile app, the FTC said.
Identity theft represented the second biggest complaint category, with nearly 14 percent of all reports. Credit card fraud was the most common type of identity theft that consumers reported, followed by tax fraud.
Imposter scams, frauds when someone pretends to be a government official, a loved one in trouble, or someone else, were the third most common complaint. Consumers reported they lost more money to imposter scams – US$328 million in all – than any other type of fraud, the report showed.
Military consumers reported losing the most to imposter scams, with US$16 million in all.
“While we received fewer overall complaints in 2017, consumers reported losing more money to fraud than they did the year before,” Tom Pahl, acting director of the FTC’s Bureau of Consumer Protection, said in a statement issued with the data. “This underscores the importance of the FTC’s work in educating consumers and cracking down on the scammers who try to take their money.”
SOURCE: scmp.com
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FAQ: How Do You Properly Report Scammers?
It is essential that law enforcement knows about scams & scammers, even though there is nothing (in most cases) that they can do.
Always report scams involving money lost or where you received money to:
- Local Police – ask them to take an “informational” police report – say you need it for your insurance
- Your National Police or FBI (www.IC3.gov)
- The Scars Worldwide Reporting Network HERE or on www.Anyscam.com
This helps your government understand the problem, and allows law enforcement to add scammers on watch lists worldwide.
Visit our NEW Main SCARS™ News & Information Facebook page for much more information about scams and online crime: www.facebook.com/SCARS.News.And.Information
To learn more about SCARS visit www.AgainstScams.org
Please be sure to report all scammers HERE or on www.Anyscam.com
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Important Information for New Scam Victims
- Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
- Enroll in FREE SCARS Scam Survivor’s School now at www.SCARSeducation.org
- Please visit www.ScamPsychology.org – to more fully understand the psychological concepts involved in scams and scam victim recovery
If you are looking for local trauma counselors please visit counseling.AgainstScams.org or join SCARS for our counseling/therapy benefit: membership.AgainstScams.org
If you need to speak with someone now, you can dial 988 or find phone numbers for crisis hotlines all around the world here: www.opencounseling.com/suicide-hotlines
A Note About Labeling!
We often use the term ‘scam victim’ in our articles, but this is a convenience to help those searching for information in search engines like Google. It is just a convenience and has no deeper meaning. If you have come through such an experience, YOU are a Survivor! It was not your fault. You are not alone! Axios!
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish, Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors experience. You can do Google searches but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and to not blame themselves, better develop recovery programs, and to help victims avoid scams in the future. At times this may sound like blaming the victim, but it does not blame scam victims, we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this article is intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here to go to our ScamsNOW.com website.
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