Last Updated on by SCARS Editorial Team

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 scamsScams A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. last year more than you did, new government data shows.

In all, 40 percent of Americans in their twenties who reported fraudFraud In law, fraud is intentional deception to secure unfair or unlawful gain (money or other assets), or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements. A fraud can also be a hoax, which is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a victim. 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 FTCFTC The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) U.S. antitrust law and the promotion of consumer protection. The FTC can also act as a clearinghouse for criminal reports sent to other agencies for investigation and prosecution. To learn more visit www.FTC.gov or to report fraud visit ReportFraud.FTC.gov 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 theftIdentity Theft Identity theft is when someone uses another person's personal identifying information, without their permission, to commit fraud or other crimes. In both the U.K. and the United States it is the theft of personally identifiable information. Identity theft deliberately uses someone else's identity as a method to gain financial advantages or obtain credit and other benefits, and perhaps to cause other person's loss. The person whose identity has been stolen may suffer adverse consequences, especially if they are falsely held responsible for the perpetrator's actions. Personally identifiable information generally includes a person's name, date of birth, social security number, driver's license number, bank account or credit card numbers, PINs, electronic signatures, fingerprints, passwords, or any other information that can be used to access a person's financial resources. 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 fraudCard Fraud Card Fraud is one of the most commonly referenced fraud definitions. It occurs when a fraudster uses a card (debit or credit) to make a purchase without the authorization of the cardholder. Card fraud can occur in-person or through digital channels. was the most common type of identity theft that consumers reported, followed by tax fraud.

ImposterImposter An impersonator is someone who imitates or copies the behavior or actions of another. There are many reasons for impersonating someone, such as: part of a criminal act such as identity theft, online impersonation scam, or other fraud. This is usually where the criminal is trying to assume the identity of another, in order to commit fraud, such as accessing confidential information or to gain property not belonging to them. Also known as social engineering and impostors. 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 millio