SCARS™ Insight: U.S. Government Study Finds Millennials Are 25 Percent More Likely To Report Scams

SCARSSCARS SCARS - Society of Citizens Against Relationship Scams Inc. A government registered crime victims' assistance & crime prevention nonprofit organization based in Miami, Florida, U.S.A. SCARS supports the victims of scams worldwide and through its partners in more than 60 countries around the world. Incorporated in 2015, its team has 30 years of continuous experience educating and supporting scam victims. Visit www.AgainstScams.org to learn more about SCARS.™ Insight: U.S. Government Study Finds Millennials Are 25 Percent More Likely To Report 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.

Even So, That Raises It From About 5% To 7% Of Them

The Federal Trade Commission Says Millennials Are 25 Percent More Likely To Report That They Have Lost Money To 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. Than Consumers Aged 40 And Over!

However, that is not a glaring endorsement of Millenials since they fall for scams at a far higher rate than older adults.

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’s latest Consumer Protection Data spotlights that millennials—those ages 20-39—are twice as likely to report losing money to online shopping fraud than those 40 and over. Online shopping fraud reports include complaints about items that are never delivered or are not as they were advertised. Millennials reported losing $71 million to online shopping fraud—out of the nearly $450 million they reported losing to all types of fraud—in the last two years.

Other categories where millennials are much more likely to report losing money to fraud than consumers 40 and over include fake check scams, offers that promise to help fix debt-related problems or offers promising income through jobs, investments, or business opportunities.

People sometimes think scams mostly affect older adults, but reports to Consumer Sentinel tell a different story. People in their 20s and 30s, a cohort that roughly tracks the so-called Millennial generation, are 25% more likely to report losing money to fraud than people 40 and over generally,1 and much more likely to report a loss on certain types of fraud.

REMEMBER THAT ALL SCAMS REPORTED ARE STILL LESS THAN 5% OF THE ACTUAL NUMBER OF CRIMES COMMITTED

The top five frauds to which Millennials report losing money are online shopping frauds, business imposters, government imposters, fake check scams, and romance scams. People 40+ report those same scams, too, but the data suggest that, with the exception of romance scams, Millennials may be less likely to avoid them or may encounter them more often. For example, Millennials are twice as likely as people 40+ to report losing money while shopping online. Frequently, shopping-related reports to the FTC are about items that are never delivered or aren’t as advertised. Millennials are also more likely than their older counterparts to report fraud losses on scams that promise to fix debt-related problems or that promise money through jobs, investments, or business opportunities.2 Millennials are 93% more likely than people 40+ to report losing money to fake check scams, which also often look like a way to earn money.

The likelihood of losing money is just part of the story—how much people lose is also important. The median individual amount Millennials report losing to fraud is $400, much lower than what people 40+ report.4 But those individual losses add up: Millennials have reported losing nearly $450 million to fraud in just the past two years. Of that, online shopping accounted for $71 million in reported losses, and government 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 were close behind, with $61 million in reported losses.

The likelihood of reporting a loss varies by how people are first contacted by a scammerScammer A Scammer or Fraudster is someone that engages in deception to obtain money or achieve another objective. They are criminals that attempt to deceive a victim into sending more or performing some other activity that benefits the scammer., and there are age differences here, too. While phone calls are the top contact method reported for people of all ages, Millennials report losing money to phone scams at slightly lower rates than people 40+. But Millennials are more likely to report losing money to frauds that start in other ways —most notably, Millennials are 77% more likely than their older counterparts to say they lost money to a scamScam 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. that started with an email.

The most important takeaway: fraud affects every generation. If someone has contacted you to demand money or your personal information – stop. Talk to someone you trust. And check out the request.

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SCARS the Society of Citizens Against Relationship Scams Incorporated

 

SCARS™ Team
A SCARS Division
Miami Florida U.S.A.

 

 

TAGS: SCARS, Important Article, Information About Scams, Anti-Scam, U.S. Government Study, Millennials Scammed, More Likely To Report Scams, Scam Reporting, Reported Scams, FTC, Federa; Trade Commission

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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:

  1. Local Police – ask them to take an “informational” police report – say you need it for your insurance
  2. Your National Police or FBIFBI FBI - Federal Bureau of Investigation The Federal Bureau of Investigation (FBI) is the domestic intelligence and security service of the United States and its principal federal law enforcement agency. Operating under the jurisdiction of the United States Department of Justice, the FBI is also a member of the U.S. Intelligence Community and reports to both the Attorney General and the Director of National Intelligence. A leading U.S. counter-terrorism, counterintelligence, and criminal investigative organization, the FBI has jurisdiction over violations of more than 200 categories of federal crimes, including financial fraud. « www.IC3.gov »
  3. The SCARS|CDN™ Cybercriminal Data Network – 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.


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