Are Millennials Getting Scammed?

Are millenials or baby boomers more susceptible to identity theft and fraud?

By Kaiden Waldram, Marketing —

It seems that scammers are everywhere nowadays. I get called by a scammer at least once a week. The typical stereotype is that senior citizens are the most likely to be tricked by these scammers; however, recent evidence shows that it is actually millennials that find themselves victims most often.

Generational Differences in Scams

In the first ever report by the government in which consumer complaint data was broken down into age categories this somewhat shocking truth was revealed. In the report it stated that 40 percent of Americans in their twenties reported that they had lost money to these schemes. In contrast, surprisingly only 18 percent of people in their 70’s stated that they had lost money to fraudsters. This is a very large difference, and it brings up the question: Why are millennials more susceptible? This answer isn’t yet completely clear.

Cost Differences

Although it was more common for millennials to be deceived, they did not lose as much money on average as did people 70 years and older. So, even though millennials are more likely to be deceived, they are also not as likely to lose as much.

Preventing Scams and Identity Theft

In our world, it’s becoming a constant struggle to avoid scammers and to protect our identity. A company called Converus® is set on preventing deception and fraud. They have created a product called IdentityDetect®, a new identity verification service that helps prevent identity theft. It is a three-minute test that uses a machine-learning system to determine the credibility of individuals providing identity-related information. Banks and other institutions with personal and confidential information can use IdentityDetect to verify customer identity before disclosing any information. The test is quick and the results are very accurate. This identity verification service will be a huge help in preventing scammers from stealing personal information.

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Photo by / Niels Steeman