The susceptibility of young adults to scams and their resulting financial losses have been highlighted in a recent study by the Better Business Bureau’s Institute for Marketplace Trust.
Contrary to a common stereotype, the study found that individuals aged 18-24 are more vulnerable to scams and lose a median of $200, compared to $160 lost by senior citizens. The study, which utilized data from the BBB’s Scam Tracker, emphasized the importance of exercising caution, particularly when engaging in online transactions or business.
Meghan Compton, a spokeswoman for the BBB in Colorado, emphasized the significance of being vigilant regardless of age, especially in the context of online purchases and business dealings. She noted that many scams targeting young adults are perpetrated online, and with the increasing prevalence of online activities among younger generations, the risk has been amplified.The study identified employment scams as particularly risky for individuals aged 18-24, with the transition to remote work during the COVID-19 pandemic contributing to the sophistication of such scams.
These schemes often lead young adults to believe they have been hired by a company, prompting them to disclose sensitive information such as social security numbers and bank account details. Additionally, some scams involve convincing young workers to provide bank account information by sending fake checks and requesting the transfer of funds for purported equipment or training expenses.
The findings of the study serve as a reminder for individuals of all age groups to exercise caution and prudence, especially in the digital realm. By being aware of the specific risks and tactics employed by scammers, individuals can better protect themselves from falling victim to such fraudulent activities.