FTC Finds Millennials Report Fraud at Higher Rates Than Older Adults

A Consumer Protection Data Spotlight released today by the Federal Trade Commission found that consumers in their 20s and 30s are 25% more likely to report losing money to fraud than consumers 40 and older. Online shopping fraud tops the list of scams most commonly experienced by millennials, followed by business and government impostors, fake check scams and romance scams.

While millennials report the highest incidence of fraud, the amount of money lost by each individual tends to be lower than for other age groups. The median individual amount lost to fraud by millennials is $400 and rises steadily for each of the older generations.