A new study published by a division of the Better Business Bureau shows the stereotype of the “little old lady” as scam victim is wrong, and Millennials are actually more vulnerable to scams than Baby Boomers. The research surveyed more than 2,000 adults in the U.S. and Canada, and as a group, Millenials felt they were less likely to be scammed than other age groups.
But the data doesn't support that theory. Of those consumers reporting scams to BBB Scam Tracker, 89% of seniors age 65 or older recognized the scam in time, while only 11% reported actually losing money. For those age 18-24, however, agency spokesman Tracy Hardgrove tells The Big Z more than three times as many failed to recognize the scam and 34% reported losing money.
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She says the study recommends a three-pronged approach to make Millenials less vulnerable: helping them heighten perceptions of personal risk; providing preemptive information so that they can better guard against the threats; and empowering them by offering the desire to help others by sharing their own experiences.