What the Tech: Who falls for scams?
By JAMIE TUCKER Consumer Technology Reporter
We often picture older adults as the primary victims of scams. While they do lose significant amounts of money, the data reveals a surprising truth: younger people fall for scams at a higher rate. Let’s delve into the types of scams targeting different age groups and why this misconception persists.
It’s true that baby boomers are susceptible to scams, particularly those involving finances and computers. They might receive calls claiming their computer has a problem and be convinced to grant remote access, unknowingly installing malware that steals personal information.
Gift card scams are also more prevalent among seniors. However, while older adults may lose more money due to having larger savings, they aren’t the most frequent targets.
Contrary to popular belief, people in their 20s and 30s are more than twice as likely to fall victim to scams compared to those over 60. Millennials are frequently targeted by shopping, romance, and employment scams. They’re also susceptible to scams impersonating law enforcement or government officials, who claim their identity has been stolen.
Younger individuals are more inclined to share personal information like social security numbers, addresses, and full names with scammers. Teenagers and tweens face sextortion scams, where they’re tricked into sending nude photos and then threatened with their distribution if they don’t pay.
Here’s an interesting takeaway: young people fall for scams twice as often as people over the age of 60. Yet, while older people are less likely to fall for a scam, those who do, lose a lot more money than younger people. Most likely, because they have more money to lose.
The FTC estimates that consumers of all ages lost over $158 billion to fraud last year, with people over 60 accounting for some $61 billion of those losses.
Scammers target people of all ages, tailoring their tactics to different demographics. They are relentless in their pursuit of your hard-earned money. No one is immune, and it’s crucial to stay informed and vigilant.
