Millenials 25% More Likely to Lose Money to Fraud than Older Generation

New Federal Trade Commission (FTC) data shows that “Millennials are 25 percent more likely to report that they have lost money to fraud than consumers aged 40 and over”. In the past two years “Millennials reported losing $71 million to online shopping fraud” out of a total “$450 million they reported losing to all types of fraud” in that time period. “The top five frauds to which Millennials report losing money are online shopping frauds, business imposters, government imposters, fake check scams, and romance scams.” “Millennials are 93% more likely than people 40+ to report losing money to fake check scams” and “are 77% more likely than other age groups to say they lost money to a scam that started with an email.”