Millennials are 25 percent more likely to report that they have lost money to fraud than consumers aged 40 and over, according to a new Federal Trade Commission analysis of consumer complaint data.
The FTC’s latest Consumer Protection Data Spotlight shows that millennials—those ages 20-39—are twice as likely to report losing money to online shopping fraud than those 40 and over.
Online shopping fraud reports include complaints about items that are never delivered or are not as they were advertised. Millennials reported losing $71 million to online shopping fraud—out of the nearly $450 million they reported losing to all types of fraud—in the last two years.
Other categories where millennials are much more likely to report losing money to fraud than consumers 40 and over include fake check scams, offers that promise to help fix debt-related problems or offers promising income through jobs, investments, or business opportunities.