Scam

Scam Alert: Millennials Lose Money To Financial Scams More Than Seniors

In a new Federal Trade Commission report on fraud, identity theft and related consumer protection topics released last week, Millennials reported losing money to financial scams more than any other age group.

Here's what you need to know and what to do about it.

The Statistics: Overview

Here are some of the key statistics at a glance:

1. Total Reports: 2.7 million
2. Total Fraud Reports: 1.1 million
3. Total Fraud Losses: $905 million
4. Median Dollar Loss From Fraud: $429

While overall fraud reports declined slightly since 2016, total dollar losses from fraud increased $63 million year-over-year to $905 million.