In a recent Better Business Bureau report, younger people between the ages of 18 to 24 years old are now reported to lose more money in scams than older age groups.
According to data submitted to BBB Scam Tracker from Jan. 1, 2022, to June 24, 2023, employment scams are listed as the number one riskiest scam for younger people, making up almost 30% of reported scams among the age group.
Tom Stephens, president of the regional branch of the Better Business Bureau, explained why that age group is more susceptible to the scam.
“People that age tend to change jobs more frequently than people in an older age group, so that makes them kind of on the hunt often for a newer and better position,” he said.
Audrey Robbins has witnessed several friends scammed like this and offered the following advice:
“I would check out the website for the job, make sure it’s legit, and search that website and get reviews from people who have worked for them or have bought their products,” Robbins said.
Following employment scams on the list are online purchases, which made a little more than 29% of all submitted reports with 84% of those reporting lost money.
BBB research shows young people were more likely to report being targeted by text messages or internet messaging but the most common methods scammers use with the highest likelihood of a monetary loss include websites and social media, especially on Instagram and X, formerly called Twitter.
“If you get a text and email offering a special detail, do not click on the link,” Stephens advised. “If it’s a company you recognize, delete the email and go to that company’s website directly and see if they are making that offer.”
When it comes to making a payment, people ages 18 to 24 years old reported a higher percentage of scams through online payment systems and bank account debit, and they lost the most money through wire transfers, check, and cryptocurrency.
The BB listed the following as riskiest scams:
- Employment
- Online Purchase
- Cryptocurrency
- Rental
- Investment
- Fake check/money order
- Phishing
- Romance
- Advance fee loan
- Credit repair/debt relief
To see the full “Targeting Our Youth: How Scams are Impacting Ages 18-24″ report, click here. Read BBB’s young adult resources for more tips for younger adults.