Tennessee Millennials proving vulnerable to scammers

Mar 28, 2018

NASHVILLE, Tenn. (OSBORNE)  --  A new federal report on fraud scams is out and some of the findings are bad news for mid-state Millennials.

Claire Marsalis (mar SAY lis) with the state Department of Commerce says when you think of fraud victims senior citizens usually come to mind. But she says the latest scam report from the Federal Trade Commission notes that Millennials are surprisingly vulnerable to fraud.

“Among people age 20 to 29 who reported fraud 40 percent indicated that they lost money. In comparison, just 18 percent of those 70 and older who reported fraud indicated that they lost any money.”

Marsalis says the Commission does note, however, that seniors tend to lose far more money than other age groups when they are victimized by scammers.

So exactly why are young people so vulnerable to fraud? Marsalis suggests having grown up in the digital age may be making them a little too trusting.

“Younger consumers, though, are far more open and accustomed to sharing personal information online and that can open them up to fraud and scams.”

Marsalis says scammers will try to pressure you into making a snap decision. So if you’re being pushed or even threatened, that’s a big red flag that you’re being scammed.

Credit ftc.gov

She recommends you “hit the pause button,” and take a moment to think about the situation, perhaps even discuss it with a trusted advisor.

Of course, you should never share personal information with anyone unless you know exactly who you’re dealing with.

Check out this informative video from the FTC.

To report a scam or for additional consumer tips visit the Tennessee Department of Commerce and Insurance.