Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
News >  Business

BBB Tip of the Week: Millennials more likely to be scammed

Veronica Craker

Contrary to popular belief it isn’t just seniors that are easily taken in by a scam. A new study released by the Better Business Bureau Institute for Marketplace Trust found that Millennials actually are more susceptible to scams than Baby Boomers.

The study, “Cracking the Invulnerability Illusion,” finds the estimated loss to individuals and families is $50 billion a year. Better Business Bureau surveyed consumers in the U.S. and Canada to figure out why we are susceptible to scams and which groups fall for them most.

These are five myths associated with scams and how to avoid them:

    Scammers are easy to spot. Not true. Scammers are master manipulators, and the internet makes it easy for them to convince someone they are legitimate. This is why it is so important to be on guard when dealing with money and personal information.

    It’s someone else’s problem. We all think it won’t happen to us. But the study points out that everyone is prone. The study found that 69 percent of victims are under age 45. Also, 78 percent of victims hold a college or graduate degree.

    Scams have little economic impact. Nearly 1 in 5 people lose money in a scam each year. That’s $50 billion down the drain.

    It’s difficult to protect yourself from scams. Actually, 60 percent people who lost money in a scam say the fact that they were unfamiliar with the scam is what caused them to be deceived. Eighty percent of respondents said they believe that knowing about a particular type of scam is what helps them avoid being tricked.

    There’s no point in reporting a scam. False. Forty-nine percent of people who report scams say they do so because they want to help others. Now that’s refreshing.

To learn more about what the survey revealed, visit

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe now to get breaking news alerts in your email inbox

Get breaking news delivered to your inbox as it happens.