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

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 www.bbb.org/truth-about-scams.