Answer: younger people


Do you know someone who has been the victim of a financial scam? To explain. Why do you think young people are more likely to be victims of financial fraud than seniors? What are some financial scams that you are aware of? What are some strategies that can help you avoid scams?

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Behind the numbers (Consumer Sentinel Network):

“There were more than 984,000 reports of scammers to Sentinel. Seventeen percent of those reported a dollar loss, totaling more than $2.3 billion lost to scams in 2021. These scams include, for example, romance scams, people falsely claiming to be the government a family member in need, a well-known company or a technical support expert, to get a consumer’s money.

Of the nearly 2.8 million fraud reports, 25% indicated that money had been lost. In 2021, people reported losing more than $5.8 billion to fraud — an increase of $2.4 billion from 2020.”

For more information on fraud, check out our Question of the Day, What’s the #1 Fraud Committed on Social Media: Investment Scams, Romance Scams or Online Shopping?

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About the author

Mason Butts

After graduating from UCLA with a Masters in Education, Mason spent 5 years as a science teacher at a public high school in South Los Angeles. He is committed to supporting the holistic growth of all students and enabling them to live lives of relational, academic and financial success. Now based in the Bay Area, Mason enjoys facilitating professional development and partnering with educators to prepare students for a bright financial future. When Mason isn’t creating a curriculum or planning a workout, he can ride a bike, try new foods, and explore the great outdoors.

This post QoD: Who loses the most money to fraud – 20-29 or 70-79?

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