- The Federal Trade Commission (FTC) released a report on online scams.
- Young adults are more likely to fall victim than older people.
- 40% of people aged 20 to 29 reported losing money in fraud schemes in 2017.
A new report from the Federal Trade Commission (FTC) indicates that young adults, despite being digital natives, are more likely to fall victim to online scams than their older counterparts. This article discusses why young people are more susceptible to online scams and the types of scams they are targeted by.
Why Young People Are More Susceptible To Online Scams
According to experts, younger consumers are more likely to share their personal information online, which makes them more vulnerable to scammers.
Types of Scams That Target Teens and Young Adults:
Below mentioned are some of the types of online scams.
- Knock-offs: Scammers create online stores that sell cheap designer goods, electronic gadgets, and luxury items that are either not licensed to sell or are imitations.
- Fake scholarship offers: Fake scholarship and financial aid offers aimed at stealing personal information from students.
- Make-money-fast schemes: Non-existent jobs and get-rich-quick schemes that lure victims into giving away personal information or financial data.
- Contests: Scams that target aspiring young artists and writers by luring them into paying fees to enter arts and literature contests.
- Acting and modeling scams: Acting and modeling scams where scammers posing as talent scouts ask young people to pay for headshots or acting lessons upfront.
- Employment and training scams: Employment and training scams aimed at enterprising Teens and Young Adults who are looking for seasonal work.
- Online auctions: Online auctions where unsuspecting Teens and Young Adults sell their items online and are then scammed by buyers who claim to have paid but never do.
Tips For Avoiding Online Scams
Here are a few tips to avoid online scams:
- Be cautious and vigilant.
- Stay away from deals that seem too good to be true.
- Look for online stores and auction sites with good reviews and ratings from real people.
- Walk away from contest, job, or scholarship offers that require upfront payments.
- Never give out personal information unless you are confident you can trust the person or company you are interacting with.