Young people are falling victim to online scams more often than ever, but older generations lose the most money to them.
That’s according to a report by fraud prevention firm SEON, which analyzed data collected in 2020 by the FBI’s Internet Crime Complaint Center.
SEON’s “Gen-Z Fraud Report” found that people under the age of 20 had the largest annual increase in fraud reports between 2019 and 2020. The 23,186 young people who reported fraud represented an increase of 116% from the previous year. Their collective losses in 2020 were about $70.98 million, or about $3,000 per person.
“The trend is clear that fraud doesn’t discriminate by age, and digital-first doesn’t make you immune to scams,” SEON product evangelist Gergo Varga said in the report.
One thing to keep in mind: While the report shows some interesting trends, it also says take the numbers “with a grain of salt” because the FBI’s numbers include both “companies and individuals, which could incur much greater losses.” than the average person.”
The next youngest age group, individuals in their 20s, saw a 59% increase between 2019 and 2020, with the 70,791 reported victims losing an average of $2,789 each.
In general, the older the victims, the more money they lost. Those in their thirties lost an average of $5,570 each in 2020, while those in their forties lost $7,832.
On average, the oldest Americans lost the most money to online fraud. About 105,000 individuals ages 60 and older reported a combined loss of $966 million, averaging more than $9,100 per person. But it was the 50-somethings who had the most losses, averaging $9,864 each.
SEON’s report speculates that the reason young people lost less money on average is simply because they have fewer financial resources. It didn’t suggest they were targeted anymore.
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This post How much money different age groups lose to online scammers was original published at “https://www.cnbc.com/2022/03/20/how-much-money-different-age-groups-lose-to-online-scammers.html”