CROMWELL, Conn. — People ages 18-24 reported losing more money to scams than older age groups, according to a new report published by the BBB Institute for Marketplace Trust (BBB Institute), the International Association of Better Business Bureaus’ educational foundation.
Employment scams continue to be the riskiest scams for ages 18-24, making up almost 30% of scams reported by this age group to BBB Scam Tracker. This scam type had the highest median dollar loss of all scam types reported by this age group ($1,819).
Riskiest scams for 18-24-year-olds:
1. Employment
2. Online purchase
3. Cryptocurrency
“It’s important that we spread awareness about employment scams, especially to younger people,” said BBB Institute Executive Director Melissa Lanning Trumpower. “About 43 percent of employment scams reported by this age group included a mention of fake check scams. Many reported being told to deposit checks into their accounts and then transfer funds to a vendor to pay for training or office equipment. By the time they realized the check was bad, the money was gone. We must make sure young people understand it takes time for checks to clear and to be sure they’re good.”
About 19% of employment scams from this age group mentioned schemes involving inspecting or reshipping packages.
Online purchase scams made up 29% of all reports submitted by 18-24-year-olds, with 81.4% reporting a monetary loss.
Contact method
Ages 18-24 were more likely to report being targeted by text message or internet messaging than other age groups. The contact methods with the highest likelihood of a monetary loss (susceptibility) included website and social media. The contact methods with the highest reported median dollar loss were phone call, text message, and in person.
This group reported a higher percentage of scams targeting them on Instagram and X (Twitter) than other age groups.
Payment method
Ages 18-24 reported a higher percentage of scams via online payment system and bank account debit. The payment methods for this age group with the highest median dollar loss were wire transfer ($2,150), check ($1,500), and cryptocurrency ($1,200).
Most common scams in Connecticut
Between January 1, 2022, and June 24, 2023, BBB's Scam Tracker received 46 reports of scams from young consumers living in Connecticut. Similar to national findings the most common and costly con was the employment scam, making up 32% of reports:
1. Employment ($1,251-average loss)
2. Phishing ($2.00-average loss)
3. Online Purchase ($296-average loss)
