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The Federal Trade Commision has released its Annual Summary of Complaints Reported by Consumers late last week. That summarized that a bigger percentage of Millenials were fraud victims than were senior citizens in 2017, however the amount lost by Millenials was smaller.
Among consumers ages 20 to 29, 40% of those who made fraud complaints to the Federal Trade Commission lost money, compared with just 18% of those who were ages 70 and older, according to an annual report from the federal agency released Thursday. The median loss for people between the ages of 70 and 79 was $621, versus just $400 for those ages 20 to 29, according to the FTC. This could be a virtue of the financial situations for these different groups of consumers, Vaca said. "It’s possible that some older consumers have a little bit more money to lose," Vaca said. "It might also be that con artists when they get someone on the phone might assume they have more money to lose."