Millennials 25 Percent More Likely to Lose Money to Fraud than Older People

Millennials

Written By ESR News Blog Editor Thomas Ahearn

“Millennials” – a demographic cohort made up of people aged approximately 20 to 39 as of 2019 – are 25 percent more likely to report losing money to fraud than people aged 40 years and older, according to a blog posted on the Federal Trade Commission (FTC) website based on reports to the FTC’s Consumer Sentinel Network.

FTC Millennials Fraud Blog
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The top five types of fraud for Millennials were online shopping frauds, business imposters, government imposters, fake check scams, and romance scams. People aged 40 and older reported those same scams but data suggested Millennials were less likely to avoid them or encountered them more often.

Millennials were twice as likely as people aged 40 and over to report losing money while shopping online and were 93 percent more likely than people aged 40 and older to report losing money to fake check scams, which also often look like a way to earn money, according to the blog.

While the median individual amount Millennials lost to fraud was $400 – much lower than what people aged 40 and over reported – Millennials reported losing nearly $450 million to fraud in the past two years, including  $71 million to online shopping fraud and $61 million to government imposter scams.

Fraud affects every generation. The FTC – a government agency that protects American consumers – offers resources to help avoid fraud such as tips for online shopping, watching out for bogus income offers, and protection from debt and credit scams. Report scams to the FTC at https://ftc.gov/complaint.

Millennials are expected to overtake “Baby Boomers” – traditionally defined as people born between 1946 and 1964 – as America’s largest living adult working-age population “in 2019 as their numbers swell to 73 million and Boomers decline to 72 million,” according to statistics from the Pew Research Center.

The fact that technically savvy Millennials will overtake Baby Boomers as the largest segment of the workforce has made background checks more “applicant friendly” and this trend was selected by global background check provider Employment Screening Resources® (ESR) as one of the “ESR Top Ten Background Check Trends.”

“Applicant friendly” is a term used to describe a background check process that is intuitive and transparent with a humanizing approach to hiring that leaves a good first impression on applicants about their potential employers who are realizing that candidate experience is a critical consideration with talent acquisition (TA).

Millennials also need to know that the privacy, security, and confidentiality of their personal information will be protected by the background check provider. ESR undergoes a SOC 2 Type II audit annually to protect the consumer information used for background checks. To learn more about ESR, visit www.esrcheck.com.

The ESR Applicant Support Center shows applicants how to request a copy of their background check report, dispute a background check, find work as an ex-offender, and understand their rights when undergoing a background check. For more information, visit www.esrcheck.com/Applicant-Support-Center/.

NOTE: Employment Screening Resources® (ESR) does not provide or offer legal services or legal advice of any kind or nature. Any information on this website is for educational purposes only.

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