In statistics released by the Federal Trade Commission, the younger generation falls prey to more scams than the older generation. Security Savings Bank Vice President Dorothy Ricketts explains why that is the case:
“Most of those come in the form of texts or emails or social media. They don’t lose as much money as the older generation, but the older generation still falls prey to phone calls and emails. They do lose a little bit more money. The younger generation loses their money by sending it over a payment app and the older generation tends to give out account numbers, credit card numbers, or by gift cards to send to the scammers. You don’t ever pay any legitimate bills with gift cards; no place wants those. If someone is asking you to buy a gift card and read the numbers off the back as soon as you buy it, that is a scam. Just don’t do it.”
Ricketts informs that in 2024, the Federal Trade Commission reported that consumers lost $12.5 billion to fraud.
