Question of the Day: Who loses money to fraud more often - people ages 20-29 or 70-79?
Answer: Younger People
Questions:
- Do you know anyone who has been a victim of a financial scam? Explain.
- Why do you think that young people are victims of financial fraud more often than senior citizens?
- What are some financial scams that you are aware of?
- What are some strategies that can help to avoid scams?
Behind the numbers (Consumer Sentinel Network):
"There were over 984,000 imposter scam reports to Sentinel. Seventeen percent of those reported a dollar loss, totaling over $2.3 billion lost to imposter scams in 2021. These scams include, for example, romance scams, people falsely claiming to be the government, a relative in distress, a well-known business, or a technical support expert, to get a consumer’s money.
Of the nearly 2.8 million fraud reports, 25% indicated money was lost. In 2021, people reported losing more than $5.8 billion to fraud – an increase of $2.4 billion over 2020."
--------------
For more on fraud, check out our Question of the Day, What's the #1 fraud committed on social media: investment scams, romance scams, or online shopping?
--------------
Attend NGPF Professional Developments and earn Academy Credits on your own time! Check out NGPF On-Demand modules!
About the Author
Mason Butts
After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.
SEARCH FOR CONTENT
Subscribe to the blog
Get Question of the Day, FinCap Friday, and the latest updates from NGPF in your inbox by subscribing today:
MOST POPULAR POSTS