According to a new report from the Federal Trade Commission, more Millennials lost money to scams than their grandparents did last year. Forty per cent of Americans in their 20's fell for some kind of fraud last year, versus 18% of people over 70.
But...older people who fell for the scams lost more money. The average fraud victim in their 70's got taken for $621...the average fraud victim in their 20's lost $400.
The most successful scams were fake debt collectors. Identity theft, which includes credit card and tax fraud, was second-most successful.
SOURCE: USA Today