“They are more trusting online, more likely to go online to make purchases, and more likely to do business online,” said North. “Just the sheer increase in online activity, their particular exposure to this technology, has made them more vulnerable.”
Anna Keister, 24, from Springboro, told this news agency that only then could she pay for items with her phone.
“I never have any cash with me,” said Keister. “I use Apple Pay for everything.”
Keister said that if someone were able to steal your phone and crack its security, “they would get a lot of my personal information.”
She said she could see how people her age can be scammed in online programs.
“The company I work for has shown us how easy it is to get involved in fraud,” said Keister. “I was amazed at some of the tricks they play on people with email.”
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Younger generations, particularly those ages 18-24, have been vulnerable to, and contributed to, fraud involving unemployment reimbursement checks and the purchase of personal protective equipment.
“Scammers are just taking every opportunity they can, with whatever you see in the media, to try and get those dollars,” said North.
Consumers looking to buy a puppy online have also fallen victim to scammers. They sent a deposit to receive the pet and then found out the seller needed extra money for issues with shipping or grooming the canine companion, he said.
“As soon as you find out that you have a live one in your hands, keep increasing that price, keep finding something wrong with why the puppy cannot be delivered at the moment, and try to milk him for all he can” Said North.
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The risk of financial loss increased in 2020, according to “Online Fraud Increases During COVID-19 Pandemic: 2020 BBB Scam Tracker Risk Report,” which focuses on the impact of fraud after the pandemic and the most vulnerable populations.
Almost every second report to BBB Scam Tracker (46.7%) recorded a financial loss. Two-thirds of the reports (64.7%) resulted in a financial loss that was an online purchase fraud. This was the riskiest scam in 2020. Online purchase scams were the top fraud reported to BBB, accounting for 38.3% of all fraud reports.
“When there is a shortage of a product or the opportunity to take advantage of a person’s heightened emotional state, scammers will use that scarcity or fear for their personal gain,” said Melissa Lanning Trumpower, executive director of the BBB Institute for Marketplace Trust, BBB’s educational foundation. who created the report.
Scammers will also pose as a recognizable and respected organization or brand in order to get consumer attention, Trumpower said.
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In a survey of more than 5,000 people who reported BBB Scam TrackerSM scams in 2020, 43.1% said they spent more time online due to the pandemic and 57.1% said they spent more time online due to the pandemic to have bought.
Previously, older age groups consistently lost higher median amounts to fraudsters year on year, although young adults tended to lose money more often. That year, the financial loss reported by 18-24 year olds was the same as that of adults 65 and over.
“We have always known that seniors are more vulnerable, people who call them on the phone and are able to get their personal information and then lose a good amount of money, more money than some of the other age groups we know of “Said North. “You feel good when someone calls you. You are part of that larger generation, or baby boomer generation, that only has trust. “
While seniors certainly have more money, those ages 18 to 24 spend more money online and often have access to their parents’ money to make purchases for their parents or to use those funds for themselves, he said.
Another way scammers take advantage of younger adults in particular is through the use of checks, a method of payment that is less familiar to younger generations, North said. Fake check fraud was the second top scam targeting adults ages 18-24 in a year that saw online payment systems increase across all age groups. .
Staff writer Rich Gillette contributed to this report.
