One common misconception is that the only people that can be easily scammed are of an older age. However, millennials can also fall victim to several different types of financial scams. Below are some of these scams.
- 1. Imposter scams
The most common scam millennials fall victim to is what is known as an “imposter scam”. In these scams, a person pretends to be someone else important to someone and requests money in some form or another. In general, if you suspect someone is pretending to be someone else, try contacting the other person involved before giving out any relevant information.
- 2. Travel scams
Another common financial scam revolves around travel. Usually the victim is promised some kind of vacation, timeshare or travel package. These scams also cost the most money at an average of around $1700 apiece. Be sure to do your homework before you sign up for anything that is expensive or seems simply too good to be true.
- 3. Job scams
Because many millennials are searching for jobs, this is another common scam. Many times someone will pose as a representative for a “Career Advancement Grant” and ask for personal information. This information is then stolen and used against the victim. Again, if the offer seems to come from completely out of nowhere and be too good to be true, research the company reaching out. There is no shame in being overly cautious when you think you are being scammed.
- 4. Phone scams
Another very prominent form of scamming millennials is one’s done via the phone. If someone knows the last four digits of a millennials social security number, they are much more likely to give out key personal information. This is because it is assumed that the person must legitimately have acquired that info. This is a huge misconception. Often times the phone scammer is using a number similar to an actual organization but the number is slightly different.
These are by no means the only scams out there, but they are certainly the most prominent ones. Make sure to choose what you share carefully with anyone else asking for specific information. If you think you are victims of one of these kinds of scams, be sure to contact the proper authorities.
