According to a new report from the Federal Trade Commission and USA Today, more millennials lost money to scams than their grandparents did last year. The report says 40% of Americans in their 20s fell for some kind of fraud last year, versus 18% of people over 70.
The story went on to say older people who fell for the scams lost more money. The average fraud victim in their 70s lost $621 while the average fraud victim in their 20s lost $400.
The most successful scams were fake debt collectors followed by Identity theft, which includes credit card and tax fraud.
