WASHINGTON–While financial exploitation of older people is the frequent focus of warnings and caution, a new FTC report says it’s people under age 60 who are significantly more likely—86%—to report losing money to online shopping scams than older adults.
The FTC said its latest Consumer Protection Data spotlight shows that, based on data reported to the agency for all of last year, consumers under 60 most often said those scams originated from posts on social media.
“Unfortunately, online shopping is not the only scam where the post-Boomer generations found common ground,” the FTC said. “The spotlight also shows that adults under 60 are more than four times more likely than older adults to report losing money to an investment scam, and the majority of those losses happened in scams involving some form of cryptocurrency investments.”
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