In a new Federal Trade Commission report on fraud, identity theft and related consumer protection topics released last week, Millennials reported losing money to financial scams more than any other age group. While those ages 20-29 experienced a median loss of $400, those at least 70-years-old experienced a median loss more than double - $1,029. Fraud: 1.1 million people (42.5% of all reports)There were almost 350,000 imposter scams, with one in five experiencing a dollar loss. The top categories of fraud included imposter scams, telephone and mobile services, sweepstakes and lotteries, shop-at-home and catalog sales and counterfeit check scams, among others. Of those contacted, 9% reported losing money to an imposter, with a median loss of $720, or $290 million overall.

Source: Forbes March 09, 2018 13:03 UTC