Con artists steal millions of dollars from Americans every year, but those most likely to fall for a scam may not be who you think.
Most people think senior citizens are most likely to fall for a scam, but new research from the Better Business Bureau shows it’s actually the opposite.
The report shows younger and more educated people are the ones who tend to lose money. The BBB calls it “optimism bias.”
It says younger people are over-confident that they can spot a con and don’t keep their guard up.
“We’re all at risk and these stereotypes that are widely held that it’s older people or people that are perhaps gullible or are less educated – those are really just stereotypes and not an accurate reflection of the reality that we see,” said Emma Fletcher with the BBB.
The report looked at 30,000 scam cases. Only 11 percent of seniors ended up giving the con artist money, but three times as many 18-to-24 year-olds fell for the scam.
The Better Business Bureau says one in five people lose money every year to a scam.
The BBB also found that seniors are much more likely than millennials to report it.