Millennials are more likely to fall for investment scams than boomers

A recent FBI report has revealed that Americans aged 30-49 are the most vulnerable group when it comes to investment fraud. In 2023, people in the US lost a staggering $4.57 billion to fraudulent schemes, with the majority of those losses coming from crypto scams. The report also highlights the fact that complaints and losses from investment scams have seen a significant uptick in recent years.

The FBI's Internet Crime Complaint Center received over 13,000 complaints related to investment scams from individuals aged 30-49 last year. The 30-39 age group reported 6,654 complaints, while the 40-49 age group reported an even higher number of 6,680 complaints. Despite the traditional belief that older people are more susceptible to scams, the data shows that boomers (those over 60) came in third in terms of investment scam complaints filed to the FBI.

The rise of cryptocurrency has played a significant role in the increase of investment fraud cases. Cryptocurrency-related frauds cost investors $3.94 billion in 2023, making up over three-quarters of last year's investment scam losses. Scammers often use online ads and social media posts to attract victims, promising large returns with little to no risk.

To avoid falling victim to investment scams, the Federal Trade Commission advises investors to be wary of get-rich-quick schemes and always do their due diligence. The FBI recommends that investors never send money or release financial information to individuals they have never met in person.

Overall, the increase in investment fraud cases and losses underscores the importance of being cautious and vigilant when it comes to investing money. With the prevalence of online scams and the rise of cryptocurrency-related frauds, it is more important than ever for individuals to educate themselves and protect their financial assets.


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