Younger consumers are being defrauded more than those aged 40 and above, FTC warns.
Social media scams hit an all-time high last year, new figures from the Federal Trade Commission (FTC) have revealed. The FTC claims a quarter of all fraud losses for the year happened on social media, with victims losing around $770 million during 2021 (at an average of around $460 per scam) — an 18x rise on the $42 million lost just five years ago. Although it was previously the older population that was gullible and easily defrauded, now it seems as this tide is shifting, with consumers aged 18-39 reported 2.4 times more fraud than those aged 40+.
