In the News
Millennials may not be as tech-savvy as they think. In FTC: Millennials more likely to report falling victim to financial scams, Jennifer Ortiz at WTOP discusses a recent FTV report stating that Millennials are more likely to report being the victim of. a financial scam with online shopping topping the list of reported attack vectors. Ortiz explains that Millennials have a 50% higher likelihood of becoming the victim of an online shopping scam than older generations. Ortiz details that within the past two years alone, Millennials have lost about 450 million dollars from various types of financial scams.
Our Take
Online shopping has become a hobby for many. Especially for Millennials and the younger generations, the appeal of buying items often for great deals in the comfort of your own home has many appeals. Besides the fact that it can save time and energy, the internet has a vast amount of options at a wide range of prices. However, the ability to find everything you need online has led to an increase in online shopping, many times at unfamiliar sites or through random ads. To prevent yourself from falling prey to an online shopping scam, make sure that you are researching all companies before you make a purchase. Additionally, just because an item looks cute online or is a great deal does not mean that it is always the best option. Remember to think before you purchase and always be careful when making online purchases.
Recommendations
How can you protect your finances from online scams?
- Know the signs of an email scam and know how to act if you are affected
- Avoid clicking directly on links, whether in email or social media – always search through your search engine to verify legitimacy and find the appropriate site
- Always research a product, company, or service before making a purchase
- Check your email, financial accounts, and credit reports regularly for abnormal activities
- Stay up to date on the news regarding recent fraud and phishing attacks to see if you may have been affected