According to a new report from the Federal Trade Commission, more millennials lost money to scams than their grandparents did last year. 40% of Americans in their 20s fell for some kind of fraud last year, versus 18% of people over 70.
But . . . older people who fell for the scams lost more money. The average fraud victim in their 70s got taken for $621 . . . the average fraud victim in their 20s lost $400.
The most successful scams were fake debt collectors. Identity theft, which includes credit card and tax fraud, was second-most successful.