American adults lost $25 billion to phone scams in 2023, with 21 percent of the participants in one survey admitting they had lost money because of scams.
Despite being known as digital natives, Gen Z and millennials are far more likely to become the victim of phone scams than their Baby Boomer parents.That's according to a new survey from caller ID and spam blocking app Truecaller.Younger adults, those between the ages of 18 and 44, were three times more likely to be scammed than older adults according to the 2,000-person study.Similarly, Latino and Black Americans were two times more likely than white Americans to become victims.
After being scammed, victims face both lost income and time. Of those who lost money to scams in the survey, 41 percent canceled a credit card, and 26 percent signed up for credit protection and monitoring. Experts also suggest reporting thefts to the police and contacting phone providers.While some might be surprised to learn the younger generations were more likely to fall victim to scams orchestrated via phone, Tom Blok, the founder of Complain.
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