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Technically, I’m a millennial.
I don’t like the negative stereotypes associated with the term, which describes those born between the years 1980 and 2000 — like when Time magazine called it the “Me, Me, Me Generation” in a 2013 article (though it also states the degrading of a younger generation is nothing new — but I digress).
While some describe the generation as a bunch of whiny, lazy know-it-alls with other less-than-desirable characteristics, I know I still have a lot to learn, especially from those who have been there before me.
My generation is becoming well-known for being less likely to have any credit cards, own a home or car, or make any luxury purchases without doing our research. According to Goldmann Sachs, we’re tech-savvy and like to comparison shop.
We’re also optimistic, as stated in that same Time article — we’re not as distrusting as Generation X or even baby boomers born before us.
Still, I was surprised when I saw recent research conducted by the Better Business Bureau stating millennials are more likely to be scammed than the elderly.
The purpose of the study, called “Cracking the Invulnerability Illusion: Stereotypes, Optimism Bias, and the Way Forward for Marketplace Scam Education,” was to learn more about who is vulnerable to these kinds of attacks, how likely people believe they will be attacked, and what factors contribute to the prevention of attacks.
It discusses the term “optimism bias,” meaning people are more likely to believe someone else will become victim of a con game before they are scammed.
So maybe old-school scam methods are new and far-fetched to Generation Y (i.e., millennials), allowing our naivete to get the best of us. Or maybe our increased use of technology makes us more vulnerable to scams.
Whatever the answer is, the one thing to keep in mind — it can happen to anyone.
Here’s proof: I was almost the victim of a scam.
Gasp!
I didn’t realize it at the time. Not long ago, I got a voicemail from a vacation company telling me I’d won a sweepstakes and I needed to call back to claim my trip to Aruba.
I don’t remember entering for a trip. I was wracking my brain for a reason why someone would contact me about this out-of-the-blue news. One explanation I thought of was that I (probably unwisely) gave out my info for a chance to win free concert tickets when I went to see a comedian at a local venue a few weeks prior to the call.
I was immediately skeptical, but also kind of intrigued. Aruba sounds nice. The woman on the voicemail message seemed genuinely excited for me. I’m one of those “I never win anything” types, but surely it’s not impossible?
I asked my Gen X husband for advice. He said it was definitely a scam. He was actually pretty surprised I entertained the idea, however briefly, that it was legit.
I didn’t return the call. A week later, the woman left me another message saying I needed to claim my prize within so many days. I deleted the message, but was still curious.
Since I’ve been handed the Consumer Watchdog torch, I’ve learned “free vacations” and “sweepstakes winners” are among the most common telephone scams out there. Despite this, I still had that, “It could never happen to me,” mentality.
Stay safe from scams
According to the Better Business Bureau report, one in four households in the United States and Canada are victim of marketplace scams, resulting in an annual loss of $50 billion.
That’s billion, with a “b.”
It can’t all be from millennials.
Here are some tips to protect yourself from cunning con artists, regardless of age:
1. Remember, it can happen to anyone.
There’s no clear target for scammers anymore — we’re all fair game. If you have one ounce of skepticism, trust it. Better to be safe than sorry.
If you are the victim of a scam, be vocal about it. The Better Business Bureau study states victims should share their stories to warn others of scams but also to help remove the stigma associated with those who are swindled.
2. Arm yourself with knowledge.
According to the Better Business Bureau report, 38.7 percent of those surveyed said general knowledge about particular types of scams helped to avoid being conned. Also, 39.5 percent said knowing about the behavior of scammers aids in scam prevention.
The Better Business Bureau website, www.bbb.org, is a great place to start learning. There is a Scam Tracker section where users can see complaints made locally, and you can report scams online here: http://go.bbb.org/2gaAlkb.
Also, usa.gov has a Scams & Frauds section with information about different kinds of scams as well as other related content.
3. Know how to protect yourself.
In addition to keeping informed about the latest scams, use your best judgment to stay safe. Here are some tips from the Australian Competition and Consumer Commission: http://bit.ly/2gk6NnK. They’re useful no matter where you live.