Crooks have set their sights on millennials and are scamming them out of money more than ever, according to the Better Business Bureau.
The BBB released its annual top 10 scams, and says fraudsters are targeting people in their teens, 20s and 30s through social media, calling the internet a fraud tool box for criminals.
According the Competition Bureau of Canada's Nicola Pfeifer, the internet has become "powerful enough that it’s expanding the reach of fraudulent crime well beyond the traditional vulnerable consumer groups of seniors, children, and new Canadians.
“Millennials and Generation Z have such a disproportionate presences online, that they’ve become natural targets for fraudsters.”
The Bureau says this age group falls for so-called subscription scams. That’s where websites offer free-trials, but the buyer inadvertently signs-up for an expensive subscription.
“Once you’re in, it’s hard to get out,” said Pfeifer.
Romance scams topped the list. Crooks posing as a new lover get victims to send them money or ask them to buy gift cards to an unknown address and never pay the money back.
Jessica Gunson of the Canadian Anti-Fraud Centre says fraudsters are fishing for as many victims as they can catch and know they can cast a wide net on the web.
“If they just have to change the lure on the hook, they're going to do it,” she said.
But experts also warn since just about everyone uses the internet, most people are at risk of fraud.
Here's at the top 10 scams of 2018:
- Romance scams: More than $22.5 million lost
- Income tax extortion scam: More than $6 million lost
- Online purchase scams: More than $3.5 million lost
- Employment scams: More than $4.5 million lost
- Phishing: Losses unknown
- Subscription scams: Losses unknown
- Advance fee loans: Almost $1 million lost
- Tech support scams: Almost $1 million lost
- Home improvement scams: Losses unknown
- Bank investigator scams: More than $2 million lost
