47 Scams That Millennials Don’t Recognize And Fall For Every Time

So, what is it about millennials that makes them susceptible to falling for scams? According to psychiatrist and Telapsychiatry Chief Medical Officer Dr. Ozan Toy, their familiarity and comfort with technology may be a factor. 

“They are so used to doing everything electronically that they don't spend as much time deliberating on decisions made online,” he told Bored Panda. “Combined with a person's desire for a quick and easy way to make money, they may find themselves more likely to trust information found online without verifying its legitimacy.”

Like fashion and technology, scams have fads and trends, according to Lightcurve’s consumer advocacy and scam prevention expert Amanda Singleton. She explained that while millennials may not fall for chain letters or inheritance scams, they may fall for get-rich-quick schemes like MLMs. 

“Millennials have also faced added financial pressures—like the Great Recession, rising debt, and a high cost of living—so it’s understandable they might be looking for ways to get ahead,” Singleton said.  

You may consider yourself smart and careful enough not to fall victim to a scam. Yet, you may also find yourself being defrauded in some way. That’s because scams appeal to emotion, Singleton clarified. 

As she further explained, scammers know how to weaponize a potential victim’s emotional reactions and needs, making the person less vigilant without using critical thinking. 

“Scams on job boards, dating apps, or rental listings target our fundamental desires and needs for income, love, and shelter,” Singleton said. “As a result, even smart people can get sucked into a scam.”

An older person who is aware of the existence of scams may be more apprehensive and careful. They will likely have their walls up and may even be aggressive in interactions with someone they perceive as a potential red flag. It may be different with younger people like millennials, according to financial advisor and Wealthspire managing director Aviva Pinto. 

“Young people are more likely to take risks than their older counterparts and tend to be more optimistic about outcomes,” she explained. “For this reason, they do not always recognize scams.”

So, what is the best way to avoid falling for a scam? Most of these are rooted in common sense, but sometimes, we all need a good reminder. 

“Like all financial decisions, it is important to know WHO you are dealing with and what the chances are that the information you are receiving is actually possible,” Pinto said. “If it seems too good to be true, it likely is.”

For Dr. Toy, educating yourself is the most effective weapon against potential fraudsters. He advises approaching each questionable deal with utmost skepticism and doing thorough research before making final decisions. Having extra caution wouldn’t hurt. 

“Be cautious of sharing private personal information online and never click on suspicious links or emails,” he said, while also reminding everyone to check the domain names of email addresses to verify their authenticity.