(InvestigateTV) — You might think the most online generation would be the hardest to fool, but new research from Bankrate shows Gen Z is losing money to scams more often than older adults.
Sarah Foster with Bankrate said when Gen Zers and Millennials lose money, it raises alarm bells.
“I think even the people who think they are being careful, who think they are doing everything right, all it takes is that one mistake,” she said.
Whether you are young or old, scammers play on your emotions, Foster explained. They rely on creating a sense of urgency. They want you to rush, or feel panicked and not think, just act.
“It’s painful for a lot of Americans to be in a situation where maybe they get a call from someone who’s saying they are a loved one in trouble and in need of money. I think when you feel that fear it’s really hard to want to take a step back,” she said.
She said she hears stories all the time of people feeling embarrassed and shameful because they fell for a scam, so much so they might not even report it.
But it’s important to do that, Foster urged. The sooner you report it, the more likely you’ll be able to reverse the charge, if possible.
And the longer you wait, the harder it is to chase down the transaction.
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