Page 25 - ARUBA TODAY

BUSINESS Wednesday 5 February 2020
A25

Millennial Money: You're an

online fraud target — fight back

By SEAN PYLES of NerdWal- ly to report losing money to FTC as soon as you think
let items that are different from there's a problem, Schiffer-
Millennials grew up on- what they expected or that le says. Gather information
line. From making their first never show up, compared about the transaction, in-
screen names with Amer- to those over 40. This all- cluding purchase amount,
ica Online in the '90s and too-common occurrence vendor name and transac-
poking around chatrooms, might seem like the cost of tion date, before contact-
to using HTML to custom- doing business online, but ing your card issuer. This In this Dec. 12, 2016 file photo, a person searches the internet for
sales, in Miami.
ize their Myspace pages it's actually a form of online information should be on Associated Press
in high school, and now shopping fraud. your billing statement. You
curating their Instagram Misleading ads in social me- may also want to request a 40. legal for a company to
feeds, navigating the in- dia feeds and for online-on- new credit card number to Some scams work by hav- charge upfront fees in this
ternet is second nature to ly stores may be to blame protect yourself. ing you pay an upfront fee way. q
these digital natives. for more frequent reports of BEWARE OF WORK SCAMS for their services — and
But this ever-online genera- shopping fraud, says Char- The saying "you have to then never deliver on their
tion may be uniquely posi- ity Lacey, vice president of spend money to make promise. Know that it's il-
tioned as targets of internet communications at Identity money" shouldn't apply to
scams. Theft Resource Center, a a job offer, but that's ex-
Millennials are 25% more nonprofit organization that actly the trick of some em-
likely to report losing money helps consumers recover ployment scammers.
to fraud than those over 40, from identity theft. The fake company offers
according to an October Lacey warns consumers a business opportunity of
2019 report by the Federal to exercise caution before some sort, such as a work-
Trade Commission. The re- purchasing items from any at-home job, but says you'll
port also found this age unfamiliar company they have to pay a fee upfront
group: encounter online, especial- for training or other work-
Was twice as likely to report ly if it seems like they're sell- related materials. Then the
falling victim to shopping ing only one or a handful of job never materializes, and
fraud. products, since that can be your money is gone.
Reported getting bested a warning sign of a scam What you can do: Be wary
by business and debt relief company. "I would liken this of any organization that
scams in greater numbers. to the guy with the trench asks you to pay for training
Was 77% more likely than coat selling watches and or a job opportunity that
older consumers to report gold chains," says Lacey. seems too good to be true.
losing money to a scam What you can do: Vet any Report scams to the FTC.
that started over email. company before you buy DOUBT DEBT RELIEF OFFERS
While millennials are more from it online. Proceed with Millennials are notoriously
likely to report this kind of caution if the company debt-saddled, so it might
fraud, the tools to prevent doesn't have an address not be surprising that this
and recover from such listed online, has no clear generation also reports
scams apply to consumers return policy and sells only more instances of falling
of any age. the one item you saw ad- victim to debt relief scams.
BE SKEPTICAL ABOUT SO- vertised. In fact, millennials were 86%
CIAL MEDIA SHOPPING Use a credit card when more likely to report losing
It's become a meme of its shopping online, advises money to debt relief scams
own: "What it looks like on- Lisa Schifferle, staff attorney compared to those over
line versus what you get at the FTC. That way, if you
when it arrives." That dress encounter fraud, you can
or pair of sneakers may look take advantage of protec-
good online, but when it ar- tions under the Fair Credit
rives, you find that the dress Billing Act, which can help
looks like a dishrag and the you get reimbursed.
sneakers are held together Report the fraud to your
with hot glue. credit card company and
Millennials are twice as like- file a complaint with the