Survey Says Millennials More Likely To Be Victims Of Phone Scams Than Boomers

[Dashinka 24,767]

 Mar 27, 2018 @ 11:47 AM 

Kelly Phillips Erb , Forbes Staff

 

When you think about victims of financial scams, you may tend to believe that they disproportionately affect the elderly. That may not be the case. A recent study by First Orion, a provider of data and phone call transparency solutions headquartered in Little Rock, Arkansas, indicates that Millennials are most affected by phone scams.

Following a survey of 1,000 mobile phone users in the United States, First Orion found that Millennials are particularly susceptible to phone scams. Millennials were six times more likely than Baby Boomers to disclose personal information over the phone if the caller could verify the last four digits of their Social Security Number (SSN). Phone scammers often use tidbits of personal information that they've gleaned from other sources - like stolen data - to try to coax more information out of you. It works: Nearly three times as many Millennials gave away their entire SSN over the phone compared to Gen-X respondents.

Giving out financial information can have serious consequences. According to the survey, millennials experienced the highest rate of financial losses from scam calls, nearly three times more than boomers. Despite those results, millennials were more confident than other generations when it came to determining if an email, text or phone call was a scam.

 

https://www.forbes.com/sites/kellyphillipserb/2018/03/27/survey-says-millennials-more-likely-to-be-victims-of-phone-scams-than-boomers/#355d29888a03

[TBoneTX 46,060]

Interesting.  Perhaps this speaks to capabilities in judgment.

[Dashinka 24,767]

13 minutes ago, TBoneTX said:

Interesting.  Perhaps this speaks to capabilities in judgment.

One wonders.

[smilesammich 10,727]

a study of a survey conducted by a company selling call management software and the forbes link is nothing more than an advertisement for "first orion co" -- the company selling the software. hmmmm.

 

[bcking 3,157]

1 hour ago, TBoneTX said:

Interesting.  Perhaps this speaks to capabilities in judgment.

Probably a bit of judgment and a bit of experience (or lack of both).

 

I was called by the "IRS" once several years ago. I had just started making an income. The person said I didn't pay enough. I have to admit it was initially convincing. I had the good sense to get off the phone and speak to my father's accountant (I did my own taxes then, but his accountant is a family friend). He told me the IRS would never contact me by phone. At the time I had no idea that was the case.

 

My mother has fallen prey to a scam. I forget the details but she ended up paying something like 1,500 dollars somehow. Didn't break the bank, but she sure was embarrased. 

Edited March 28, 2018 by bcking

[Dashinka 24,767]

From what I read, scammers will try to get full information from bits they might already possess.  For instance, they may already have the last four digits of a SSN, and ask the person on the phone to confirm the first five or something like that.  I have a friend who fell for a scam (not a millennial) regarding her debit card, she said it sounded plausible, and she confirmed the number along with the PIN.  The scammers slipped up though as they hung up immediately which tipped her off to the scam, so she immediately called the bank and canceled the card.

[Steeleballz 7,550]

5 hours ago, Bill & Katya said:

From what I read, scammers will try to get full information from bits they might already possess.  For instance, they may already have the last four digits of a SSN, and ask the person on the phone to confirm the first five or something like that.  I have a friend who fell for a scam (not a millennial) regarding her debit card, she said it sounded plausible, and she confirmed the number along with the PIN.  The scammers slipped up though as they hung up immediately which tipped her off to the scam, so she immediately called the bank and canceled the card.

 

    Giving out a pin number should never sound plausible. Giving out any of that info really. Banks just don't ask for that information. 

 

   

[Voice of Reason 10,298]

Some scammers are very good though.  Recently had a call from someone claiming to be BCBS, but in the Philippines.  Trying to get me a better rate on my health insurance (when such a thing doesn’t exist, which makes the scam even funnier).  The only thing I would confirm is my first name.  Played with them for a little bit, but when I asked what my rate with them would be, they needed my SSN and some other data to compute that.  I told the guy to find another sucker born last night, and hung up.

 

I received calls every day for about 10 days from the same number, but never answered.

[Steeleballz 7,550]

45 minutes ago, IDWAF said:

Some scammers are very good though.  Recently had a call from someone claiming to be BCBS, but in the Philippines.  Trying to get me a better rate on my health insurance (when such a thing doesn’t exist, which makes the scam even funnier).  The only thing I would confirm is my first name.  Played with them for a little bit, but when I asked what my rate with them would be, they needed my SSN and some other data to compute that.  I told the guy to find another sucker born last night, and hung up.

 

I received calls every day for about 10 days from the same number, but never answered.

 

  I used to mess around with scammers but I've read in a few places that some of these guy's are so good at scamming that while you think you are messing with them, they still may getting something useful out of you. It's not a game worth playing.

 

  I hang up on everyone now. If I think they are legitimate I ask them for a number where I can call back. If they actually give me one, I compare that number to the contact info I have. If it doesn't match that's the end of it.  My bank and CC company contact me with emails and texts if there's anything suspicious. There's no need to talk to a live person unless I initiate the call.

[Dashinka 24,767]

8 hours ago, Steeleballz said:

 

    Giving out a pin number should never sound plausible. Giving out any of that info really. Banks just don't ask for that information. 

 

   

I agree, and I told her that, she was just acting scatter brained at the time I suppose.  However, it is just like folks that believe they are being called by the IRS (out of the blue), the IRS doesn't do this, but some folks still believe it when it happens.

[Dashinka 24,767]

7 hours ago, Steeleballz said:

 

  I used to mess around with scammers but I've read in a few places that some of these guy's are so good at scamming that while you think you are messing with them, they still may getting something useful out of you. It's not a game worth playing.

 

  I hang up on everyone now. If I think they are legitimate I ask them for a number where I can call back. If they actually give me one, I compare that number to the contact info I have. If it doesn't match that's the end of it.  My bank and CC company contact me with emails and texts if there's anything suspicious. There's no need to talk to a live person unless I initiate the call.

Completely agree.  Even the few times I get a call/message from a credit card fraud department, I always call back using the number on the card.

[bcking 3,157]

2 hours ago, Bill & Katya said:

I agree, and I told her that, she was just acting scatter brained at the time I suppose.  However, it is just like folks that believe they are being called by the IRS (out of the blue), the IRS doesn't do this, but some folks still believe it when it happens.

When are you supposed to learn that the IRS doesn't do that? Granted I was young, had only started working but still I don't recall anyone saying "Oh by the way, the IRS wont' call you".

 

Now I feel like I see it more often because the scam became more prevalent. But before it was so commonplace I could see a lot of people not realizing that isn't how the IRS behaves. Most people never get in trouble with the IRS so they probably have no idea how the process works.

 

After I realized it was a scam though I do kind of wish I followed a long a bit. I am curious how they planned it ending. How was I going to give them money? A check in the mail?  The guy on the phone made a big deal about the "urgency" claiming they had tried to contact me by mail several times and I had failed to respond. It would seem silly to be so urgent and then say "Slip it in your mailbox" but then it's not like they could have directed me to show up somewhere. That would have been a dead giveaway.

[Dashinka 24,767]

10 minutes ago, bcking said:

When are you supposed to learn that the IRS doesn't do that? Granted I was young, had only started working but still I don't recall anyone saying "Oh by the way, the IRS wont' call you".

 

Now I feel like I see it more often because the scam became more prevalent. But before it was so commonplace I could see a lot of people not realizing that isn't how the IRS behaves. Most people never get in trouble with the IRS so they probably have no idea how the process works.

 

After I realized it was a scam though I do kind of wish I followed a long a bit. I am curious how they planned it ending. How was I going to give them money? A check in the mail?  The guy on the phone made a big deal about the "urgency" claiming they had tried to contact me by mail several times and I had failed to respond. It would seem silly to be so urgent and then say "Slip it in your mailbox" but then it's not like they could have directed me to show up somewhere. That would have been a dead giveaway.

To me, it is asking questions (a healthy skepticism) and not believing in the all powerful government.  Isn't that what you did?

[bcking 3,157]

1 minute ago, Bill & Katya said:

To me, it is asking questions (a healthy skepticism) and not believing in the all powerful government.  Isn't that what you did?

I don't completely recall what got me off the phone. I remember I was out in a suburb at a psych hospital doing a "day visit" there. I think I was lucky because I didn't feel like it was the right time or place to have the discussion, so I kept asking if I could call them back. Obviously they didn't like that, but when I explained that I was quite isolated and had no access to a computer, no access to my bank or anything else they relented at some point. Being able to hang up the phone was helpful because then I could collect my thoughts.

 

They try to keep you on the phone as much as possible so they can keep pushing you. They keep you on edge so that you are at least partly worked up, probably hoping that your emotions may mask your healthy skepticism. At least that's how it was for the IRS scam. Saying they had been trying to reach me for 2 months and they had sent 5 notices and I hadn't responded and that was going to get me in extra trouble obviously added to the perceived "urgency" of the situation.

[Dashinka 24,767]

17 minutes ago, bcking said:

I don't completely recall what got me off the phone. I remember I was out in a suburb at a psych hospital doing a "day visit" there. I think I was lucky because I didn't feel like it was the right time or place to have the discussion, so I kept asking if I could call them back. Obviously they didn't like that, but when I explained that I was quite isolated and had no access to a computer, no access to my bank or anything else they relented at some point. Being able to hang up the phone was helpful because then I could collect my thoughts.

 

They try to keep you on the phone as much as possible so they can keep pushing you. They keep you on edge so that you are at least partly worked up, probably hoping that your emotions may mask your healthy skepticism. At least that's how it was for the IRS scam. Saying they had been trying to reach me for 2 months and they had sent 5 notices and I hadn't responded and that was going to get me in extra trouble obviously added to the perceived "urgency" of the situation.

I guess I am lucky that I grew up in a large family where no one would ever call for me, so I learned to ignore a ringing phone (never leave me a voice mail as I ignore those as well).  My friend who was almost scammed is a slave to the phone, she answers every call.  I told her to let unknown numbers go to VM, but answering the phone is ingrained.  Regardless, it was good for you that you were in that situation as it became a valuable learning experience.  I was once audited (via mail, no phone calls), and I almost panicked, but I took a breath, read the file and found out it was a big mistake.  Long story short, for some reason the IRS thought I owned all the bank accounts that were owned by the Townships' Fire Authority I served as an independent contractor.  I had to go to the township treasurer to get it straightened out, but I am glad I did not panic.