78% of Millennials & Gen Z report being targets of debt scams

SPRINGFIELD, Mo. — A new report by BadCredit.org revealed 78% of Millennials and Gen Z have reported being targets of debt collection scams.

According to the report, Americans owe over $1 trillion in credit card debt, which means scammers are on the rise. The most common scams young adults have fallen victim to are phishing, identity theft and mobile payment scams.

The BadCredit report found:

• Nearly half (46%) of Millennials and Gen Zers are concerned about falling victim to a financial scam.
• The report states on average, young adults have lost $3,067 to scams so far in their lifetime.
• In 2023, the Federal Trade Commission received more than 124,000 debt collection scam reports.

The full article is available at ozarksfirst.com.

(Story by Tony Nguyen, ozarksfirst.com)