Despite being the “technological generation”, our latest survey found that Millennials experienced financial losses three times as often as baby boomers due to phone scams in 2018. Scammers have figured out how to lull consumers into a false sense of security during scam calls, and millennials are more likely to fall victim to this tactic. We found that millennials were six times more likely to disclose personal information over the phone if the caller could verify sensitive information, such as the last four digits of their Social Security Number.
Despite the high numbers of millennials giving out sensitive information, they remain confident over other generations in their ability to determine if an email, text, or phone call was a scam. Additionally, we found that 68% of our Millennial respondents did not know the correct deadline to file taxes in 2018, suggesting that they are less concerned than other generations with the details around financial security.