Younger Canadians lost more money to scams in 2024 than older age groups despite being exposed to fewer scams overall.
According to the 2024 BBB Canada Risk Report, individuals aged 25-34 reported the highest median losses, at $500, which is nearly a 67 per cent increase from the previous year.
Those aged 18-24 ranked second, with a median loss of $365.
“Reports of scams targeting younger people continue to rise and unfortunately, we’re seeing more young victims losing significant amounts of money,” said BBB’s marketing director Neesha Hothi in a news release.
“It’s important for younger people to recognize that they’re increasingly being targeted, whether they're students, searching for housing or jobs, shopping online or exploring investment opportunities. Being aware of the types of scams out there is the first step in protecting themselves.”
Here are common scams that target younger people, and tips to help avoid these scams:
Employment scams
- Research the person and company who contacted you. If you suspect the person contacting you could be a scammer, look them up. A quick online search should reveal if they truly work for the company they claim to. Check for information on the business from others on job boards and the BBB Scam Tracker.
- Don't fall for jobs that seem too good to be true, because it probably is. If you are offered a job — without a formal interview — that has excellent pay and benefits, it's likely a scam.
- Guard your personal and banking information. Never give sensitive information to anyone you aren't sure you can trust. Be especially wary if someone pressures you to divulge your information as employment offers are often a ruse to steal your identity.
- Watch out for overpayment scams. Many job scams involve sending fake checks with extra funds. Scammers ask their victims to deposit the check and send back the excess amount, hoping they'll do so before they realize the check was fake and has bounced. Legitimate companies will only send you money after you've done work for them.
Online purchase scams
- Do your research and choose trustworthy businesses. Accredited Businesses will have the BBB Seal of A Sign of a Better Business which is earned by brands that meet BBB’s Standards for Trust.
- Check the seller’s reviews and ratings. These exist on various platforms, but authentic, verified reviews can be accessed from a company’s BBB Profile as well. When reading reviews, look for trends — positive or negative — and take note of how the company responds.
- Check for a secure website. Look for the “https://” URL structure in the company’s web address, as well as the padlock symbol in the address bar. These verify you’ve got a secure connection and encryption of your data.
- Check for contact information. Whether it’s a street address, an email or a phone number, contact information is crucial in giving you a way to contact a company.
Cryptocurrency/investment scams
- Never trust too-good-to-be-true investment offers. If an investment promises massive returns with little effort, it's likely a scam.
- Research all investment opportunities before you commit and watch out for fabricated celebrity endorsements. Find more cryptocurrency scam info at BBB.org.
- Beware of high-pressure tactics. Fraudsters will push you to act fast and promise immediate and guaranteed returns with small starting amounts.
Get more information on common scams at BBB.org.
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