Phone Scams Cause Americans to Lose $10.5 Billion in 2018
According to a new report by Truecaller, as many as 43 million Americans may have been scammed in the past 12 months, for a total of $10.5 billion in losses. Contrary to stereotypes about gullible old people, young adults (aged 18-34) are actually more likely to fall victim to phone scams than people of different ages, and men appear more gullible than women. In the past year, 40% of young men fell victim to a scam, while the number was 28% for young women.
Across all age groups, 21% of men and 13% of women were scammed. In total, 17% of people lost money from a scam, with the average loss per victim estimated at $244. It is striking that more than half (56%) of victims were scammed multiple times.