Millennials are 25% more likely to lose money because of fraud, especially e-commerce scams, as compared to other generation groups. If you need reliable fraud prevention services to protect your online transactions and want to get easy access to an exceptional high risk merchant account, you’re at the right place.
Frequent Fraud Victims
According to the Federal Trade Commission, those aged 20-30 are more likely lose money because of fraud as compared to those aged 40 and over. Here’re the main 5 types of fraud that this generation is frequently faced with:
- Internet shopping
- Business and government imposters
- False check scams
- Dating scams
The reported amount of money to the Federal Trade Commission (FTC) by millennials has been about $450 million over the last 2 years. Of that amount, $71 million were associated with internet shopping, and $61 million had to do with government imposter scams. Besides:
- The FTC very often receives reports concerning items that aren’t delivered at all or don’t correspond to their description.
- Millennials are more likely to lose money because of scams promising to fix issues concerning debt or because of false promises to raise money through jobs or investments, and other scams as compared to other generation groups.
- Millennials are 93% more likely lose money because of fake check scams.
High Risk Merchant Account & Payment Processing Fraud
With all that being said, it’s critical to use only the most advanced and the safest fraud prevention techniques for payment processing. For this, just turn to a respectable credit card processor in your field that can protect your transactions with unique fraud prevention and chargeback mitigation solutions.
With a true payment processing expert, you can be sure to enjoy the most secure merchant services, including a high risk merchant account, at the cheapest possible rates.
By the way, each year, 25% of North American households are victimized by fraud. As a result, consumers lose nearly $50 billion.
To sum up, people aged 20-30 or millennials are 25% more likely to lose money because of fraud as compared to people aged 40 and over. Work with a reputable processor to avoid fraudsters to the best possible way.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country dedicated to offering the safest and cheapest high risk merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.
