Fear of fraud is universal. Today, 77% of Americans are concerned about fraud and identity theft when managing finances online, according to 2025 research from Edward Jones and Morning Consult. Even more striking: 26% of Americans have personally experienced financial fraud.
While fraud is often associated with the elderly, millennials are among the hardest hit. Over one-fourth (28.6%) of millennials reported experiencing financial loss due to scams — more than any other generation, per 2024 research from PYMNTS Intelligence.
Here are common scams targeting millennials:
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