More young Canadians are losing money to scams than their parents

If you think scams are just a problem for your grandparents, think again.

According to the 2024 Better Business Bureau (BBB) Canada Risk Report, younger Canadians are taking a big financial hit from scams, even though they’re being targeted less frequently than older folks. 

The report reveals that people aged 25 to 34 reported $500 as the highest median losses last year, which marked a 67% spike from 2023. Additionally, Canadians aged 18 to 24 reported 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 Neesha Hothi, BBB Director of Marketing.

“It’s important for younger people to recognize that they’re increasingly being targeted…Being aware of the types of scams out there is the first step in protecting themselves.”

The risk report detailed some of the most common scams targeting young adults and how to avoid them, including employment scams, online purchase scams, and crypto and investment scams.

Employment scams

Scammers know that job hunting can be stressful (especially in this economy) and they’re using that to their advantage.

Make sure you’re looking up the company and the person who reached out. If you’re unable to find a digital trace of them, or the details don’t add up, then ignore it. 

If you’re offered a position with good pay, zero effort and no actual interview, this is likely a scam. 

Don’t ever hand over personal or banking information unless you’re 100% sure the job is legit. 

Additionally, if someone offers you a cheque “by mistake” and asks you to refund the difference, don’t. This is an overpayment scam and the cheque will bounce.

Online purchase scams

Shopping online is convenient, but scammers are waiting for you at the checkout.

To avoid falling victim to a purchase scam, stick to trusted sellers, do a review deep dive and see what others are saying, look for the padlock icon in the browser bar, and ensure they list their contact information on the website. 

Crypto & investment scams

Crypto might sound like a fast way to make money, but it’s also a fast way to lose it if you fall for a scam.

If the offer seems too good to be true, it probably is—big returns with zero effort is a scam. Make sure to do your research and comb through investment opportunities thoroughly. 

Most importantly, don’t rush. Scammers will often use high-pressure tactics to push you to ‘act now’ and promise instant financial gain. This is a huge red flag, and it’s best to walk away. 

Whether you’re job hunting, shopping online, or dabbling in crypto, stay sharp, question everything, and don’t be afraid to say no. 

Bottom line, trust your gut and report it to the BBB Scam Tracker if you’re feeling unsure. For more information on common scans, check out BBB’s website.