Americans Under 30 Lost Nearly $500M to Scams in 2025

Americans age 29 and younger reported losing nearly $500 million to scams in 2025, up 20% from 2021, according to Federal Trade Commission data cited by FedPayments Improvement.

A major scam loss can be especially damaging for young people who may not have much savings to fall back on.

Scammers may also exploit financial pressure by targeting struggling consumers with promises of quick debt relief. Falling for one of these schemes can leave victims with deeper financial problems and fewer resources to recover.

The median reported fraud loss for people ages 20 to 29 in 2025 was $305, lower than the median losses reported by older age groups. But that doesn’t mean young victims can absorb the financial setback more easily.

A loss of $305 may not upend every household budget. But it can still hurt consumers already struggling to cover necessities.

As of Sept. 2, AAA’s national average price for regular gasoline was about 93 cents per gallon higher than it was one year earlier. Higher food costs are also something people have to contend with in 2026.

Why Young Adults Are Prime Targets

FedPayments Improvement, a Federal Reserve Banks program, identified several factors that can make teens and young adults more likely to fall for scams.

Younger consumers may lack the experience to distinguish legitimate financial interactions from scams.

Teens and young adults face many financial firsts, from buying a car and renting an apartment to starting a full-time job.

Young adults may also be using new financial tools and opening accounts they hadn’t owned previously, such as those for long-term savings and investing and different types of loans.

Their relative inexperience, compared with older consumers, may make them prime targets for scammers looking to capitalize on a person’s lack of financial knowledge.

Another factor that can make a young adult more susceptible to scams is the amount of time they spend online interacting with people they may not be entirely familiar with.

“As digital natives, teens and young adults often spend time interacting on social media platforms, online marketplaces and gaming communities, spaces where criminals can easily blend in,” the authors of the FedPayments Improvement article wrote.

Fake Jobs, Online Deals and Rental Scams

Common types of scams that teens and young adults can encounter include those centering on deals for online merchandise and jobs that require a person to buy starter materials or pay other upfront fees.

Rental and housing scams may also ensnare younger consumers in the market for an affordable place to live.

According to a Federal Trade Commission report, people between the ages of 18 and 29 were three times more likely to report losing money to a rental scam than other adults in reports filed from July 2024 through June 2025.

How Young Consumers Can Protect Themselves

Fraud isn’t new to the financial world, and it’s not likely to disappear anytime soon. But consumers can take practical steps to reduce their risk.

Although it may sound obvious, simply being aware of the scams that are out there can put a consumer in a better position to avoid them. People can sign up to receive advice and alerts about scams from the FTC that can help them stay ahead of the latest tactics criminals are using.

If contacted by someone they suspect may be a scammer, consumers should verify the sender’s identity before engaging further.

Scammers may try to conceal their identities by claiming they represent legitimate businesses. Consumers can contact the business using a trusted phone number to verify whether a request is legitimate.

With advances in technology that can help scammers appear to be someone else, people should be especially cautious about communications from email addresses and social media accounts that may be spoofed.

Safeguarding personal data can also help people protect themselves from scams. Though social media is a big part of many young people’s lives, they should avoid posting information publicly that scammers could use to defraud them.

Regularly monitoring credit profiles can also help consumers spot accounts or credit inquiries they don’t recognize.

Anyone who believes they paid a scammer should immediately contact the bank, card issuer or payment service used to send the money and ask whether the transaction can be reversed. Victims can also report the incident at ReportFraud.ftc.gov.

If personal information was exposed, IdentityTheft.gov provides a recovery plan and steps to help protect affected accounts.

FedPayments Improvement offers resources on its website that can assist people looking to bolster their defenses against scams.