Why Are They Prime Targets?
In recent studies of identity theft cases and general awareness regarding identity fraud, researchers are concluding that individuals in the generation Y demographic — those aged 19 to 30 as of 2014 — are prime targets. Susceptibility for younger age groups to identity theft cases is due in part to the they perceive private information and use the Internet. It may also be because of a lack of concern among young people regarding potential personal risks.
Generation Y’s Tech-Confident Approach
According to JD Power and Associates, individuals in the generation Y age bracket are much less likely than older individuals to worry about identity theft. Only 47 percent of generation Y individuals reported a high level of concern about the issue, while 79 percent of generation Xers and 83 percent of Baby Boomers were concerned. According to a manager with JD Power and Associates, part of that disparity is due to the younger generation’s comfort with technology. They feel more assured in using the Internet and warding off troubles. Since no system is perfect at defending against hacks. Overconfidence could put generation Yers at more risk for identity theft cases.
Protecting Against Gen Y against Identity Theft Cases
Reacting to theft risks and data breaches is important. Generation Y individuals put themselves at increasing risk through decreased vigilance. According to studies, younger individuals are less likely to monitor accounts, credit reports, and bank activity on a regular basis. Generation Yers take as much as twice as long as older individuals to discover and report suspicious account activity, which makes them a very attractive target for thieves. The longer the activity goes unreported, the more the thief can profit.
Individuals of all generations can avoid becoming a identity theft statistic by:
- Shredding or destroying documents that contain sensitive information
- Avoiding suspicious websites or downloads
- Setting strong passwords for all accounts
- Reviewing accounts on a daily or weekly basis to ensure no suspicious activity is present.
Why do you think Gen Yers have more identity theft cases than other demographic groups?