Digital Millennials: What You Need to Know About Identity Theft

Millennials are arguably the most tech-savvy generation. Not only do they use technology in virtually every aspect of their life, but are also familiar with the internet, including social media and online content.

However, unlike other generations, millennials are much more prone to identity theft. Recent research from Mintel shows that while consumers have become more protective of their personal details, 60% of Millennials would be willing to share theirs.

Older generations take privacy seriously. In fact, most of them wouldn’t be willing to share details about their personal preferences and habits even to marketers.

For millennials, however, privacy and identity theft protection seem to take on a different meaning.

They rely heavily on digital services such as Uber, Airbnb, Uber Eats, and others. While these apps and websites offer great convenience and rewards, millennials will ignore potential dangers even when they are aware, just to enjoy the services.

Millennials also want their classmates, friends, and other people in their circles to see all the juicy details of their lives. Usually, they will do so through posting on Facebook, Google, and other social media platforms and websites.

In the process, they end up sharing too much personal and financial information on the internet.

Most will even be willing to use their real names on a website, fail to disable cookies, and forget to clear their browsing history. These only make them an easy target for identity theft and explains why they are 25% more likely to report losing money to fraud than older generations.

There are countless ways in how thieves could steal personal information. These include:

Hacking: Happens to computers, smartphones, and other mobile devices. A hacker can install a program onto your device’s OS without you noticing. That way, a hacker can access all information they need.

Phishing: Scammers and cybercriminals often use texts, telephone calls, and emails to trick their victims into sharing personal information. They may pretend to be some party you trust, such as a major retailer, the IRS, or a bank.

Data breaches: Major organizations such as retailer stores are often targeted by cybercriminals, identity thieves, and opportunistic employees because of their massive store of sensitive personal information. When a data breach happens, the damage is usually extensive, affecting almost all customers.

Traditional methods: Identity thieves are not above conventional methods such as combing through trash or stealing your wallet or purse to get identifying information such as credit cards, receipts, checks, bills, and more.

The current digital era has so much to offer, and it’s certainly not all bad.

However, before sharing any personal details, millennials (and everybody else) need to reevaluate just how much is at stake should they engage in a specific digital service. A good rule of thumb is to ask yourself these questions before sharing any personal information.

Now that you know your identity could get stolen and how to prevent yourself, it’s time to take your personal information much more seriously.

Whether you are a student or parent, you must take control of your personal information and identities. If you have to use any digital service, think about just how much damage could happen should the information you share get into the wrong hands.