6 Ways Millennials Become Victims of Identity Theft

Millennials are the most tech-and-internet-savvy generation. So what makes them more likely than any other age group to become victims of identity theft?¹ For starters, millennials generally having a clean credit history that makes them lucrative targets for an identity thief. In addition, millennials are also: 

• Highly likely to store bank account information on their phones²
• Easily accepting of sharing personal information on social media
• Most likely to fall for job scams³
• Unlikely to use identity monitoring services that uncover potential fraud and stop it before it’s too late

Learn about ReliaShield’s comprehensive identity theft protection now!

There are actually many factors that put millennials at a greater risk of identity theft, but there are also things they can do to protect themselves. Here are the top six ways millennials get their identities stolen:

Smartphones

There’s been a huge increase in mobile security threats over the past few years. 86% of millennials say they store their bank account information on their phones, but only 33% of them of actually use a passcode on their devices.⁴ This leaves their banking information at risk if their phone is hacked, phished or stolen.

 What you can do about it:

Set a password on your phone to create a barrier for anyone trying to access the information.

Social media

All a thief really needs to steal your identity are some key pieces of your personal information. If they can determine your birthday, your mother’s maiden name, and/or where you grew up from Facebook, they may be able to hack into your bank account. Or, they can string that information together with information gathered elsewhere to do something worse, like apply for a loan or credit card in your name. 

 What you can do about it:

Think twice before you share all the things. Sensitive personal information like your Social Security number, address, full birth date and bank account number should never be shared. Also consider adjusting your privacy settings so that what you share is only visible to your real friends and family.  

Facebook Scams

Has one of your friends ever popped up on Facebook Messenger, wanting to reconnect and eventually promising you wealth by clicking through to a website? If they’re trying to persuade you to click a link or download a program, your “friend” has likely been hacked and the hacker wants to get malware on your computer. From there your Facebook account and computer can be partially controlled by hackers who may send spam to other people on your friends list and elicit personal information from both you and them.

What you can do about it:

Don’t take a friend’s profile picture at face value. They may have been hacked or are under the influence of a hacker. And if someone asks you to transfer money over a social network, don’t do it!

Data Breaches

Target, Google, Verizon, Chipotle and Xbox have two major things in common: they’re brands that millennials use and enjoy, and they’ve all had major data breaches in the past few years. A data breach happens when a cybercriminal steals sensitive information by hacking into a company’s network. They can sell that information on the dark web and it’s used for identity theft. Data breaches like these are, unfortunately, not uncommon—and have put the personal information of billions of Americans at risk.

 What you can do about it:

Preventing a data breach is out of your hands. When you swipe your card at a store or make a purchase online, you’re trusting that company to keep your information safe. The best thing you can do is have a reliable identity theft protection service in place, so that if your information does get compromised, you have a team working for you to stop a full-blown identity theft before it gets that far.

Snail Mail

75% of baby boomers shred sensitive documents before throwing them out, compared to only 53% of millennials. Be aware that identity thieves hunt for credit card bills, bank statements, medical bills, tax information, personal checks, and more right in your own mailbox. They may also dig through your trash looking for personal information they can use to steal your identity.

 What you can do about it:

Ask a friend to collect your mail while you’re out of town, and consider investing in a paper shredder before you toss out sensitive documents—if you don’t want to just tear them up by hand.

Job Scams

Did you know that there are a whopping 60 to 70 jobs scams posted for every one legitimate posting?⁵ Hackers are now using job postings as a front for phishing scams, money movement, envelope stuffing scams, identity theft and more.

 What you can do about it:

Never give out sensitive information during an application process. For example, a potential employer should not ask you for your Social Security Number until you are hired. And use caution when clicking through to websites and links you are sent. If something feels pushy, too easy, or “off,” it may very well be a scam.

Remember, ReliaShield offers a reliable identity theft prevention and a restoration program. Learn more about identity theft protection from ReliaShield today!