Baby Boomers Have the Safest Financial Security Habits
A new survey from Shred-It shows that Baby Boomers have some of the safest financial security habits when compared to other generations. Over half of U.S. consumers (51%) admitted to reusing passwords and PINs, but only 47% of Baby Boomers had this habit. On the other hand, 55% of Millennials and 61% of Gen Z reused login information.
While stereotypes may suggest that younger generations are more savvy about security, actual practices indicate otherwise. For instance, only 26% of Baby Boomers store sensitive paper documents in an unlocked cabinet, compared to 33% of Millennials and 31% of Gen Z. Baby Boomers are also much more likely to shred important documents: 80% of Baby Boomers employed this practice compared to 67% of Millennials.
All generations are keeping a close eye on their financial accounts, but Baby Boomers are slightly more aware. A staggering 91% of Baby Boomers said they closely check their bank accounts, credit card statements and credit reports each week, compared to 85% of Millennials and 86% of Gen Z.
The International Fraud Awareness Week Survey showed 49% of Americans believe their security habits could put them at risk of identity theft or fraud. Moreover, 39% said they have already been the victim of fraud, and 27% said they would not know how to find out if they had been the victim of fraud. One in five respondents said they would not know how to report or remedy the circumstances if they experienced fraud or identity theft.
How to Prevent and Respond to Information Fraud
Keep an eye on your financial accounts, and check your credit reports at least once a year. You can do this for free at AnnualCreditReport.com. If you notice any suspicious activity, report it to the bank or credit bureau right away. You may need to get a new credit card or bank account number to prevent future fraud. The bank can work with you to reimburse a fraudulent transaction, and the credit bureau can investigate the activity to remove it from your report.