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Boomers More Security Conscious in Fending Off Fraud

Millennials and Gen Zers less likely to alter passwords or check their financial information regularly

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Boomers are more conscious about their online security and transactions than younger generations, a survey finds.

In the survey, conducted by the document destruction company Shred-it, boomers were more likely to take certain precautions related to personal identification and financial security:

  • Fewer than half of boomers (47 percent) regularly reuse passwords and PINs for all sorts of activities – email, logins, bank accounts and the like. The same is true of 55 percent of millennials and 61 percent of Gen Zers.
  • About a quarter of boomers (26 percent) store paper documents with sensitive information in an unlocked cabinet; 33 percent of millennials and 31 percent of Gen Zers do the same.
  • Boomers shred documents with sensitive information at a higher rate than younger people.

For more on how to protect yourself, visit AARP's Fraud Watch Network.

On the fraud front, the survey revealed that boomers do not feel as confident as younger adults about whether they can determine if an email or phone call is an attempt to scam them.

Other fraud statistics:

  • Nearly 2 in 5 consumers report having been a victim of fraud. 
  • Of those who know they’ve been scammed, 33 percent discovered their situation by monitoring their own accounts; a business alerted 29 percent of victims to a security breach; and 24 percent found out by accident.

In an AARP survey in 2017, only 18 percent of adults age 50 or over were “extremely or very confident” about their online privacy, with those over 70 expressing the most skepticism.

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