‘Sharing but not caring’ generation is a top target for organized crime syndicates

VANCOUVER (NEWS 1130) – When it comes to fraud, organized crime syndicates have a favourite target: millennials!

A survey from Equifax finds more than half of Canadians (53%) say they have been a victim of financial fraud and that millennials (the 16 to 36 age range) in particular are increasingly becoming the unsuspecting victims.

“Approximately half of all fraud is being perpetrated against this group — 20 points higher than the next age group, Generation X,” says John Russo, the Chief Privacy Officer at Equifax Canada.

“They’re what we call the ‘sharing but not caring’ generation. They are sharing way too much information online and they think it’s without repercussion. They are at an age where they should be growing their credit history and protecting their identity, but instead they are opening themselves up for identity theft,” he tells NEWS 1130.

Millennials may be tech savvy, but Russo says they don’t care as much about protecting their privacy as other age groups.

“They’re ordering cheap, untrustworthy apps and they think it’s low risk, but criminals are setting up and trolling these sites to get information. All their online traffic creates more of a personal profile that criminals are able to take and build upon,” he explains.

“If you’re a student making minimum wage, as long as criminals have your name, address and date of birth, they can take your identity, say you’re making a bigger income and use that to get credit in your name. You only find out when the collection companies start calling and asking when you’re going to pay the bill.”

Russo says it is easy to fall victim to corrupt in-app purchases that are phishing for information. Even something as simple as a downloadable ringtone can be more sinister than it first appears.

“We’ve seen people click on those free ringtones and get compromised because criminals have managed to put malware on their system. With that, they take your contact list and start sending them emails and texts, as well. They take advantage of all these vulnerabilities where they are getting people who think they are tech savvy to really compromise their identity and then leave them holding the bag.”

But Russo says there are some simple solutions.

“Put a device lock on your smartphone or tablet, use location services only when you need it, change your passwords monthly, use stronger passwords, and never share personal information with anyone online or over the phone — except in cases where you initiate the contact.”

The Canadian Anti-Fraud Centre estimates that mass marketing fraud losses to businesses and citizens is now more than $10 billion annually, and it’s believed that almost 80 per cent of all fraud in Canada is committed by organized crime groups.