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According to LIMRA Secure Retirement Institute (LIMRA SRI), a quarter of Americans have been a victim of fraud. While Millennials were the least likely to say they were concerned they could be a victim of financial fraud compared to older generations, they were also the most likely to say they had been a victim of fraud in the past two years, 17 percent of Millennials versus 11 percent Generation X (Gen X) and 12 percent of Baby Boomers.

One of the reasons Millennials might not be as concerned about being a victim of fraud is that they don’t realize that even though many of them have lower account balances than their older counterparts it doesn’t exclude them from being a target. Another reason may be that younger consumers are more likely to engage in risky behaviors that might make them an easy target – such as sharing too much personal information online.

Millennials were the least likely age group to check their retirement accounts at least once a quarter for fraud. Less than half of Millennials check compared to 59 percent Gen X and more than 7 in 10 Baby Boomers. However, they are also the age group who wished financial service companies would tell them more about what they do to prevent fraud. Additionally, LIMRA SRI finds one in three Millennials strongly agree that they wished they knew more.

When it comes to what consumers would do to help protect themselves against fraud, LIMRA SRI finds younger consumers say they are more likely to accept longer financial transaction times than older generations. Millennials also say they are more likely to consolidate their retirement accounts with more than 6 in 10 saying they would to help prevent a fraudulent attack.

Here are three tips to prevent yourself from financial fraud:

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Catherine Theroux

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Work Phone: (860) 285-7787

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Brooke Lacey

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Mobile Phone: (413) 530-6184

Bailey Reed

Public Relations/Social Media Specialist

Work Phone: (770) 984-3788

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