When it comes to acquiring the best identity theft protection, it seems that Millennials – the generation made up of Americans who are between 18 and 27 years old – do the worst job, according to a study conducted by Javelin Research & Study, a California-based research group. As a result, while they could reduce their odds of becoming victims of this crime by investing in identity theft services, they are instead left saddled with significant debt and legal constant legal battles because they aren’t aware of the threat, making them perfect targets for fraud.
“Millennials don’t protect enough or detect enough,” said James Van Dyke, president of Javelin, who conducted the study to gauge who is being victimized more and the affect this crime is having on its victims.
On average, the research shows that it takes victims in this age group roughly 132 days to recognize theft on their bank or credit card statements or on their credit reports - not the best identity theft protection. In comparison, Javelin found that older age groups will discover the crime roughly 49 days after it has been committed.
What’s troubling about this research is the fact that most credit card companies only give account holders roughly 90 days to issue a fraud alert. What’s more, most banks will only allow 30 days after theft has been committed to contest it.
The takeaway from all this data is the fact that Millennials could potentially benefit from identity theft services more than any other demographic.