How to Choose the Best Identity Theft Protection for Baby Boomer and Gen X Employees

With multiple generations in the workforce, your employee meetings may look like a family reunion. Four generations of employees, from baby boomers all the way to Gen Z, are on the job.

No matter their age, perspective, or life experience, however, all the generations of employees in your organization face identity theft and privacy compromises. In the first half of 2019 alone, breaches exposed 4.1 billion records, putting your employees at risk for identity theft. This complex crime occurs every two seconds and takes victims hundreds of hours to resolve.

20% of employees say they’ve been victims of identity theft

PwC’s 8th annual Employee Financial Wellness Survey

Growing social media threats and expanding criminal activity on the dark web create even greater identity and privacy risks for your employees and their loved ones. In fact, 13 million social media accounts are hacked every day, and active social media users have a 30% higher risk of becoming fraud victims.

To help protect your employees against digital dangers, it’s essential to understand the different behaviors, attributes, and attitudes of each generation. This two-part blog series provides a behavioral and financial snapshot of the four generations and outlines their identity and privacy risks. This can help you make an informed decision on which identity and privacy protection is the ideal employee benefit for the people you serve.

HR’s Guide to Identity & Privacy Benefits for Employees of All AgesDownload

A Snapshot of Baby Boomers and Gen Xers

Baby boomers and Gen Xers have a lot in common. They’re both still active in the workforce: Gen Xers are close to their potential peak-earning years, and baby boomers are staying on the job longer. They have established families, although Gen Xers, now in the Sandwich Generation, are supporting both growing children and aging parents

Both generations have more established assets than their younger co-workers. What’s more, the median total income climbs steadily as employees age. And Gen Xers will receive the greatest share of the $48 trillion in wealth from boomers over the next 25 years.

The Privacy and Identity Risks of Older Employees

With their greater wealth, Baby Boomers and Gen Xers are prime targets for criminals. Fraudsters use phishing, among other techniques, to steal bank information, tax refunds, Medicare benefits, and retirement savings from boomers. And Gen Xers use things like online car insurance—information not routinely covered by traditional credit monitoring which can lead to scams.

Both boomers and Gen Xers reportedly use only a few passwords to access multiple websites and apps. Together, these generations account for more than 70% of fraud cases and 80% of identity theft cases, according to the Federal Trade Commission. These crimes can go undetected for a long period of time.

Gen Xers and Baby Boomers account for 70%+ of fraud cases and 80% of identity theft cases.

According to new data from the Federal Trade Commission

Employees’ children from all generations also face significant identity and privacy threats. Identity thieves can use a child’s Social Security number to apply for government benefits, open bank and credit card accounts, apply for a loan or utility service, or rent a place to live. And with gaming, using social media, and other online activities, children’s privacy is at increasing risk. Your employees need a way to monitor their children (or grandchildren’s) identities before they actually need it.

What Gen X and Baby Boomers Need in Identity and Privacy Protection

Educate your employees—especially those who are non-digital natives—on the latest phishing scams, strong password security, and overall good digital hygiene. You can further safeguard your Baby Boomer and Gen X workers with identity theft and privacy protection as an employee benefit. Look for a solution that addresses both privacy and identity concerns—from social media to healthcare fraud. It’s a powerful employee benefit that your workers of all generations will value.

Learn more by downloading HR’s Guide to Identity & Privacy Benefits for Employees of All Ages.