Angelo Sotiro, founder of the millennial-charged social platform DeviantArt, has insightfully said, “To be successful online, you have to be nimble and evolve where the opportunities are.” For a generation of young adults who overwhelmingly depend on technology for basic life skills, such as financial management, and are living in a cyber world characterized by hacking, social engineering, and large-scale theft, evolution has come about at a less rapid rate than desirable.
Computer hacking with the nefarious purpose of stealing sensitive financial information has steadily been on the rise since the advent of the web. It reached its pinnacle when data thieves began to emerge from the woodwork of dark web black market sites to prey on surface sites that can be accessed with a few simple clicks and a basic Google search. Paul Szoldra, writing for Tech Insider, recently paired up with an “ethical” hacking squad from RedTeam Security, who demonstrated the ease of fishing for online data when its members compromised the system of an anonymous major power company. The fake scam was simple to run, and the hackers conducted it from their hotel room using basic software that can be manipulated for all sorts of criminal purposes. It effectively brought the issue of hacking to the policy table for discussion.
Recommended Stories
Individuals across many demographics, including age range, are at risk of having their information stolen. However, data shows that the majority of people using technology to store financial data, make transactions, and file taxes are millennials. First Data reports that 86 percent of millennials are smartphone users, with the majority paying phone bills and other costs using technology such as stored password programs and fingerprint sensors — easily compromised entities. A whopping 94 percent of consumers under 35 years old are “active” participants in online banking programs. Most banks offer a web component to their services — but most programs are encrypted and secured at a level inconsistent with the ability of hackers to overcome such measures.
The problem is most severe for millennials because 24- to 35-year-olds are not likely to possess an effective Plan B in case their financials are compromised. Statistics show that older individuals are more likely to keep paper records of transactions, providing — at the very least — a record to present to law enforcement when investigation takes place. Millennials, on the other hand, rely solely on technology to meet their needs. Regrettably, hackers are proficient at eliminating all evidence of their work, leading to a convoluted investigative process for banks and the police.
A disturbing trend in the hacking industry is social engineering. Its difficulty to defend against, along with its jaw-dropping success rate, make for a lethal scheme. It eliminates the need for hardware and software manipulation almost completely by relying on an individual’s confidence complex to elicit information that otherwise would not have been revealed. Social engineers pose as trustworthy individuals, such as company representatives. They then use email, phone calls, and even face-to-face interactions to coerce consumers into revealing sensitive information. A common hack is for faux members of Microsoft to email clients asking them to change their server passwords for security purposes. While Microsoft has released official statements saying that they do indeed conduct regular “house cleanings” for the preservation of sensitive data, they never attempt to elicit secure information such as passwords or credit card or social security numbers over a relatively insecure medium such as email.
How can millennials safeguard against computer hacking in the 21st century? The short answer is, by being smart. The long answer will that come about in time, through research and the application of safety methods not yet developed. As long as technology persists, computer hackers will take advantage of easily targeted mediums to feed their criminal behavior. Young adults must become informed about ways to defend against such attacks.
