By Cora Bullock, Assistant Editor, Fraud Magazine
Don’t be quick to dismiss younger generations — specifically Generation Y — those born between 1981 and 2000. Also known as the Millenniums and Echo Boomers, the Gen Yers comprise a fascinating group, with their own unique style.
"Generation Y is the most diverse generation in history," said speaker Sherry McCourt, CFE. "They combine the 'we can do this' attitude of Traditionalists, the teamwork ethic of Boomers and the technological savvy of Generation X."
McCourt, CEO of McCourt and Associates in Ontario, Canada, spoke on "Understanding Generation Y" during one of Monday's breakout sessions. She offered critical insights into this group while outlining common misperceptions about them, such as a lack of work ethic and a desire to delay adulthood because their Baby Boomer parents coddled them.
"They want to challenge and be challenged, as far as information is concerned," said McCourt. "If you tell them something, and they immediately start clicking away on their phones, they're not being rude. They have etiquette with social media, email – they know right from wrong. They just want to confirm what you said."
Unlike past generations, Gen Yers share everything with the public, then decide what to keep private. McCourt recommended employers take advantage of their vast social networks and collaborative nature. They are very comfortable with, if not deeply immersed in, social media, digital technology and communications. They want to hear relevant, key words to conduct searches; short pieces of information are the best way to communicate ideas to this group.
They are also great multi-taskers and don't respond well to "It's my way or the highway"-type micromanaging. Flexibility (as well as transparency) is key. They do appreciate organizational structure, according to McCourt, but that doesn't mean they'll blindly follow your policies. "And if you can't enforce your policies, you shouldn't have them," said McCourt. "Plus, policies tell you what you can't do. This new generation challenges that. They want to hear what they can do."
Generation Y fraudsters enjoy anonymity online, but they still stick to their collaborative nature. They have partners in crime, which are all over the world.
And why do we find so many fraud tools online now? McCourt said you can do a simple Google search for hacking tools, and there are endless pages devoted to them. This fits right into Gen Y's values. "They find certain things to challenge, then they share," she said.
While fraudsters themselves haven't changed, their technology and sophistication have dramatically increased. Gen Yers are the ones we should look to to understand this new world – they've grown up in it.
Resources for further research include:
Javelin Strategy Research Report, Generation Y Banking Behaviors and Attitudes: Expanding the Banking Relationship on Their Terms
Future Frauds: Telcom Fraud in Next Generation Services, An overview of how our ever-evolving technology will enable new ways to commit far reaching fraud in the future.
The New Rules of Engagement: A Guide to Understanding & Connecting with Generation Y (book), by Michael McQueen
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