Staying on top of Millennial activity is important. The younger generation of Americans are graduating college and moving into the business world, so their purchasing habits are of great significance to B2B merchants.
According to a study conducted by Raytheon, Millennials aren't terribly concerned about information security risks. This is mainly due to two factors: these individuals are increasingly interested in new technologies and social platforms that could require the disclosure of information online and, because this concept is still relatively new, they aren't fully aware of the ramifications of having data compromised.
Jared Benoff, a senior organizational sciences major at George Washington University, was interviewed as part of the study and further detailed this idea.
"As digital natives, no one told us about privacy or online security. We're sort of the test generation, and we're learning the implications," he said. However, he went on to suggest this isn't necessarily the best method, indicating that "some people have learned this the hard way."
As a merchant, you should know that this generation, which will soon be the vast majority of your customers, are most at risk for security fraud. This means you need to be extra diligent when it comes to protecting their information. They may not "care," but if their information is compromised, chances are they will point the finger at you. Obtaining the best B2B payments solution can help alleviate security risks. Payment tokenization can keep information secure and offsite, protecting it from targeted attacks.