College Students are ID Theft’s Biggest Losers

In a recent study from Javelin Strategy and Research, the average cost of losses from identity theft for college students age 18 to 24 is $1,156, which is roughly five times more than the amount lost by other age groups. The Better Business Bureau (BBB) says that figure points to an urgent need for college students to take ID theft seriously and map a plan to avoid becoming a victim.

“For students returning to school, ID theft is not at the top of their minds. They need to understand what the long term impact on their financial future could be if they become a victim,” says Steve J. Bernas, president and CEO of the Better Business Bureau serving Chicago and Northern Illinois.

Identity theft generally falls into two categories. For college students, it’s often the casual or one-time theft that may involve a current or former roommate. The other is professional and involves a criminal organization.

“If a student becomes a victim of identity theft through a criminal organization, which is the more serious of the two, that thief is generally looking to exploit the clean credit record of their victim,” noted Bernas.

The Javelin report also shows that identity theft for college age victims also takes the longest to detect- 132 days on average.

BBB recommends students take the following steps to guard against becoming a victim:

• Never loan your credit or debit card to anyone, even if they are a friend. Also, just say no if a friend wants you to co-sign a loan or financing agreement for items like cars, TVs or computers.

• Don’t share too much information on social networks. People using social networking for five or more years are twice as likely to suffer identity fraud as those newer to these sites.

• Make sure your computer has up-to-date antivirus and spyware software. Be diligent with installing updates and patches to your computer’s operating system or browser software. These will help keep your computer safe from hacking attempts by online identity thieves.

• Important documents should be stored under lock and key.  These include social security card, passport, and financial statements. Shred any paper documents that have sensitive financial information rather than simply tossing them out. Also shred any credit card offers that come in the mail.

• Check your credit or debit card statements closely for any suspicious activity. The sooner you identify any potential fraud, the less you’ll suffer in the long run.

• School mailboxes are not always secure and mailboxes in a dorm or apartment can often be easily accessed. To combat sticky fingers in the mailroom, have sensitive mail sent to a permanent address such as your parents’ home or a PO Box.

• When shopping on unfamiliar web sites, always check the company out first with BBB at www.bbb.org Look for the BBB Accredited Business seal along with other trust seals and click on the seals to confirm that they are legitimate.

• Check your credit report at least once a year with all three reporting bureaus for any suspicious activity or inaccuracies. You can do this for free by visiting www.annualcreditreport.com

For more information on scams, visit www.bbb.org/chicago, like us on Facebook, follow us on Twitter or add us on Pinterest.

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ABOUT BBB: For more than 100 years, Better Business Bureau has been helping people find businesses, brands and charities they can trust. In 2014, people turned to BBB more than 165 million times for BBB Business Reviews on more than 4.7 million businesses and Charity Reports on 11,000 charities, all available for free at bbb.org. The Council of Better Business Bureaus is the umbrella organization for 113 local, independent BBBs in the United States, Canada and Mexico, as well as home to its national programs on dispute resolution, advertising review, and industry self-regulation.