Media contact: Janet C. Hart, APR, CFEE (704) 927-8617 office
Identity
Theft by Roommates and Friends Is A Growing Trend
CHARLOTTE, N.C. – Over the next few
weeks, thousands of young people across our area will be leaving home for
college.
As these teenagers transition to independent living, they need to be
well-versed in financial literacy. College students are most susceptible to
identity theft by friends and roommates, known as ‘friendly fraud’.
According
to the 2010 Identity Fraud Survey Report released by Javelin Strategy and
Research, more than 11 million people became victims of identity theft in 2009.
Young adults, ages 18 to 24, take 132 days on average to detect identity theft.
Subsequently, the average cost of victims in this age group was $1,156, which
is roughly five times more than the average amount lost by other age groups.
“Parents
should discuss financial responsibility and scams with their college kids
before sending them off to school,” said BBB President Tom Bartholomy.
“Developing
good money management skills early can have life-long benefits.”
The
BBB has 10 tips for how college kids can safely handle financial
decision-making.
- Secure your mail. Dorm mailboxes are not
always secure so you should have sensitive mail sent to your home address or to
a P.O. Box.
- Lock up and shred. Important documents
should be stored in a locked drawer or filing cabinet and you should shred any financial
statements rather than throwing them in the trash.
- Avoid providing your
Social Security number. If you are required to provide your Social Security
number, be mindful of people close by who could overhear it or see it.
- Protect your computer. Make sure your computer is password protected
and has up-to-date antivirus software. Use strong passwords that cannot be
easily guessed and be careful about clicking on links and opening attachments
from unfamiliar sources.
- Be vigilant. Check your credit or
debit card statements closely for any suspicious charges or set up text alerts
for activity on your account.
- Shop safely. When shopping online, be sure the website is
secure and encrypted. Never pay by Moneygram or Western Union as these are red
flags for scams.
- Monitor your credit. Check your credit
report at least once a year with all three credit bureaus. You can do this for
free by visiting www.annualcreditreport.com.
- Be responsible with
credit cards - Pre-approved
credit card offers are tempting, but they could lead to financial trouble.
- Pay your bills on time. Late payments can lead
to interest rate increases, reductions in available credit, negative marks on
your credit report and a lower credit score.
- Just say NO. Never loan your credit
card or debit card, or co-sign a loan, for your friends.
For
more information, please visit www.bbb.org.
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