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 begin to transition from
home to college, they need to be well-versed in financial literacy. Because college students are so susceptible
to identity theft by friends and roommates, The Better Business Bureau
recommends that they take simple steps to protect themselves from “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, aged 18-24, took the longest to detect identity theft—132 days on
average—when compared to other age groups. Subsequently, the average cost
($1,156) was roughly five times more than the amount lost by other age groups.
“Young adults who establish good habits for
monitoring and detecting fraud are laying a foundation that will benefit them
for the rest of their lives,” said BBB President Tom Bartholomy.
The BBB has the
following tips for how college kids can safely enter the new world of financial
decision-making and handle the responsibilities and consequences that come with
it:
- Secure
your mail. Dorm
mailboxes are not always secure and can often be easily accessed. To
combat sticky fingers in the mailroom, you should have sensitive mail sent
to a permanent address such as your home or 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.
- Just
say no to friends. Never
loan your credit card or debit card to anyone or co-sign
a loan for your friends. Never.
- Protect
your computer. Make sure your computer has up-to-date
antivirus and spyware software.
- Be
vigilant. Always
check your credit or debit card statements closely for any suspicious
activity.
- Shop
safely. When shopping online, be sure the
website is secure and encrypted before you make a purchase. Never pay by Moneygram or Western Union
– these are two of the biggest 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 - Two out
of three college students have a credit card. While having a credit card
is an important first step in building a credit history, you should use
credit wisely, especially when it comes to pre-approved credit card
offers.
- 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 FICO credit score.
- Safeguard your
identity - Do not
allow anyone to have access to your personal information such as your social
security number, driver’s license, passport, bank account information and
credit cards.
For more
information, please visit www.bbb.org.
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