Identity Theft and Students, What’s Their Exposure?

According to an identity theft study conducted by Javelin Research, it takes young people 18 to 24 years old, twice as long to detect that they have been a victim of identity theft. Their average detection time was 132 days and cost approximately five times more than other age groups. This age group is usually students that are around large groups of people where thieves can easily come and go undetected. Compared to older age groups, students don’t safeguard their personal information as much and don’t check their statements as often.

Students’ social security numbers are listed on many college documents, such as student ID’s, report cards, and loans. Students need to be very careful and aware of their surroundings because methods of identity theft range from taking information out of the trash to cyber-crimes. College campuses are a more open environment with many people wandering around, who may not be students. Students are more prone to having friends coming in and out of dorm rooms, fraternity houses, etc. In addition, universities and colleges databases have been hacked, which shows that thieves find value in that information.

Tips to avoid identity theft

Here is a list of tips to avoid being a victim of identity theft:

Shred documents with personal information such as credit card statements, bank statements, credit card offers, bills, unused checks, and old financial documents.

Get a Post Office Box for your mail or have sensitive information sent home. Mail is an easy target for thieves.

Don’t give out personal information over the phone unless you made the initial contact. If you didn’t, ask for a number to call them back and check out the source.

Beware of emails, tweets or texts from financial institutions; they don’t ask for personal data. Check out unfamiliar websites.

Don’t share personal information on social media especially birthdates, mother’s maiden name, phone number and your location.

Password protect your laptops, computers, and mobile devices. These items are more easily stolen at college campuses. Don’t share your passwords with anyone and keep passwords in a secure location.

Install anti-virus software and spyware on your computers to protect against phishing scams.

Don’t carry your social security card, passport or birth certificate with you. Leave them with your parents or lock them up.

Safeguard your wallet since 92 percent of thieves obtain information through stolen wallets. Copy what is in your wallet and lock it up.

Check credit card and bank statements as soon as you receive them for unusual activity. If the statements are late, contact the company. Don’t leave them out for others to see.

Don’t lend your credit or debit card to anyone, not even your best friend.

Order your credit report at least annually from each credit reporting agency at www.annualcreditreport.com.

As a student, you need to be aware of your surroundings and protect yourself against identity theft. It takes time and money to recover, so take precautions now. Don’t make yourself an easy target.

John Ulzheimer is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, and a Contributor for the National Foundation for Credit Counseling.  He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry.  Follow him on Twitter here.

Categorised in: Credit Cards, Credit Monitoring, Credit Report, Identity Theft, Money & Identity

This post was written by John Ulzheimer