People aged 18 to 29 are the group most commonly victimized by identity theft. That was the surprising finding of a recent survey conducted by the Federal Trade Commission (FTC).
Thirty-one percent of the victims of identity theft fall into that age group.
Although college students may think they are unlikely victims—usually working part-time and owning few assets—they are actually attractive targets. Students are uniquely vulnerable to identity theft because of the public availability of their personal information, their easy access to credit--many receiving daily or weekly credit card solicitations in the mail--and their lack of attention to credit issues. The FTC survey found that almost ninety percent of the identity theft cases at universities occur without the victim realizing it for several months.
Identity thieves use the personal and financial information they gather about their unsuspecting victims to assume their identities and acquire credit in their name. Victims can eventually clear their names and credit histories, but it can be a lengthy and time-consuming process.
In some cases, thieves gain access to victims’ checking routing numbers from the bottom of their checks and withdraw money directly from their accounts.
So how can you help your student protect his or her reputation, credit history, and bank account? Here are a few suggestions you can discuss with your student:
• Make sure the door to your room or apartment is always locked.
• Do not give your credit or debit card numbers, your personal identification numbers (PINs), or passwords to anyone, even your roommates or close friends.
• When choosing a PIN, don’t use obvious numbers such as your birth date, last four digits of your social security number, address, or any consecutive numbers.
• Remove unnecessary personal information from your checks, such as middle name, phone number, social security number or driver’s license number.
• Do not give out personal or financial information over the phone or the internet unless you know with whom you’re doing business.
• Beware of “phishing,� e-mails that look like they come from your bank or other business institution and ask recipients to “verify� or disclose their banking information.
• Shred or tear into small pieces pre-approved credit offers that arrive in the mail before throwing them in the garbage or recycling bin.
• Monitor your banking, credit card and phone statements and report any unauthorized activity.
• Monitor your credit report. Consumers can receive a free copy of their report yearly from each of the three major credit reporting agencies.
Additionally, don’t let your student get in the habit of giving others access to his or her passwords and PINS. If you need access to your student’s University student records for financial or other reasons, ask the student to grant you guest access by logging in to One Stop and clicking on Parent/Guest Access rather than asking for the account’s password.