Q. What advice against fraud and scam may BBB provide to college kids?
A. As a parent, if you have a college student packing up for school this fall, now is a good time to talk about preventing fraud while they are away from home. The current college age generation, Generation Z, based on a recent survey and report release by BBB, gives us concern. Today, neither boomers nor the senior demographic, but millennials are the generation targeted for scam and fraud. The multi task, lack of focus, immediate results expectation generation is targeted for deception. Fraudsters have evolved with technology and are very sophisticated. The younger generations have a prevailing attitude and bias toward their being less likely the target or victim of fraud, but sadly are victims.
Jim Winsett of the BBB. The Better Business Bureau recommends steps to avoid these characteristics and protect themselves from identity theft and other fraud on campus.
According to Javelin Strategy and research, identity theft committed against people aged 18 to 24 took the longest to detect - 132 days on average - when compared to other age groups. The average cost of losses to this age group - $1,156 - was roughly five times more than the amount lost by other age groups. About 6 percent of identity theft reported to the federal trade commission last year involved people 19 or under - a total of 15,226 complaints. The number jumped to 19 percent for those ages 20 to 29, for a total of 48,697 complaints.
The BBB recommends that college-bound students to create awareness and take the following steps to fight identity theft on campus:
* Keep mail home: School mailboxes are not always secure and often can be accessed easily in a dorm or apartment. To combat sticky fingers in the mail-room, have sensitive mail sent to a permanent address, such as a parent's home or a post office box.
* Think security: Important documents should be stored under lock and key. This includes your Social Security card, passport and bank and credit card statements. Shred any paper documents that have sensitive financial information rather than just tossing them out. Also shred any credit card offers that come in the mail.
* Never lend your credit or debit card to anyone, even if they are a friend. Just say no if your friend wants you to cosign for a loan or financing for items like a TV.
* Protect computer: Make sure your computer, laptop or tablet has up-to-date antivirus and anti-spyware software. Always install any updates to your computer's operating system or browser software, which help keep your computer safe from new schemes or hacks by identity thieves online.
* Check statements closely: Always check your credit or debit card statements closely for any suspicious activity. The earlier you identify any potential fraud, the less you will suffer in the long run. Receiving your statements online is more secure, but make sure you actually look at the statements.
* Check BBB: When shopping on unfamiliar websites, always check the company out first with BBB. Look for a BBB accredited business seal along with other trust seals; click on the seals to confirm that they are legitimate.
* Check credit reports: Check your credit report at least once a year with all three reporting bureaus for any suspicious activity or inaccuracies. Visit www.annualcreditreport.com. Check and report suspicious activity and fraud at www.bbb.org/ scamtracker.
Jim Winsett is president of the Better Business Bureau in Chattanooga.