Q. What advice may BBB have for my kids headed to college? I am concerned about identity theft and fraud.
A. College students are now heading to campus, and fighting fraud may be the last thing on their minds. College students are susceptible to identity theft, however, and the Better Business Bureau recommends that they take simple steps to protect themselves on campus.
Knowing that identity thieves do not care if a student does not have a penny to their name; sometimes all they want is to exploit the students' clean credit record. First, by establishing good habits for monitoring and detecting fraud, students can lay down a path for healthy financial practices for the rest of their lives.
According to Javelin Strategy and Research, identity theft committed against people aged 18 to 24 took the longest to detect, on average, 132 days when compared to other age groups. The average cost of losses to this age group is $1,156, which is roughly five times more than theamount lost by other age groups.
About 6 percent of identity theft reported to the Federal Trade Commission last year involved people 19 or under for a total of 12,062 complaints. The number jumped to 18 percent for that age, 20 to 29, for a total of 37,568 complaints.
BBB recommends that college-bound students take the following seven steps to fight identity theft on campus:
1) School mailboxes are not always secure and often can be accessed easily in a dorm or apartment. To combat sticky fingers in the mailroom, have sensitive mail sent to a permanent address such as a parent's home or a post office box.
2) 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.
3) 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.
4) Make sure your computer, laptop or tablet has up-to-date antivirus and anti-spyware software. Always install any updates and patches to your computer's operating system or browser software, which help keep your computer safe from new schemes or hacks by identity thieves online.
5) Always check your credit or debit card statements closely for any suspicious activity. The sooner you identify any potential fraud, the less you'll suffer in the long run.
6) When shopping on unfamiliar websites, always check the company out first with BBB online. Also look for a BBB Accredited Business seal along with other trust seals; click on the seals to confirm that they are legitimate.
7) Check your credit report at least once a year with all three reporting bureaus for any suspicious activity or inaccuracies. You can do this for free by visiting www.annualcreditreport.com.
Jim Winsett is president of the Better Business Bureau in Chattanooga.