Young adults between the ages of 18 and 24 are among the groups most at risk of identity fraud. This group’s penchant for using social media, public Wi-Fi and mobile devices to complete financial transactions may all contribute to their risk exposure. Additionally, young adults may not understand how to adequately protect their credit card information, further opening themselves up to fraud.
According to a Javelin Strategy and Research report, identity theft among young adults ages 18 to 24 takes the longest to detect – averaging about 132 days. The average loss amount in this age group is also five times higher than that of any other age group at $1,156 per incident.
In the fight against identity theft, education plays a key role. By educating college students – and all consumers – on the following best practices, financial institutions can help them keep their financial information secure.
- Protect smart devices – Mobile devices and tablets should be password protected and have tracking software installed in case the devices are lost or stolen.
- Keep sensitive documents safe – Credit cards, passports and financial records should be stored securely. If consumers don’t have a secure place to store them when travelling, they should consider leaving the documents at home. Any documents that have personally identifiable information, such as tax forms and scholarship applications, should be shredded, rather than thrown in the garbage.
- Use secure mailing practices – If younger consumers, such as college students living in dorms, are anticipating sensitive incoming mail, they should have it delivered to a parent’s address or to a U.S. Postal Service post office box. Sensitive outgoing mail should be put directly into USPS collection boxes rather than public mailboxes.
- Ensure computers have up-to-date antivirus software installed – Consumers should always update the anti-spyware software on their computers’ operating systems, which can keep them safe from potential hackers.
- Carefully review all statements – Reviewing all credit card, bank account and utility bills helps consumers ensure there are no unauthorized charges.
