ID Theft & College Students: What You Should Know

Credit Fraud

College students comprise the single largest demographic (34%) of all identity theft victims. Increased amounts of credit card offers, communal living that makes information easily accessible and universities that use social security numbers as a means of identifying students are just a few of the many ways students are being put at risk.

Commonly students mistakenly assume that they don’t have anything to steal because they don’t have any money. But identity thieves aren’t always after money you may have. Instead they are after credit you have access to. Since college students generally have no more than one credit card and a student loan or two, they are prime targets for identity theft because they have clean records. And, on top of that, their identities are usually pretty easy to steal.

Did You Know?

• 50% of college students receive pre-approved credit card offers in the mail daily.
• Only 33% of college students reconcile their checkbooks each month.
• 48% of college students have their grades posted by social security number.
• Since January 2005 approximately 8 million students, faculty and staff have had their information stolen as a result of negligence on behalf of a university.

What Can You Do to Protect Your College Student?

With factors like that contributing to their risk and vulnerability, college students need to take extra precautions to make sure that the years that are supposed to define the time of their lives don’t result in a crime of their lives as their identities are stolen. If you know a student who is preparing to head off to college in the fall, here are six ways you can help him or her set up some key safeguards.

1. Outfit his or her dorm room with a paper shredder. Statistics prove that college students throw out all junk mail in exactly the same form it came in. Most don’t even open envelopes of pre-approved credit card offers. In some cases, college students even throw out student loan documentation or correspondences from the university containing social security numbers and other personal information without destroying it first. Dumpster diving identity thieves are strategic and will target dumpsters behind college dorm rooms or near campus mail facilities. So help the college student in your life greatly diminish his or her risk of identity theft by purchasing a shredder for him or her and explaining why it’s important to use it.

2. Teach your student the importance of reconciling his or her bank statement each month. With such a low percentage of students reconciling their bank statements each month, identity thieves have a greater chance of getting away with a crime on an existing account without ever being detected. This could create significant problems for students who keep just enough money in their bank accounts to survive. If even $50 was stolen from a bank account, and a student isn’t aware of it, an overdraft of available funds may occur resulting in fines and late fees on bills that were actually paid on time. Reconciling your bank statement and your checkbook every month is one of the quickest ways you can spot existing account fraud and stop identity thieves. Remind your student that it’s not his or her own transactions that really need to be monitored as much as it is fraudulent activity that may be going unnoticed.

3. Contact the university and ask them not to use your student’s social security number to identify your student or to post grades. With identity theft being so prevalent these days, many universities are switching to systems that generate completely random identification numbers for student ID cards, but many universities are still employing the age old practice of using student social security numbers to post grades and test scores. Contact the university your student will be attending and ask if this is their current practice. If so, nicely request that a different number be assigned to your student so he or she isn’t vulnerable to having his or her social security number stolen.

4. Consider purchasing an identity protection product like ID Secure. Because some things about protecting your student’s identity are just beyond your control (like whether or not he or she actually implements any of these things you bothered to teach him or her or whether the university carefully guards your student’s personal information) purchasing a product like ID Secure might greatly increase your peace of mind as well as the level of protection guarding your student’s identity. For just $12.99 a month a professional identity monitoring company will use advanced web crawling technology to search the internet and public records to make sure that your student’s social security number, credit and ATM cards and other personal information isn’t being fraudulently used in any way. ID Secure makes sure your student’s identity is being monitored 24 hours a day seven days a week helping to keep it safe. If fraudulent activity is suspected, your student will be informed immediately. You can learn more by clicking here.

5. Install security software on your student’s computer and teach him or her to use strong passwords. Because most college students experience some form of communal living whether in dorm rooms or apartments shared with roommates, it is important that your student’s computer (especially if it is a laptop) be outfitted with increased security features that will prevent friends or roommates from being able to access your student’s personal information when he or she isn’t around. Even if your student feels he or she can trust roommates, a roommate’s friends may not be trustworthy. Statistics prove that many victims of identity theft are at least casually acquainted with the thief. Teach your student the importance of creating strong alphanumeric passwords, and changing them frequently. And also stress that passwords become pointless if they are shared with other people. Make sure your student also has security software that will protect his or her computer from viruses spread through email. Remember that being proactive and taking all identity theft prevention steps will safegurad the personal information and help protect against any fraud.

6. Purchase an in-room safe or locked cabinet for your student to keep important papers. Because your student will receive important papers regarding enrollment, student loans and other similar topics it is a good idea for him or her to have a place where that information can be safely filed without leaving it accessible to nosy friends, roommates or dorm neighbors. Encourage your student to file information like this away immediately and not to leave it lying around on a desk where someone else can easily read it. 

Identity theft is the fastest growing crime in America with between 9 and 10 million people being victimized every year. With 34% of those victims being college students, you can’t be too careful when it comes to making sure that your college student isn’t one of them. Make sure that protecting your college student’s identity is a priority this fall when you send him or her back to school.