Packing a kid off to college this fall? Send along some advice about fending off fraud on campusAccording to the U.S. Education Dept., identity theft accounts for more than $5 billion of fraud each year. While anyone can be a victim, college students have become a prime target. Whether you've already got a kid in school or you're making plans for years ahead, you and your student will certainly benefit from advice on fending off identity fraud.
One of the major reasons why college students are at a higher risk for identity theft is the excessive amount of mail that they receive from credit-card companies. Of college students surveyed, 49% say they receive credit-card applications on a daily or weekly basis. Students often discard these applications as junk mail, forgetting the promotions are often pre-approved credit-card applications that contain personal information. It isn't uncommon to find the trash bin of a dorm mailroom filled with card offers, just waiting to be picked up by an identity thief.
Often due to lack of financial experience, college students are more likely to give out personal information and to fall prey to risky scams. I personally have seen how a credit-card company used free pizza to lure college students and exploit them for personal information. Upon arriving at the local pizzeria, I discovered that in order to receive the free food, customers had to fill out a double-sided form that included personal information on themselves and their parents. I watched students spend almost 20 minutes filling in all of their information for a $2 slice of a pizza. Many students don't seem to understand the value of their personal data, and thus make themselves highly vulnerable targets for identity theft.
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