Archive: Business & Technology

Buffalo, NY  – The financial decisions college students make now can affect their credit for years to come. Their age and life stage make them susceptible to identity theft and other financial ploys. However, knowing how to fight fraud on campus may not be at the top of their priority list. Better Business Bureau of Upstate New York urges parents to help their children take simple steps toward protecting themselves on campus.

“Young people are tech savvy, but may not know how technology lends itself to fraud,” said Warren Clark, BBB of Upstate New York president. “It’s critical for college students to understand that they are a target for identity theft, scams and credit card offers. If they make a wrong move, these financial matters can affect their credit for years to come.”

According to Javelin Strategy and Research, 64 percent of students said they were not very concerned about fraud, yet this same group is most likely to be victim of it. According to their study, more than 20 percent of students are notified of fraudulent activity, which is three times higher than the average. Students are also four times more likely to be the victim of “familiar” fraud, which is committed by someone they know.

Identity thieves don’t care if a victim is a struggling student without a penny to their name. All they want is to exploit their clean credit record. It’s important for parents to help their children to be vigilant in monitoring bank and credit card statements to spot unauthorized activity. Young adults who establish good habits for monitoring and detecting fraud are laying a path that will help create a healthy financial road for the rest of their lives.

BBB recommends parents have their children take the following seven steps to fight identity theft on campus:

• Send sensitive mail to a permanent home address or a post office box. School mailboxes are not always secure and often can be accessed easily in a dorm or apartment.
• Store all important documents in a secure location. This includes Social Security cards, passport and bank and credit card statements. Shred credit card offers and any paper documents that have sensitive financial information rather than just throwing it away.
• Never lend credit or debit cards to anyone. Students should just say no if friends want to borrow cards or asks to co-sign for a loan or financing for items like a TV.
• Make sure computers have up-to-date antivirus and spyware software. Students should always install any updates and patches to a computer’s operating system or browser software. This helps to keep computers safe from any new viruses or spyware that may be lurking online.
• Always check credit or debit card statements closely for any suspicious activity. The sooner potential fraud is identified the less suffering in the long run.
• While shopping online, check out unfamiliar websites at bbb.org. Look for BBB’s Accredited Business seal along with other trust seals; click on the seals to confirm that a business and the accreditation are legitimate.
• Check credit reports at least once a year. Everyone is entitled to one free credit report a year from each of the three reporting bureaus: TransUnion, Experian and Equifax. Look for any suspicious activity or inaccuracies. You can do this for free by visiting freecreditreport.com.

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