BBB Offers Young Adults Advise On Personal Financial Data

Many young adults only learn how to handle their finances once they begin paying bills accumulated in college; however, they often do not learn about preventing or discovering identity theft until they become victims.

According to the 2010 Identity Fraud Survey Report released by Javelin Strategy and Research, more than 11 million people became victims of identity theft in 2009. Young adults aged 18 to 24 took the longest to detect identity theft — 132 days on average — when compared to other age groups. Subsequently, the average cost, $1,156, was roughly five times more than amounts lost by other age groups.

Connecticut Better Business Bureau President Paulette Scarpetti says the ins and outs of identity theft are as important as any other element of money management, according to a recent release by the Connecticut Better Business Bureau.

“Fixing the damage caused by identity theft can be an expensive and lengthy process, depending on a number of factors, including whether the thief passed on the information to a third party or was caught,” said Ms Scarpetti. “ID theft is much simpler to prevent than fix, and it is a vital lesson in sound money management practices.”

The Connecticut Better Business Bureau offered the following tips for college students to fight identity theft.

*School mailboxes are not always secure, and often can be easily accessed in a dorm or apartment. Have sensitive mail sent to a permanent address such your parent’s home or a post office box.

*Important documents should be stored under lock and key, such as in a filing cabinet. This includes social security card, passport, checks, and bank and credit card statements.

*Shred any paper documents containing sensitive financial information rather than just tossing them out. Also, shred any credit card offers that come in the mail.

*Never loan your credit or debit card to anyone, even a friend. Also just say No if a friend wants you to cosign for a loan or financing for an item such as a TV.

*Make sure your computer has up-to-date antivirus and spyware software. Keep your computer safe from emerging hacking technologies used by online thieves by installing updates and patches to your computer’s operating system and browser software.

*Always check your credit and debit card statements closely for any suspicious activity. The sooner you identify potential fraud, the less likely you will suffer in the long run.

*When shopping on unfamiliar web sites, always check the company out first with Better Business Bureau online and look for the Better Business Bureau Accredited Business seal along with other trust seals. Click on them to confirm that they are legitimate.

*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, the only government-sanctioned source for free credit reports.

For more advice on fighting fraud and managing personal finances visit the Better Business Bureau online at ct.bbb.org/consumer-tips-finance.