Parents should be teaching their children many things before they send them off to college. You can’t forget to protect their personal information and be aware of identity theft.
According to the Bureau of Justice Statistics in 2012, identity theft cost more than $24 trillion in lost income. Mary Johnson, Higher One’s vice president for financial literacy and student aid policy, warns that students can become victims of identity theft by engaging in certain behaviors.
“Living with roommates, making online purchases and communicating through social media channels are just a few of the ways students can leave themselves dangerously open to thieves,”She said.
Colleges and parents can work together to protect students and reduce the risk of their data being compromised. These tips may help:
* Avoid carrying personal IDs together. Experts warn against carrying your Social Security card and driver’s licence in the same purse.
* Check online banking transactions often. Consolidate your accounts, credit card statements, and transactions using your own records. But never use public Wi-Fi. Higher One Institutions (www.higherone.comFinancial services company devoted to students,.
* Learn more. Protecting your information is as simple as being proactive in keeping it safe. Higher One, an organization that teaches students about finances and money management, can assist them in this endeavor. $tart with Change. Take this into consideration: “With Their Whole Lives Ahead of Them,” a 2009 study commissioned by the Bill & Melinda Gates Foundation, 54 percent of students surveyed who left college without graduating said they did so because of the stress of having to work and go to school at the same time, while 31 percent cited the cost of tuition and fees as the main reason for dropping out.
* Check your credit report yearly. Credit reports aren’t just for adults who work. College students can receive these reports from the three major credit-reporting agencies by visiting annualcreditreport.com.
As you continue to build your financial security, make sure you find a college or university with solid money-management tools.
