As new and returning students head off to college, they're usually concerned with such things as where to live, where classes are located on campus, how to stretch a tight budget, financial aid, buying books, and a host of other factors important to their day to day life. What most students aren't concerned about is identity theft. Most students think this is an issue which won't affect them; after all, students don’t usually have much money or credit, so they think, "Why would anyone want to steal my identity?"
The truth is that identity theft is not just about stealing someone’s money or assets – it's about stealing their name and reputation. Identity theft is the fastest-growing crime in the United States, costing Americans over $50 billion in fraudulent charges and affecting some 8 million people annually. Unfortunately, college students are a prime target due to lax habits and a rather surprising indifference.
What is Identity Theft and How Does It Occur?
Identity theft is the act of someone else taking information which personally identities someone else - a social security number, driver’s license, birth certificate, etc. The thief then uses this information to establish credit accounts, loans, apply for jobs, or commit other fraudulent acts in the victim’s name, or to use the victim’s currently established accounts to buy merchandise or services. Unfortunately, the person responsible for these charges is the victim himself and it can often take years to clear up the resulting problems.
The consequences of identity theft are dire. In most cases, the victim is left with a large amount of debt and may be denied a job, loans for a house or car, and have their credit rating damaged irreparably. This is not a good way to start what should be the beginning of a new life after receiving a college education.
Why College Students are Particularly Vulnerable
In order for a thief to steal someone’s identity, they must first obtain the necessary information which allows them to “become” someone else, at least in the eyes of lending institutions and other financial companies. How easy this task is depends on how vigilant a person is about protecting their personal information.
More than half of all college students receive multiple pre-approved credit offers monthly. Those mass-mailed forms, usually partially filled out with the recipient’s information such as name, address, and other personal data is fantastic opportunity to steal a person’s identity.
If the recipient is not interested in the offer and simply throws away the form, it is one of the most common documents used by identity thieves. By picking the offer out of the trash can, the thief can then fill in the rest of the blanks and send it in or simply call the toll free phone number provided on the form, allowing them near instant access to one aspect of the victim's identity.
Another manner in which identity theft occurs is when thieves get their hands on personal banking account information, such as a checking or savings account statement. Anyone who does not balance their account is at risk of incurring fraudulent charges, simply because they do not keep track of what charges are legitimate. Oftentimes, the thief steals by withdrawing money in small increments – not enough to stand out as a glaring error to the casual observer but enough to build up to a large amount over time.
Another danger to college students is their Social Security Number. Many college courses require a student to use their Social Security Number to log in to websites used to post homework assignments and other course communications. The university may also use that number as an identifying number in the administration office.
It is very easy to forget to exercise caution when using a Social Security Number, particularly when it is used so often. Lax computer security or evens something as simple as a criminal watching a student enter the number, allows a thief can quickly and easily gain access to the Social Security Number, which is the key to obtaining additional information about an individual.
Computers and laptops also pose a threat that many students don't think about. Many students use a laptop every day in class to take notes and organize coursework documents. But what if that computer is stolen? What would a thief find inside?
Most students in today’s world use their computers to access online banking, pay bills, order merchandise, and communicate in just about every other aspect of their lives, too. If personal and account information is stored on the hard drive, the thief has instant access to to very information that makes it possible for them to assume the student's identity.
Of course, students also shouldn't overlook one of the most common ways to steal someone’s identity - stealing a wallet, purse, or backpack. This can even occur in the student's dorm room, particularly if parties or unfamiliar guests are common, and they usually are in college dorms. Students should exercise the same security at home as in any unfamiliar environment.