Graduation season is upon us, which means a lot of young adults will be going off on their own for the first time. With that newfound freedom, however, comes an increased risk of fraud and identity theft.
Did you know that young people fall victim to fraud and identity theft at a higher rate than older adults?
According to the Federal Trade Commission, about 43% of people in their 20s reported a loss to fraud in 2018, compared to 15% of people in their 70s. The online presence of Amazon, Netflix, and social media makes younger people more vulnerable to fraud and identity theft. Considering these statistics, it is even more important that young adults take precautions to avoid becoming victims. Fraud and identity theft can negatively impact their credit today and in the future.
How can you help protect yourself from fraud and identity theft?
Protect Your Personal Information Online and Offline
Online – By oversharing on social media, young adults may unintentionally expose themselves to fraud or identity theft. Don’t reveal birthdays, addresses, or other personal information. Make sure your online accounts have unique passwords and use security software. Always erase the data from computers, mobile phones, and other devices before disposing of or selling them.
Offline – Store social security cards, financial documents, and other personal information in a lockbox. Keep copies of all your credit cards, identification cards, and other important documents in your wallet or purse in case it is lost or stolen.
Monitor Your Credit and Identity Information
Monitor your credit and identity to prevent identity theft. Monitoring your credit report and score regularly can help you spot any changes that are unexplained. As well as credit and non-credit related information, you will receive alerts if any suspicious activity is detected. This is vital so you can act quickly if your personal information is compromised.
By taking precautions online and offline and by having credit and identity theft protection, new graduates will have one less thing to worry about starting their new chapter in life.
Is your personal information on the dark web? Make sure your identity isn’t at risk!