How Young People Can Reduce Their Risk of Identity Theft

Young people are often negligent in taking steps to prevent information fraud; as a result they are often victimized by identity thieves. The following steps should help reduce their risk of becoming victims.

Young adults are frequently the victims of information fraud. According to http://MoneyManagement101.com, the victims’ parents are often asked to help fix the financial mess and spend considerable time untangling the administrative issues.

Youth Identity Theft

Identity thieves often know their victims; either directly or indirectly. Thieves might be their roommates, friends, siblings of friends, classmates, co-workers, current or ex-boy/girlfriends, friends from extra-curricular activities, etc.

Names, addresses, birthdates, social security numbers, account numbers, and other personal data are valuable commodities on the underground market. An ex-boyfriend could easily possess all of this info. In fact, he might even know inside information such as passwords, PIN number, mother’s maiden name, etc.

Here are some of the reasons young people are frequently victimized:
• Casual attitude about taking precautions.
• Naive about security and safety.
• Trusting (often because they have never been swindled before).
• Less likely to review their credit report for unusual activity.

www.MoneyManagement101.com suggests that parents should talk to their kids about identity theft and information security. Although the following tips may seem obvious to experienced adults, a surprising number of young people don’t conform to some of the following basic guidelines.

• Never lend your credit card or debit card to anyone, and never share your password.
• Do not print your driver’s license number, birth date, or social security number on your checks.
• When you write a check at a store, don’t allow the store to confirm your check by writing in your credit card number.
• Do not put outbound mail in your mailbox for your postal carrier to pickup. Take your mail directly to a US postal mailbox.
• If your credit card or ATM card is lost or stolen, alert your bank/credit card issuer immediately.
• Avoid using passwords or PIN numbers that might be easy for a thief to figure out (i.e. avoid birth dates, common names, etc.
• Shred any financial documents or anything containing sensitive information before putting them in the trash.
• Always check your credit card statement for charges you did not make.
• Order a copy of your credit report at least once per year. Look out for creditors on your statement that you never applied for.

As an aid to parents and young adults, www.MoneyManagement101.com has created an E-book called, Money Management 101: Personal Finance Basics Explained to Young Adults. The E-book explains the basics of money management such as checking account balancing, personal budgeting, maintaining a strong credit rating, responsible use of a credit card, tax basics, and explanations of important finance terminology. It also discusses identity theft and information fraud prevention tips.

To immediately download a free abridged version of the e-book, click here.