Next Generation Insurance Blog

Young Adults Slowest to Respond to Theft of Personal Financial Data

By: nextgenins

NGI Group has created GradGuard as a solution to help mitigate the risks facing college students and their families.   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 18-24 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.

GradGuard has recognized that ID Theft and privacy of college students is a major concern and risk.   As a result, we have included ID Theft & Resolution services within the GradGuard Student Protection Plan. The probability for young adults becoming a victim of ID Theft is high, it is also important to recognize that the potential financial risks from losing your tuition investment or having an accident or illness is even higher.    As a result, GradGuard’s Student Protection Plan includes tuition refund insurance, ID Theft & Resolution service and Emergency Medical Evacuation benefits.   So bottom line, protect yourself from ID Theft, but withone purchase get greater peace of mind for the incidents that may interrupt your students education.

For more insight, please read the article follows by By Howard Schwartz from the Connecticut BBB which Offers Tips for College Students to Protect Themselves Against ID Theft.

“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 18-24 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. “Fixing the damage caused by identity theft can be an expensive and lengthy process, depending on anumber of factors, including whether the thief passed on the information to a third party or was caught.“ID theft is much simpler to prevent than fix, and it is a vital lesson in sound money management practices.”

Connecticut BBB offers these tips for college students to fight identity theft:

  • 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.”
  • 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.

Great advice for all students and their parents.

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