A College Student's Guide for Protecting Against Identity Theft

College is a time for learning and for new experiences; don’t let identity theft be one of them! Take time to protect yourself and your information.

It's no secret that college students spend a lot of time online. Whether you're doing homework, watching videos, or shopping for dorm room decor, don't forget to watch out for scammers. Identity theft is far more common than you might think, and fraudsters are looking for ways to steal your personal information for financial gain. 

In 2023, the Federal Trade Commission (FTC) received over 1 million reports of identity theft and more than 2.6 million reports of related fraud. Nationwide, the total cost of this fraud topped out at more than $10 billion^[1].

A scammer may need only a few key personal details to access your bank accounts, credit cards, credit history and more. This puts you at risk for some nasty financial hits — your funds being stolen, as well as debts racked up or new lines of credit opened in your name.

Unfortunately, scammers often see college students as easy targets for identity theft. They assume younger adults are not streetwise about these crimes. You can prove them wrong — and, more importantly, protect your identity — by knowing what to watch for and what to do.

Here are some tips to help get you started:

Don’t overshare. Social media can make it easy for a scammer to learn personal details about you. Be careful what information you share on these sites, because you never know who might see your posts. Your birthday, address, previous schools and even your pets’ names could be used to gain access to your passwords and accounts if you’ve used them as answers to security or password retrieval questions.

Speaking of oversharing, safeguard your Social Security number (SSN) above all. There are very few occasions when it is necessary to provide it, such as when you’re applying for financial aid or for a job. When asked, make sure the party who requests your SSN is reputable. Ask why it’s needed and how they will keep your number secure. Never carry your Social Security card with you. Instead, keep it in a safe or other secure location, along with any other documents containing your personal information.

Keep your devices secure. Think about what might happen if your laptop or phone were stolen. Would the thief be able to access any private information? Use your security settings to their fullest and be careful what you store on your hard drive. Saved logins and easily accessible personal data make it easy for whoever stole your device to take over your identity.

Change your passwords frequently. It may be tempting to use the same passwords across your accounts so they are easy to remember, but don’t! Use a strong password for each account. Most sites have their own requirements for what makes a password strong; typically, they should be unique, around 10 characters long and not easy to guess. Write your passwords down on paper and store them in a secure place — not on your computer or other devices.

Know what to watch for. You probably already know to never click on a link a stranger has emailed or texted you, but phishing scams come in all shapes and sizes. For example, fake scholarship and loan listings often target college students. Before sharing any personal information on an application, be sure that the institution is reputable. Look closely for anything suspicious. For example, if a scholarship application asks you to pay an application fee or provide your bank account information, it’s likely sketchy.

Check your Wi-Fi network. Unsecured networks can be a gateway for cybercriminals to access your personal information. If you're using a computer, tablet, or even a mobile phone in libraries, student centers, or other public places, remember that the open Wi-Fi network may pose security risks. Using a Virtual Private Network (VPN) can enhance your security by creating an encrypted connection, safeguarding your data from prying eyes. When online in public spaces, activate a reliable VPN on all devices. Then, choose security settings that protect your privacy, and try not to send or download sensitive information.

Monitor your accounts. Review your financial accounts as soon as you get your monthly statements. Monitoring your bank statements, credit card bills and credit score help you notice suspicious activity and take immediate action. Consider signing up for two-factor authentication, which makes it more difficult for scammers to get access, as well as activity alerts. And always log out of online banking and other secure sites before exiting.

If you ever notice questionable account activity, whether login attempts from unknown devices or purchases you didn’t make, report them to the related institution immediately, regardless of how trivial you think your worries might be. That institution will provide you with next steps to help protect your identity, such as freezing the account or sending you a new card.

Shred financial documents. When you receive credit card offers in the mail, don’t simply toss those you’re not interested in; some may include personal information that you don’t want out in the open. Shred or black out the information printed on these offers, as well as on any bank or credit card statements you may receive in the mail, before disposing of them.

Beware of student loan forgiveness scams. Scammers sometimes contact college students, promising to erase loans in exchange for a fee or personal information. Never share personal information with unsolicited callers or emails, and always verify loan forgiveness offers through official channels before acting. The U.S. Department of Education’s official website is a trustworthy source for legitimate loan forgiveness programs.

Who to Contact To Report Identity Theft

If you suspect identity theft or falling victim to a scam, acting quickly is critical. Here are some key contacts for reporting identity theft:

• U.S. Department of Education Office of Inspector General: If the fraud involves education loans or grant programs, report it directly here. Call 1-800-MIS-USED (1-800-647-8733) or visit oid.ed/oig-hotline for more details.
• Federal Trade Commission: File a report online at IdentityTheft.gov or call 1-877-ID-THEFT (1-877-438-4338). 
• Internet Crime Complaint Center: For scams that occur online, such as phishing or fraudulent emails, file a complaint at ic3.gov.

In addition to contacting the appropriate authorities, the following steps can help further secure your identity and minimize potential fraud. 

1.  Review your financial statements and activity: Regularly check your accounts for unauthorized transactions. If you notice any suspicious activity, contact your bank or card issuer right away. 
2. Monitor your credit: Request your free credit reports from annualcreditreport.com and review them for any unusual activity. Spread out your checks by reviewing one report every four months.
3. Consider a credit alert or freeze: Place a 90-day fraud alert on your credit file or freeze your credit with the three major bureaus. A security freeze prevents new inquiries and can be temporarily lifted when you apply for credit.
4. Notify your parents or guardians: If you’re a college student, informing a parent or guardian is wise, especially if they co-sign your student loans or are linked to any shared financial accounts. They can help monitor joint accounts and assist in taking further steps.

Final Thoughts

As you manage your college responsibilities, remember to protect your personal information just as carefully. Stay vigilant about sharing details online, monitor your financial transactions regularly, and report any suspicious activities. Taking these steps can help you focus on your studies and college life without the added stress of dealing with identity theft.