As students embark on a new academic year, the Better Business Bureau (BBB) is raising awareness about the increasing threat of identity theft and fraud targeting young adults. According to BBB's 2023 Scam Tracker Risk Report, individuals aged 18-24 are just as susceptible to scams as older adults, and this age group has reported the highest median financial loss over the past two years. Additionally, the Federal Trade Commission (FTC) noted nearly 200,000 cases of identity fraud involving those aged 18-29 in 2023.
Fraudsters often target young adults due to their inexperience with finances, such as loans, credit, and budgeting. To help students safeguard themselves, BBB recommends several steps: securing sensitive documents in a safe place, avoiding lending credit or debit cards to others, and using strong passwords for online accounts. Students should also ensure their devices are protected with up-to-date antivirus software and routinely check financial accounts for any suspicious activity.
For online shopping, BBB advises verifying companies at BBB.org and looking for secure websites (with "https://" in the URL) to avoid scams. If students do fall victim to fraud, BBB's Scam Survival Toolkit offers a step-by-step recovery plan. Prevention and vigilance are key to protecting their financial future.