Skip to main content
  • Home
  • About
  • Faculty Experts
  • For The Media
  • Videos
  • Topics
    • Alumni
    • Events
    • Faculty
    • Library
    • Research
    • Students
    • All Topics
  • Contact
  • Submit
Business & Economy
  • All News
  • Arts & Culture
  • Business & Economy
  • Campus & Community
  • Health & Society
  • Media, Law & Policy
  • STEM
  • Veterans
  • |
  • Alumni
  • The Peel
  • Athletics
Sections
  • All News
  • Arts & Culture
  • Business & Economy
  • Campus & Community
  • Health & Society
  • Media, Law & Policy
  • STEM
  • Veterans
  • |
  • Alumni
  • The Peel
  • Athletics
  • Home
  • About
  • Faculty Experts
  • For The Media
  • Videos
  • Topics
    • Alumni
    • Events
    • Faculty
    • Library
    • Research
    • Students
    • All Topics
  • Contact
  • Submit
Business & Economy

Money Matters: How to Protect Yourself from Identity Theft

Monday, December 11, 2017, By Kathleen Haley
Share
money mattersOffice of Financial LiteracyStudents

Security sign in the hand of the engineer concept design

News of this year’s Equifax breach, fraudulent I.R.S. tax returns and hacks into retail giants shows the ever-growing need to protect a person’s identity.

“Identity theft is, unfortunately, not 100 percent preventable, so it’s important to know what resources are available if and when it does happen—and the best ways to protect yourself using measures within your control,” says Derek Brainard, financial literacy coordinator in the Office of Financial Literacy.

In his Syracuse Smart Money presentations and in one-on-one financial counseling sessions with students, Brainard discusses the important ways to secure their personal information as part of their overall financial planning. The Office of Financial Literacy’s Smart Money coaching staff also shares the information with students during one-on-one sessions.

Brainard offers some tips on prevention and what to do if your identity is stolen.

  • 01
    Are young adults less vulnerable to identity theft since they might not have as many financial accounts as older adults?

    A study done by Javelin Strategy & Research found that 22 percent of students in 2014 were notified they had been the victim of I.D. theft/fraud—almost one in four. It’s extremely prevalent in the college-age demographic.

    Also, students were four times more likely to experience ID fraud by someone they know compared with other consumers. Identity fraud isn’t just committed by a hacker sitting somewhere far away, digitally accessing your sensitive information. In many cases involving younger people, it’s someone who is close to them who may have access to their information more easily.

  • 02
    What are the different types of identity theft?

    When people think of identity theft, they often think of someone using their information to open a credit card in their name or directly stealing money from their bank account, but other types of identity fraud exist, including tax I.D. theft and child identity theft. Criminals are stealing individuals’ personal information and filing fraudulent tax returns in their name. They try to access an individual’s money they are owed.

    Thieves are also using children’s Social Security numbers to open financial accounts. What’s dangerous is that parents are less likely to keep track of any activity under their child’s name or conduct a credit report with one of the credit agencies. Who gets access to this information? Unfortunately, a lot of times it’s someone who is close to the family, such as a relative.

  • 03
    What are some of the most important steps someone can take to proactively prevent identity theft?

    There are several things you can do to prevent identity theft. I advise students not to carry their social security card on them. Memorize it and put it away in a secure place.

    Mobile technology is creating a ton of opportunity for identity thieves. With phones, tablets and computers, you want to make sure when it’s open that someone isn’t within eyeshot looking over your shoulder while you’re completing transactions or have sensitive information on your screen. Also, avoid public Wi-Fi when conducting private banking or personally sensitive business.

    Make sure to use long complicated passwords. When you’re not using your device, make sure it’s locked with a pin or passcode or fingerprint.

    One of the best ways to make sure no one is using your information fraudulently is to consistently monitor your credit. To view your full credit report, visit annualcreditreport.com. The three major credit agencies—TransUnion, Experian and Equifax—collect information on any accounts that are linked to your name anywhere. You can request one free credit report from each of the agencies once a year through the site.

  • 04
    What should someone do if they know their identity has been stolen through either the Equifax breach or another hack of a company’s information?

    If there has been fraudulent activity, many banks, credit unions and credit cards will contact you and temporarily freeze your account if they see something out of the ordinary. These institutions are using data analytics to understand where you normally spend money. If you spend money in Syracuse in the morning and purchase something in Denver in the afternoon, that’s going to raise red flags with them.

    If you are checking your report and notice something wrong or if you believe your information has been stolen, the first thing you can do is put a fraud alert on your credit report through all three agencies. You’re putting the credit bureaus on alert that you think there is some suspicious activity.

    With the Equifax breach, millions of consumers know that there was a breach but that nothing had necessarily happened yet with that information. If you suspect something could happen, putting an alert on your accounts is a proactive measure.

    If you see something happening—such as a new account opened in your name, the next level would be a credit freeze. Your accounts will be frozen, and no one will have access to open any new accounts without being verified that it’s you.

    If someone has stolen your card or if someone opened a fraudulent account in your name, you’ll want to contact the companies involved and have them close the account. When it comes to liability for financial damages, the Fair Credit Billing Act caps your liability at $50 after you contact the credit card issuer. Many times the financial institutions will waive that $50, so you’ll want to take care of that as soon as possible.

    Your liability for a stolen ATM or debit card is only $50, but only if you report it within two business days. If it’s more than two and less than 60 days, the liability can be $500, so stay vigilant.

    The third thing to do is to file a police report along with an identity theft affidavit with the Federal Trade Commission. If you want to best chance of recovering any sort of damage to your financial situation or credit score, this is the way to do it.

  • 05
    What are some websites to find out more information?

    The Federal Trade Commission is one of the best resources. Consumer.ftc.gov—or its companion site identitytheft.gov—is a one-stop shop for any information on identity theft.

    This is another feature in a series of stories by SU News, in collaboration with the Office of Financial Literacy, about the work of the office and money strategies for students.

  • Author

Kathleen Haley

  • Recent
  • ‘ADA Live!’ Focuses on Protection and Advocacy Systems for People with Disabilities
    Sunday, February 28, 2021, By News Staff
  • Hilda A. Frimpong Becomes the First Black Student to Lead Syracuse Law Review
    Saturday, February 27, 2021, By Robert Conrad
  • Important Update for Flexible Spending Accounts
    Friday, February 26, 2021, By News Staff
  • Message From Dean of Students Marianne Thomson
    Friday, February 26, 2021, By News Staff
  • CAS in Intercollegiate Athletic Advising and Support Addresses Unique Needs of College Student-Athletes
    Thursday, February 25, 2021, By Jennifer Russo

More In Business & Economy

Funding Available for Student Innovation Plans

Syracuse University Libraries’ Blackstone LaunchPad & Techstars is accepting applications on a rolling basis from undergraduate and graduate students who need help moving an idea from concept to commercialization. Grants of up to $2,500 may be awarded to individual students…

New Paper Questions the Safety and Reward of Investing in Business Development Companies

A new paper by Syracuse University Professor Joseph Warburton offers compelling new evidence of the risk of business development companies (BDCs). Warburton, who holds dual appointments as professor of law in the College of Law and professor of finance in…

Female Sport Analytics Students Look to Transform Their Love of Math, Sports into STEM Careers

Syracuse University senior Bailie Brown will be the first female to earn a bachelor’s degree in sport analytics from the Falk College when she completes her coursework in May 2021. She is grateful for connections made with women in sports…

Amy McHale’s Investment Portfolio: Whitman Graduate Student Success

Amy McHale, assistant dean for master’s programs at the Whitman School of Management, calls herself a jack of all trades. Since 2008 she has held roles focused on the student experience and preparing graduates to enter the workforce with a…

Women in Leadership Initiative Announces Spring 2021 Programming

After kicking off in the fall of 2018, the Women in Leadership (WiL) initiative, created through the vision of Candace Campbell Jackson, senior vice president and chief of staff to Chancellor Kent Syverud, and a steering committee of women leaders,…

Subscribe to SU Today

If you need help with your subscription, contact sunews@syr.edu.

Connect With Us

  • Twitter
  • Facebook
  • Instagram
  • Youtube
  • LinkedIn
Social Media Directory

For the Media

Find an Expert Follow @SyracuseUNews
  • Facebook
  • Instagram
  • Youtube
  • LinkedIn
  • @SyracuseU
  • @SyracuseUNews
  • @SUCampus
  • Social Media Directory
  • Accessibility
  • Privacy
  • Campus Status
  • Syracuse.edu
© 2021 Syracuse University News. All Rights Reserved.