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Welcome to Knowledge for College brought to you by Chase, and thanks for joining us. This series of videos provides valuable information on the many important steps of going to college and financing an education.

Hi, I’m Chelsea Richardson.

Today, we’ll learn about how even students need to protect themselves from identity theft. Ken Butler has some important information.

Unfortunately, identity theft has become big business these days.  Everyone is cautioned to protect private information so it doesn’t fall into the wrong hands.

But what exactly is identity theft? Well, it’s when someone uses another person’s confidential information to steal money from existing accounts, to open new credit accounts, to apply for loans, to rent apartments and even to commit crimes.

Thousands of people have their identities stolen each year according to the Federal Trade Commission.

Most people aren’t aware that they’ve become victims until they’re denied credit, or start getting calls from collection agencies or find unknown credit card charges or bank account withdrawals.

But students may wonder, “What does this have to do with me? I’m not in the real world yet with house payments and the same kind of responsibilities my parents have. Who’d want to steal my identity?"

You’d be surprised.

As a student, you’ve probably opened a checking or savings account. You might even have a credit card or a debit card for your checking account. And many students have student loans.

All of these things put you into the position of having an identity worth stealing. But there are several things you can do to protect yourself from identity theft.

First of all, keep your private information private.

• Don’t share PINs (the Personal Identification Numbers used to access accounts) or passwords with anyone.
• Don’t keep your Social Security Number card in your wallet with your driver’s license. If your wallet is lost or stolen, these two pieces of identification make it very easy for thieves to commit fraud or other crimes.
• Don’t give out your personal information on the phone, through the mail or over the Internet unless you know who you are dealing with.
• Don’t leave your checkbook or other personal information lying around—especially in your dorm or apartment.
• And shred any personal information you no longer need.

Then there are ways to be smart about using the Internet.

• Of course, don’t share your computer passwords—that’s a given. And don’t use obvious passwords like your birth date.
• It may be better to use a credit card when making online purchases. If you make a purchase with a debit card and the numbers are stolen and used, your money will be deducted from your account and it may take some time to get matters cleared with the bank.
• Always use a secure site and a reputable vendor when making online purchases.
• Watch out for "phishing" or brand spoofing. These are official-looking e-mails or pop-up boxes that pretend to be from your bank, your Internet Service Provider or a store where you do business. They’ll try to get information from you about your credit cards, your Social Security Number, passwords or account numbers. Don't respond to these requests. Any organization that you have a relationship with will not ask you for your account or confidential information.
• Don’t click on links from unsolicited e-mails, and use firewalls, anti-spyware and anti-virus software to protect your computer.

Being aware and cautious can help prevent others from stealing your identity. For more information on identity theft and phishing, visit Chase.com and select "Credit Cards."

Then, on the credit card page, type "identity theft" in the search box.

You can also visit the Federal Trade Commission’s site at ftc.gov/idtheft.

The Knowledge for College informational video series is brought to you by Chase to help you better understand college financing and other important topics regarding higher education. If you have any questions about your specific situation, you should consult your own financial advisor or the financial aid office of your school.

This information was current as of 09/01/2008.

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