Young Adults at Highest Risk of Credit Card Fraud
New research from the Better Business Bureau indicates that young adults, age 18 to 24, are more at risk of credit card fraud than other generations of adults.
This may be due to how willing young adults are to share their personal details. They regularly update their Facebook and Twitter accounts with intricate details of their lives.
“It is easy to over share information via social media, we don’t realize how much information is out there, including our name, phone numbers, and birth dates,” said Mid-Missouri Better Business Bureau manager Mike Harrison. “A lot of identity thieves actually troll those websites and what is scary about it is they can open a credit profile with your information.”
Another risk factor for young adults is a lack of established credit. Many fraudsters target young adults before they are able to establish a credit card on their own.
The mid-Missouri BBB’s report indicates that, on average, it will take a young adult 130 days to know their credit card has been stolen. The average young adult loses about $1,100 as a result of identity theft, which is a big concern for the youngest generation of credit card holders.
The BBB encourages young adults to update their social media privacy settings and shred credit card offers received in the mail as a way to protect against fraud.