As summer starts winding down, there is uncertainty what “back to school” will look like this fall in the midst of the COVID-19 pandemic. The news is continuously developing around whether students will be back in the classrooms, participating online, or doing a hybrid of the two. Either way, students will get back to learning, and as young adults go off to college it may open more than their minds to new ideas and doors to new opportunities; college may also open their eyes to issues often overlooked: experiencing identity theft and fraud. The 20 to 29 age group is most affected by identity theft, representing 33 percent of victims according to a 2019 Federal Trade Commission report.
It’s easy to confuse credit card fraud with identity theft, but they’re not the same thing. Let’s take a quick look at how they’re different.
Credit Card Fraud vs. Identity Theft
Credit card fraud is a potential consequence of identity theft. Here, a thief steals your credit card information and then makes purchases in a store or online. Most credit card companies have a liability limit of $50. This means that even if a thief has charged thousands of dollars to your card, you’d likely only have to pay $50. More often than not, credit card companies simply wipe out any charges that are the result of fraud. Continue reading
Romance or sweetheart scams trick people all year round, but they are particularly effective leading up to Valentine’s Day because they prey on people’s yearning for love. According to the Federal Trade Commission (FTC), romance scams jumped 40 percent from 2018 to 2019, costing 25,000 reported victims a total of $201 million. Continue reading
Although we don’t like to admit it, succeeding as a small to mid-sized business (SMBs) takes more than a great idea and strong work ethic. Vigilance and the ability to anticipate the unexpected — whether it’s unforeseen costs, dips in the economy, or other more ominous issues — is all part of the job description for every small business owner. Continue reading