Financial Safety: Protect Yourself from the Possible Risks

Five young people walking on college campus

Having money means knowing how to keep it safe. Check out Protection 1’s financial safety and ATM safety tips so that you don’t put yourself at risk.

College is a chance for students to learn how to be independent, educated individuals. It’s important to remember that college is not just about learning the necessary materials to receive your degree, but also about learning how to become a responsible adult. Now is the perfect time to learn how to become financially responsible and to explore the ways you can protect your identity and finances.

Use the following tips to keep your finances safe.

General Financial Safety Tips:

  • Track all of your expenses so that you can learn how to properly budget. By keeping track of your expenses and financial transactions, you have a detailed record to compare to your credit report and bank statements to ensure accuracy.
  • To prevent compromising your financial safety. Never post personal information, such as your birthday or social security number, on social networking sites.
  • When using online banking devices, be sure that the website or application is legitimate and that your deposits are insured.
  • Beware of money wiring scams. Never wire money to a stranger.
  • Limit the amount of money that you carry with you.
  • Consider putting a fraud alert on your credit report. Annually review your credit report to check that your name, address, social security number, accounts, and other information are correct. If something looks wrong, contact the credit reporting companies immediately and report the fraud.
  • Many scammers target college towns and utilize salespeople who seem friendly and relatable. Look out for door-to-door scams.
  • Beware of student employment scams. Check that any job you take on pays a fair wage and uses legal tactics.
  • Consider investing in renters insurance for your apartment or dorm to protect your things.
  • Never write down your banking passwords. Be sure to create personal, unique passwords that are easy for you to remember but difficult for others to guess.
  • Always notify your bank of any plans to travel outside of your normal usage area.
  • Properly discard of any applications (credit card, etc.) that could potentially be damaging if placed in the wrong hands.
  • Don’t be afraid to ask your school’s financial advisors for financial tips.

ATM Safety Tips:

  • Try to avoid going to the ATM when it is dark outside. Only use ATMs that are in well-lit, safe areas.
  • Remain alert and aware of your surroundings when you are at an ATM.
  • Always request a receipt after making an ATM transaction.
  • Leave immediately after your transaction is complete. Count your money and review your statement when you are in a safe and secure location.

Understanding these ATM safety and general financial safety tips will keep you from putting yourself at potential financial and physical harm.