identity theft: don’t be a victim eric skrum communications director wisconsin bankers association...
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Identity Theft:Don’t Be a Victim
Eric SkrumCommunications Director
Wisconsin Bankers Association
What is identity theft?
When someone uses your personal information without your knowledge.
• Social security number• Driver’s license
What are they doing with that information?
• Credit card fraud• Bank/finance fraud• Government documents fraud• Cell phone/Utilities fraud
The real problem• The criminals steal your good name,
ruin your credit rating and it takes time and money to restore
Identity theft & fraud facts
Estimate of total ID theft losses: $15.6 billion
Medium loss $500; 10% of victims lost $6,000 or more; 5% lost $13,000 or more
Most victims spend $0 in fixing problem; 10% spend $1,200; 5% spend $2,000
Most victims spend 4 hours fixing problem; 10% spend 55 hours; 5% spend 130 hours
(biggest time problem in new accounts fraud)
Source: Federal Trade Commission
Identity theft & fraud facts
62% of victims do NOT notify police
Victim age group• Under 18 (5%)• 18-29 (29%)• 30-39 (23%)• 40-49 (20%)• 50-59 (13%)• 60 and over (10%)
Identity theft facts 3.7% of consumers have been victimized by
identity theft• 8.3 million people• Eight years in a row #1 complaint to FTC
(37% of complaints)
Greatest problems: Credit card fraud, bank fraud and using others’ info to open phone accounts
3.3 million problems with bank accounts of phone accounts
Highest per capita theft rates• Arizona• California• Nevada• Texas• Florida
Fastest growing crime
Wisconsin ID theft, fraud victims
ID theft• 2,450 victims• 42nd in the nation (down from
39th)
Fraud complaints• 6,724• Crime is underreported
Source: Federal Trade Commission
Why is ID theft growing?
Perceived low risk
Frustrating crime to investigate• Police spend from 100-500
hours
High profit
Increased gang involvement
How identities are stolen Theft of wallet or purse
Dumpster diving
Mail theft
Skimming
Online theft (phishing scams)
Family or friend ID theft
Personal information in your home; be aware of babysitters and housecleaners
Pretexting: False pretenses to obtain your information such as a fake research firm verifying your info.
How ID theft is discovered
Generally three months after the crime
When victims receive credit card bills with unauthorized charges
When denied for a loan and discover their credit rating has been trashed because of delinquencies
Contacts from debt collectors or businesses about merchandise/services you didn’t buy
Receiving information about a property rental or purchase you never transacted or a job you never held
If you are a victim
Contact one of the three major credit
bureaus immediately. • Request a fraud alert be placed on your
file
• Make sure they grant no new credit without your approval
Initial alert• Stays on your file for at least 90 days.
• Entitles you to one free credit report at each of the three credit bureaus
Extended alert• Stays on your file for 7 years
• Entitles you to 2 free credit reports in a 12-month period
Three major credit bureaus
EquifaxOrder credit report: 800-685-1111Report fraud: 800-525-6285www.equifax.com
ExperianOrder credit report: 888-397-3742Report fraud: 888-397-3742www.experian.com
Trans UnionOrder credit report: 800-888-4213Report fraud: 800-680-7289www.tuc.com
If you are a victim
Contact the security departments of your creditors or financial institutions
• Explain you are the victim of ID theft• Follow up with a letter• Close the accounts
File a report with your local police department.
• Get a copy of the report. You may need it to prove your ID was stolen
Keep a record of your contacts File a complaint with Federal Trade
Commission.• They provide tools to simplify ID theft
reporting, including offering an ID Theft Afffadavit
• 877-ID-Theft• www.ftc.gov
ID theft consumer tips
Before disclosing personal information, make sure you know why it is required and how it will be used.
Don’t give out your Social Security number or personal credit information over the phone unless you initiate the call.
Tear up or shred receipts, old bank statements and unused credit card offers
Keep track of your mail; notice when statements or bills are missing. Don’t mail bills from your mailbox. Use a post office box or the post office.
Promptly remove your incoming mail from your mailbox.
ID theft consumer tips
Review your credit report every 6 -12 months. Report and correct mistakes. Visit www.annualcreditreport.com or call 877-322-8228 for your free report.
In your wallet, do not carry extra credit cards, your birth certificate, passport or Social Security number except if necessary.
Keep the personal information you have at home and at work in a safe place.
Balance checkbook monthly and match credit card statements with receipts. View accounts online, check throughout the month it identify possible problems.
ID theft consumer tips
Make sure you do business with reputable companies, especially on the internet.
Don’t open e-mail from unknown sources. Beware of phishing scams that target bank customers.
Use anti-spyware and anti-virus detection software. Update frequently.
Create unique passwords; avoid mother’s maiden name and date of birth.
ID theft consumer tips
Change passwords often; protect PINS.
Considering opting out of receiving pre-approved credit card or insurance offers at 1-888-567-8688.
Report any suspected fraud to your bank and the fraud units of credit reporting agencies.
Watch anyone who handles your credit cards. Never let your credit cards out of your sight.
Computer related scams
Phishing• E-mail where con artists pretend to
represent trusted sources like banks. They look to steal customer’s bank account, credit card and Social security numbers.
• Computer users are asked to click on e-mail links and provide personal financial information.
Vishing• Combination of voice and phishing.
Usually an automated recording warning that your account has been frozen.
• To reactivate the account, victim must call the phone number provided and enter their account number and other personal information.
Computer related scams
SMiShing• SMs and phishing. SMs (Short
Message Service). Basically a text message warning that your account has been frozen.
• To reactivate the account, victim must call the phone number provided and enter their account number and other personal information or visit a web site to provide the information.
Malware• Malicious software includes viruses,
Trojans and spyware. • Usually downloaded to your
computer through appealing web sites, desirable downloads and interesting links.
Computer related consumer tips
Remember banks will never ask you to verify your account information in an e-mail
Do not respond to e-mails, phone or text messages that warn of dire consequences with your bank account
Prior to entering any information look for the “locked padlock” in the browser or “https” at the beginning of a web site address
Malware: Use anti-spyware and anti-virus detection software. Update frequently.
Facebook/Twitter related scams
Fake e-mails• E-mails that look and claim to be from
Facebook/Twitter. May offer a great deal or warn of a compromised account. Always will ask for your information.
Stolen accounts• Hackers will steal your “friend’s” account
and send notices of great deals or interesting information with a link to click for more info.
Forwarded scams• Your friend will repost/tweet/forward a
scam without realizing the potential danger.
The sheer size of the social network, combined with the inherent trust users place in messages from friends and family make it a prime target to exploit.
Facebook/Twitter related tips
Be selective in who you “friend” or “follow”
If the offer sounds too good to be true, it is.
Do not respond to notices that warn of dire consequences
Be careful what you information you put on these sites or in your profile.
Lock down the security settings so that your information is viewed only by those who should have access.
Signs of trouble
Bills that do not arrive as expected
Credit card statements from a company you did not open a credit card
• Open all mail, even if you think it’s just a credit card offer because it could be a statement.
Denials of credit for no apparent reason
Calls or letters about purchases you did not make
Resources Identity Theft Resource Center
P.O. Box 26833San Diego, CA [email protected]
Federal Trade CommissionIdentity Theft Clearinghouse600 Pennsylvania Avenue, N.W.Washington, D.C. 205801-877-ID-Theft (438-4338)
www.ftc.gov/bcp/edu/microsites/idtheft
Wisconsin Office of Privacy Protection (OPP)
Centralized hub for education and assistance for ID theft victims.
800-422-7128www.privacy.wi.gov
Identity Theft:Don’t Be a Victim
Eric SkrumCommunications Director
Wisconsin Bankers Association