identity theft protecting your credit identity. identity theft three hundred forty three million was...

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Identity theft Protecting your credit identity

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Page 1: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Identity theft

Protecting your credit identity

Page 2: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Identity Theft

Three hundred forty three million was lost from consumers in 2002

The number of complaints filed in 2002 was 380,000—almost double from the 204,000 filed in 2001.

Consumers spent 26 billion dollars on line in 2002.

Page 3: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Identity Theft

Identity theft occurs when someone wrongfully acquires and uses someone’s personal identification, credit or account information

Page 4: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Personal Information Includes

Name Address and telephone number Social Security Number Driver’s license number Bank Account numbers Credit Card numbers Passwords Bills

Page 5: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Ways Identity Thieves Acquire Information Wallet/Purse Loss or theft Mail and Phones Dumpster diving Insider access Internet shopping Credit report

Page 6: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

How information can be used

To get a new driver’s license Open a new bank account Apply for credit cards or open new store

accounts Obtain cash from credit cards To get a job To rent an apartment To make retail purchases

Page 7: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Credit reports

How theft occurs Thief fraudulently orders a credit report

Prevention Order credit reports each year Don’t leave credit reports laying around

Page 8: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

3 Credit reporting agencies

Equifax P.O. box 105873 Atlanta, GA 30348

Report order:

1-800-685-1111

Fraud Hotline: 1-800-525-6285

www.equifax.com

Experian P.O. Box 2104

Allen, TX 75013-2104

Report Order: 1-888-397-3742

Fraud Hotline:

1-888-397-3745

www.experian.com

Trans Union P.O. Box 390

Springfield, P.A. 19064-0390 Report Order:

1-800-888-4213

Fraud Hotline: 1-800-680-7289

www.tuc.com

Page 9: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Mail

How theft occurs Thief steals account numbers and personal

information

Prevention Deposit outgoing mail in mailbox Don’t leave mail in mailbox If on vacation, put mail on hold

Page 10: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Wallets and Pocketbooks

How it occurs Thief steals wallet or pocketbook

Prevention Don’t put it in plain sight Don’t hang it on the back of the chair Use a purse that closes securely Carry only what is necessary

Page 11: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Bills

How theft occurs Bills contain personal information, account

numbers May use information to start a new account

Prevention Don’t leave bills laying around Pay attention to billing cycle

Page 12: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Calling Cards

How theft occurs If thief has calling card and id number, can

make long distance calls anywhere

Prevention Use only card that have an id number Protect from those who are watching over your

shoulder

Page 13: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Passwords

How theft occurs Thief watches you or comes across your list

Prevention Don’t give passwords to anyone Don’t write passwords down Use different passwords for each account

Page 14: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Work records

How theft occurs Thief may access work records, SS#, bank

records

Prevention Ensure work records are locked with

security from employees or others

Page 15: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Pre-approved credit cards

How theft occurs Activate accounts from pre-approved

cards

Prevention Shred credit card offers Cut up pre-approved credit cards

Page 16: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Bank Account Information

How theft occurs With bank account routing number, thief can make

checks, withdraw money, or access savings

Prevention Don’t leave statements lying around Use passwords Don’t have checks mailed. Pick them up.

Page 17: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Social Security Number

How theft occurs This is the key to your identity

Prevention Never give out social security number Don’t carry social security card Ask for alternate number

Page 18: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

ATM, Credit, Debit Cards

How theft occurs Some locations ask for card and PIN

number Credit and Debit cards are easy to use

because most businesses don’t ask for additional ID

Easy to use over internet and phone

Page 19: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

ATM, Credit, and Debit Cards

Prevention Don’t leave cards laying around Only carry those cards you will use Use debit cards that require a PIN Write on back of card “Ask for ID” in

signature blank Carry cards in separate holder

Page 20: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Cards, cont.

Have a list of account numbers and cards Don’t give out numbers unless you are

making a purchase Keep track of all receipts Destroy papers with account numbers on it Check statements for fraudulent activity

Page 21: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

What to do if Identity Theft Happens

Page 22: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Immediate steps

1. Act immediately!2. Keep a detailed record of correspondence and

phone records.3. Contact the three major credit bureaus and request

a “fraud alert.” Follow with a letter sent by certified mail.

4. Close all accounts which have been tampered with or opened fraudulently.

5. File a police report.6. File a complaint with the Federal Trade

Commission.

Page 23: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Credit Card Liability

Truth in Lending Act limits liability for unauthorized charges to $50.00 per card.A letter must be received within 60 days of

the first bill containing the error.The dispute must be resolved within 90

days of the creditor receiving the letter.

Page 24: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

ATM, Debit, and Credit Cards

The Electronic Funds Transfer Act limits your liability

-Within 2 days, $50-Within 60 days, $500-After that you are responsible for whole amount To report a loss call the financial institution and

follow up in writing Get new bank numbers, PIN, and passwords

Page 25: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Check liability

Contact the financial institution and stop payment.

Notify the check verification service. Most states hold the financial

institution responsible for losses of a forged check

Page 26: Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints

Stay Alert!

Be Careful!

Be Smart!