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Agenda

Agenda . Our Identity Definition How Can Identity Theft Happen Misuse of Stolen Identities Warning Signs Preventing Identity Theft Tackling the Problem. Our Identity. Our identity is a valuable asset It’s a personal part of who we are Open bank accounts Obtain credit cards

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Agenda

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  1. Agenda • Our Identity • Definition • How Can Identity Theft Happen • Misuse of Stolen Identities • Warning Signs • Preventing Identity Theft • Tackling the Problem

  2. Our Identity • Our identity is a valuable asset • It’s a personal part of who we are • Open bank accounts • Obtain credit cards • Apply for loans, mortgages • Purchase goods and services • Claim benefits

  3. Definition • Identity Theft: An illegal act in which someone accesses and uses the identifying information of an actual person in some way that involves fraud or deception. • Identify Fraud: The use of a misappropriated identity in criminal activity, to obtain goods, services or benefits by deception for economic gain without the victim being aware.

  4. How Can Identity Theft Happen? • Your HOME or VEHICLE is burgled and your personal information and documents may be taken. • Your personal information may be stolen and used or sold by employees of legitimate BUSINESS. • Information found in the TRASH BIN could provide a thief with an opportunity to steal your identity. • Many important documents are posted to you and can be stolen from your MAILBOX.

  5. How Can Identity Theft Happen? • Criminals could request for a “change of address” and have your MAIL DIVERTED to another address. • Your WALLET contains personal information such as your licence, credit and ATM cards and other personal documents, that may be stolen. • You may be the victim of a scam and be conned into providing personal information over the telephone by an IMPERSONATOR (social engineering).

  6. How Can Identity Theft Happen? • SHOULDER SURFING in public place. • Your personal computer could be the weakest link, as it is vulnerable to threats posed by HACKING, PHISHING and MALWARE. • Most surprisingly, you could have your identity stolen and used by someone you know and trust - FRIEND, RELATIVE or COLLEAGUE.

  7. Misuse of Stolen Identities • Submit false application for credit cards and loans • Take over existing accounts • Open bank accounts to write bad cheques • Open landline or mobile phone account • File for bankruptcy • Submit false claims on insurance policies • Submit fraudulent tax returns to collect refunds • Submit claim for unemployment or social security benefits

  8. Misuse of Stolen Identities • Terrorism financing • Money laundering • People smuggling (human trafficking) • Illegal immigration • Drug trade • Crimes • Abuse of government programmes

  9. Misuse of Stolen Identities • Fastest growing crime • US in 2003 • 10 million victims • US$1 billion loss by lenders • UK in 2003 • Over 100,000 cases • £1.3 billion loss • Australia in 2002 • A$1.1 billion loss

  10. Warning Signs • You receive bills, invoices or receipts for goods which you have not ordered. • You receive letters or calls from debt collectors relating to debts that aren’t yours. • You receive bank statements for accounts in your name which you have not applied for or opened. • There are transactions on your account statements that you don’t recognize.

  11. Warning Signs • Important identification documents are missing. • You stop receiving regular mails. • You did not receive any mail at all. • New accounts on your credit report. • Searches on your credit bureau report that don’t relate to any application made by you.

  12. Preventing Identity Theft • Supply your personal information appropriately • Check financial information regularly • Ask for credit bureau report periodically • Maintain a record of important accounts • Destroy personal information before disposal • Use passwords for important accounts • Report loss or theft immediately • Secure your mail and personal information

  13. Preventing Identity Theft Computer & Internet • Use passwords for protection • Change passwords periodically • Use anti-virus software • Install personal firewall software for online access • Beware of unsolicited e-mails (phishing & malware) • Transact at secure websites; avoid spoof websites • Wipe before disposing hard drive • Be wary of using public computers

  14. Tackling the Problem • Stringent verification process to detect fraudulent applications using stolen identities • Using scoring technology & neural networks • Robust procedure to prevent account takeover • Employee screening & training programme • One-time password and two-factor authentication for internet banking • Fraud Detection System • Customer education • Information sharing

  15. Tackling the Problem Victim Assistance Programme • Citi Identity Theft Solutions • Comprehensive service • Close unauthorized accounts • Credit bureau checks • Contact other creditors/banks • Police report • Monitor account • Update status until close • Reclaim identity

  16. Tackling the Problem • ID card system • Criminal offence for identity theft and fraud • Police investigation • Sufficient deterrence to criminals • Access to public records

  17. The End THANK YOU

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