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Identity theft

Identity theft. Protecting your credit identity. 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.

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Identity theft

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  1. Identity theft Protecting your credit identity

  2. 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.

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

  4. Personal Information Includes • Name • Address and telephone number • Social Security Number • Driver’s license number • Bank Account numbers • Credit Card numbers • Passwords • Bills

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

  6. 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

  7. Credit reports How theft occurs • Thief fraudulently orders a credit report Prevention • Order credit reports each year • Don’t leave credit reports laying around

  8. 3 Credit reporting agencies

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. Pre-approved credit cards How theft occurs • Activate accounts from pre-approved cards Prevention • Shred credit card offers • Cut up pre-approved credit cards

  16. 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.

  17. 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

  18. 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

  19. 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

  20. 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

  21. What to do if Identity Theft Happens

  22. Immediate steps • Act immediately! • Keep a detailed record of correspondence and phone records. • Contact the three major credit bureaus and request a “fraud alert.” Follow with a letter sent by certified mail. • Close all accounts which have been tampered with or opened fraudulently. • File a police report. • File a complaint with the Federal TradeCommission.

  23. 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.

  24. 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

  25. 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

  26. Stay Alert! Be Careful! Be Smart!

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