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Understanding Identity Theft and Fraud: Definitions, Types, and Prevention

Identity theft occurs when an individual's personal identification, credit, or account information is wrongfully obtained and used by someone else. Fraud refers to deliberate deception aimed at securing an unlawful or unfair advantage. There are various types of fraud, with identity theft being a significant category. This resource aims to clarify these terms, explore different fraud types, and offer strategies for prevention and protection against identity theft and fraud. Protecting personal information is crucial in today's digital age.

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Understanding Identity Theft and Fraud: Definitions, Types, and Prevention

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  1. Identify Theft and Fraud

    PFL 2.2 and 2.3
  2. Terms Identity Theft: When someone wrongfully acquires and uses a consumer’s personal identification, credit, or account information. Fraud: Deliberate deception, designed to secure unfair or unlawful gain
  3. Types of Fraud Identity theft Online scams Ponzi schemes Investment scams Internet fraud
  4. Ponzi Scheme (term) An investing scam promising high rates of return with little risk to investors It generates returns for older investors by acquiring new investors Aka: pyramid scheme **********
  5. How is information stolen? Trash diving Lost/stolen wallet/purse Mail theft Burglary Skimming Computer hacking Data breach Scams/fraud
  6. COMMON SCAMS The Nigerian scam Tale of woe by a sender claiming to be rich Sender cannot access own money Plea for help with promise to repay Wire transfer or money order to account The Lottery scam Victim has won or inherited a large amount of money Must pay taxes up front by wire transfer or money order
  7. COMMON PHONE SCAMS Scare tactic Caller pretends to be from a trusted source Caller states that something is wrong Caller requests that victim “verify” personal or account information Fake charity Caller purports to be soliciting for a charity Caller takes credit card and personal information for donation
  8. DON’T FALL FOR THESE! Jury Duty Easy Credit – Pay in advance Foreign royalty Foreign lotteries Work-at-home or investment schemes Fake ebay or craigslist sales Fake emails Internet dating scams Medicare Part D scams
  9. Detect Get On Do Not Call List Check your credit report regularly. Monitor bank & credit card statements. Be alert to mail that does not arrive. Do not ignore harassing phone calls or collection letters. Check your Social Security Earnings record. Check your criminal history.
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