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

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Presentation on theme: "Identity theft Protecting your credit identity. Identity Theft Three hundred forty three million was lost from consumers in 2002 The number of complaints."— Presentation transcript:

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 380,000almost double from the 204,000 filed in Consumers spent 26 billion dollars on line in 2002.

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

4 Personal Information Includes Name Address and telephone number Social Security Number Drivers 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 drivers 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 Dont 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 Dont leave mail in mailbox If on vacation, put mail on hold

10 Wallets and Pocketbooks How it occurs Thief steals wallet or pocketbook Prevention Dont put it in plain sight Dont 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 Dont 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 Dont give passwords to anyone Dont 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 Dont leave statements lying around Use passwords Dont 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 Dont 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 dont ask for additional ID Easy to use over internet and phone

19 ATM, Credit, and Debit Cards Prevention Dont 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 Dont 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 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.

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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