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Protecting Yourself from Fraud including Identity Theft.

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Presentation on theme: "Protecting Yourself from Fraud including Identity Theft."— Presentation transcript:

1 Protecting Yourself from Fraud including Identity Theft

2 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Identity Theft Commercial #1

3 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Passwords are like underwear… Don’t share them with friends. Come up with some of your own.

4 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1

5 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Don’t Let It Happen To You Use the Fraud of the Month article from the Consumer Jungle website (www.consumerjungle.org) to answer the questions on the Don’t Let It Happen To You worksheet.www.consumerjungle.org

6 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Fraud an intentional effort to deceive another individual for personal gain. Write on the white board what fraud means to YOU. This may include: An example of when you have heard the word used in the past. A type of fraud. The impact fraud may have on an individual’s well-being.

7 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Fraud Arrests for crimes not committed Damaged financial security Tarnished credit reports Fraud – an intentional effort to deceive another individual for personal gain Compromised health

8 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Common Types of Fraud Identity Theft When another’s personal information is used without their permission Communications Occurs via mass marketing, mail, wire, telephone, Internet, etc. to deceitfully get money from people Identity theft was the largest consumer fraud complaint reported to the Federal Trade Commission in 2010

9 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Common Types of Fraud Credit Applying for and modifying credit (most common involves mortgages) Investment Investors are deceived by individuals claiming to be financial advisors or have an investment guaranteed to make money Tax Scammers making claims that a person may be exempt from paying taxes Do you know anyone that has been a victim of fraud?

10 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Time How does fraud negatively impact financial well- being? Stress Costs money Anxiety

11 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Identity Theft Commercial #2

12 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 How Does Fraud Occur? Failed Promises Accessing Personal Information Personal Infor- mation Name Address & Telephone Number Social Security Number Driver’s License Number Birthdate Credit Card Numbers Bank Account Numbers What can a scammer do if they gain access to your information?

13 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Personal Information Search your purses, wallets and backpacks. What are you carrying with you right now that reveals personal information? Drivers license Debit & credit cards Electronic devices Identification cards

14 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 How Thieves Access Personal Information Stealing a purse, wallet, financial records, mail, etc. Diverting mail Skimming credit and debit card information Phishing for personal information via Hacking a computer to install spyware

15 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Bethany purchased a new pair of shoes from the Internet. What steps should she take to ensure her identity was protected while making the purchase? Source: FEFE 3.1

16 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Dana went out to dinner and left her credit card there. The next day she called the restaurant and they said they didn ’ t have the card. What should she do? Source: FEFE 3.1

17 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Jacob has just finished writing bills. What steps should he take to ensure the bills reach their destination safely? Source: FEFE 3.1

18 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Sam purchased a bicycle on credit. When he received his credit card statement, he noticed several charges he did not make. What should he do? Source: FEFE 3.1

19 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Protecting Yourself From Fraud You are better off in a community than by yourself. Government creates and manages agencies designed to protect you from fraud But, you are also responsible for yourself. The best way to avoid fraud it to be alert to the risk and protect yourself

20 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Protect Your Personal Information Don’t carry your Social Security Card Sign credit and debit cards with signature and “Please See ID” Memorize and use difficult PIN numbers Shred personal documents before discarding them Keep personal records in a secure location Deposit outgoing mail in a secure post office collection box Be careful of what personal information is posted on the Internet

21 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Immediately dispute errors Check Your Credit Reports Verify sources requesting information Evaluate Situations Consistently monitor information such as credit statements, depository institution statements, etc Monitor Financial Information

22 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Identity Theft Commercial #3

23 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 23 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Be Careful When Using the Internet Look for “https” or a picture of a lock Keep usernames and passwords safe Use a credit card when making online purchases Search for your name Once information is posted online, it can’t be taken back! Use privacy settings on social networking sites

24 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 24 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Practice electronic device safety Use updated anti- virus and anti- spyware software Watch for strange actions that may indicate spyware Do not click on links found in pop-up advertisements or suspicious

25 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 25 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Credit and Debit Cards Credit Cards Maximum liability is $50 No liability if a lost card is reported before being fraudulently used No liability if the card number is used, but not the card itself Debit Cards Liability depends on how quickly the card is reported and depository institution policies Ranges from $0-unlimited! Use a credit card instead of a debit card for online purchases!

26 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 26 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Fraud Protection Services Fraud monitoring and detection Cost recovery if fraud occurs Legal counsel if fraud occurs Companies may offer various types of services including: You are your best advocate! Closely evaluate services to know what is covered, fees and company reputation

27 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 27 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Recognize Fraud Early Act Immediately if… A business that has taken your money won’t return your calls Unfamiliar or unrecognizable charges You are denied credit Mail is missing Errors in your credit report

28 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 28 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 If You Are a Victim Act Immediately Keep detailed records File a report with your local law enforcement Report to the appropriate federal agency The Stop Fraud website will tell you which agency to report to and provide specific tips depending on the type of fraud

29 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 29 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Identity Theft Commercial #4

30 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 30 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Identify four ways to deter identity theft, three ways to detect it, and two ways to defend it. Deter, Detect, Defend Video

31 © Take Charge Today – August 2013 – Protecting Yourself From Fraud– Slide 31 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona G1 Ponzi Scheme

32 Scams & Schemes

33 Scam Fraudulent or deceptive schemes

34 Pyramid Scheme A type of financial fraud in which people pay to join an organization in exchange for the right to sell memberships to other people.

35 Ponzi Scheme Closely related to a pyramid scheme but the promoter generally has no product to sell and pays no commission to investors who recruit new members.

36 Affinity Fraud A name for a type of scam that targets members of a specific demographic. Perpetrators may attempt to relate to or exploit characteristics common to the demographic. Targeted groups can include the elderly, ethnic groups, and religions.

37 Predatory Lending 37

38 PREDATORY LENDING Sell properties for much more than they are worth, using false appraisals. Encourage borrowers to lie about their income, expenses, or cash available for down payments in order to get a loan. Knowingly lend more money than a borrower can afford to repay. And many other scams. 38 In communities across America, people are losing their homes and their investments because of predatory lenders, corrupt appraisers, mortgage brokers, and home improvement contractors who:

39 IDENTIFYING PREDATORY LENDING Packaging a loan with single-premium credit insurance products Repeatedly refinancing a loan in a short period of time Charging excessive rates and fees to a borrower who qualifies for lower rates and fees 39 Predatory lending is not defined by federal law except to the extent that a loan is a high-cost loan and contains one of a fixed list of terms or conditions. Predatory or abusive lending practices can include:

40 TEN WARNING SIGNS OF PREDATORY MORTGAGES 1.Unreasonably high interest rates 2.Multiple refinancing 3.Unnecessary debt consolidation 4.Balloon payment 5.Negative amortization 6.Door-to-door solicitation 7.Back-dating of documents 8.Large loan broker fees 9.Kickbacks between lender and broker 10.Single-premium credit life insurance 40

41 COMMON SCAMS Advance fee schemes The prize that will cost you Online auctions Fraud jobs Moneymaking schemes Bogus charities Scam schools 41

42 HOW DO THIEVES WORK?

43 Skimming

44 Dumpster Diving

45

46

47

48

49 Computer Spyware

50 Account Redirection

51 Phishing

52 Pharming

53 Wireless Hacking

54 Stealing

55 Shoulder Surfing

56 TOP STRATEGIES TO AVOID SCAMS Don’t become a victim. Investigate strangers who have deals too good to be true. Always stay in charge of your money. Don’t be fooled by appearances. Watch out for salespeople who prey on fears. Monitor your investments. Report fraud or abuse. Do your homework. Be wary of door-to-door solicitations. 56


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