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MoneyWi$e: ID THEFT & ACCOUNT FRAUD ID Theft & Account Fraud Prevention and Clean Up.

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Presentation on theme: "MoneyWi$e: ID THEFT & ACCOUNT FRAUD ID Theft & Account Fraud Prevention and Clean Up."— Presentation transcript:

1 MoneyWi$e: ID THEFT & ACCOUNT FRAUD ID Theft & Account Fraud Prevention and Clean Up

2 MoneyWi$e: ID THEFT & ACCOUNT FRAUD What you will learn  During this presentation you will learn: The effects of ID theft and account fraud How ID theft and account fraud happen How to avoid becoming a victim How to recognize when fraud has occurred Steps to take if you come a victim About helpful resources

3 MoneyWi$e: ID THEFT & ACCOUNT FRAUD What is ID theft?  When someone steals another person’s personal information to commit fraud Open credit cards, buy goods Take out loans Get cell phones Open bank accounts Seek employment  What else can an ID thief do?

4 MoneyWi$e: ID THEFT & ACCOUNT FRAUD What is account fraud?  Unauthorized charges, withdrawals or new accounts  Crooks use: Identification Credit card numbers Social security numbers Bank account information

5 MoneyWi$e: ID THEFT & ACCOUNT FRAUD It pays to prevent ID theft  Victims spend an average of more than 100 hours recovering from ID theft.  It is estimated that victims of ID theft spend an average of $1,865 to clear their names if the crooks opened new accounts

6 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Through no fault of their own, victims face  Increased credit card fees  Higher interest rates  Higher insurance premiums  Closure of bank accounts

7 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Credit reports  Check your credit reports regularly.  Free credit reports can be obtained once a year from each of the 3 credit reporting agencies: Equifax Experian TransUnion

8 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Free credit reports  Annual Credit Report Annual Credit Report, Request Service, PO Box , Atlanta, GA

9 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Credit reports  Get all three agency reports at the same time, OR  Stagger the three reports out during the year Get one every four months

10 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Social Security number (SSN)  Memorize your Social Security number (SSN)  Don’t carry your Social Security card  Don’t print your SSN on your driver’s license or bank checks  Keep all papers listing your SSN hidden or locked away  Shred all documents with SSNs before you throw them away

11 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Financial information  Check bills, bank and credit card statements Report any unauthorized transactions immediately  Track statements, new credit cards or check orders in the mail  Call the companies immediately if you notice Unauthorized transactions Missing credit cards or checks

12 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Cards and account numbers  Shield ATM keypads when entering passwords  Memorize your PINs  Watch your cards while they are with sales clerks or waiters  Lock your own mailbox Use US post boxes for outgoing mail that contains account numbers

13 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Phone and Internet  Don’t answer callers or s asking for personal information Remember, you may be overheard on a cell phone  Always make sure you are dealing with reputable companies

14 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Marketing  Read your bank’s privacy notice  Stop or ‘opt out’ of pre- screened credit offers 888-5OPT-OUT

15 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Are you already a victim?  Check your credit report  Look for Accounts you don’t recognize Inaccurate information

16 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Monitor your mail  Missed bills, credit card statements, etc. may signal trouble

17 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Always question …  Charges, bills or collection calls that are not yours Complain immediately  Denials of credit when you have good credit Get a free copy of the credit report used to make the decision Check for mistakes or fraud

18 MoneyWi$e: ID THEFT & ACCOUNT FRAUD ID theft clean up  Document the crime  File a police report with your local police department Get a copy of the police report  Contact appropriate state and federal law enforcement agencies  Complete a free ID Theft Affidavit from the FTC

19 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Fraud alerts  Add a fraud alert to your report Initial alert—90 days Extended alert—7 years Additional free credit reports  When alerts are in place, allow time when applying for new credit Instant credit won’t work

20 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Credit reporting agencies  Equifax, ,  Experian, ,  TransUnion, ,

21 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Victims - be watchful  Dispute fraudulent accounts immediately Close all affected accounts Follow up your phone call with a written request  Get letters stating disputed accounts have been closed  Create new passwords for all of your accounts Avoid easy-to-guess passwords

22 MoneyWi$e: ID THEFT & ACCOUNT FRAUD On-going prevention  Get your credit report. Look for: Accounts you don’t recognize Incorrect information about you  Order free reports

23 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Password accounts  Place passwords on your credit card, bank and phone accounts  Don’t use easy-to-guess names and numbers  Ask businesses not to use SSN or mother’s maiden name

24 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Computer safety  Don’t respond to ‘phish-y’ s  Enter web addresses (URLs) carefully  Bookmark favorite sites  Check site security—padlock in browser  Don’t ‘click’ links  Use phone numbers on account statements or from the phone book  Stay informed – check the web for scam alerts

25 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Proof of the crime  File a police report  Get a case number  File reports with other appropriate agencies  Complete free FTC ID Theft Affidavit

26 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Freeze your credit  Prevent new credit without your permission  Fees and procedures vary from state to state  ID theft victims usually can place, lift or remove the freeze for free  To freeze, contact the credit reporting agencies: Equifax: Experian: TransUnion:

27 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Social Security numbers  Usually, you can’t get a new SSN For more about SSNs, visit the Social Security Administration

28 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Additional resources FTC ID Theft Clearinghouse / ID Theft Hotline US Department of Justice Federal Bureau of Investigation Federal Deposit Insurance Corporation United States Postal Inspection Service United States Secret Service

29 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Non-profit organizations  Consumer Action  Identity Theft Resource Center  National Fraud Information Center  Privacy Rights Clearinghouse

30 MoneyWi$e: ID THEFT & ACCOUNT FRAUD MoneyWi$e Thanks for your participation! Free financial education materials A joint project of Consumer Action and Capital One © Consumer Action 2009


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