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Helping you protect your customers against fraud Division of Finance and Corporate Securities.

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Presentation on theme: "Helping you protect your customers against fraud Division of Finance and Corporate Securities."— Presentation transcript:

1 Helping you protect your customers against fraud Division of Finance and Corporate Securities

2 2 Identity theft is prolific in the U.S. and in Oregon. It can strike anyone, anywhere. Individuals Businesses and Organizations Government Agencies It has become the number one crime in the U.S. Oregon ranked #13 in identity theft crime.

3 3 The Cost of Identity Theft National business price tag: $48 billion Consumer price tag: $5 billion Other tolls: time, credibility, emotional

4 4 ID Theft Prevention — Prepare and Plan The 2007 Oregon Identity Theft Protection Act Social Security numbers Data breach notification Safe-keeping of sensitive information Security freeze option

5 5 Definitions “ Security Breach ” Inadvertant release or the theft of personal information in computerized format “ Personal Identifying Information ” Someone’s name in combination with one or any of these: Social Security number Driver license number or Oregon identification card number Passport number Financial account number, credit or debit number along with required security code, access code or password

6 6 Protecting Social Security Numbers Effective October 1 To prevent the theft of SSN:  No posting or displaying (ex: Web site)  No printing on materials sent through the mail if not requested unless redacted  No printing a consumer's SSN on a card used by the consumer that is required to access products or services *Exceptions: Records required by state or federal law and others

7 7 When sensitive data is stolen Effective October 1 If computerized personal identifying information you own or maintain is stolen you must send your customers notification. When What How

8 8 When As soon as possible Delay if action by law enforcement

9 9 What Describe what happened Explain type of information that was stolen Provide contact information Add information for national credit reporting agencies Give advice in reporting suspected identity theft to law enforcement and the Federal Trade Commission

10 10 How Notify credit reporting agencies Exception: Use statewide major television and newspaper and your Web site if: Cost of notification > more than $250,000 Number of individuals > more than 350,000 Gramm-Leach-Bliley Act Note – Follow Oregon law for your employees

11 11 How to Protect Customer Data Effective January 1, 2008 To safeguard information you own you must develop, implement and maintain reasonable safeguards including proper disposal.

12 12 Easy and Sensible Steps Assess Take inventory

13 13 Easy and Sensible Steps Simplest protection Encrypt Protect

14 14 Easy and Sensible Steps Reduce What kind of personal information do you really need?

15 15 Easy and Sensible Steps What ’ s personal identifying information? Security program practices and procedures Train

16 16 Easy and Sensible Steps Test Investigate Have a security plan Detect

17 17 Easy and Sensible Steps Use your retention schedule Make the information unreadable — hard copy or electronic New recycling law Destroy

18 18 Gramm-Leach-Bliley Act Health Insurance Portability and Accountability Act (HIPAA) Follow Oregon ’ s law for your employees

19 19 Requirements for Protecting Data

20 20 Prevention Tool for Consumers: Security Freeze Effective October 1 All Oregonians can place a freeze Contact Experian, TransUnion, Equifax $10 fee for each freeze Exception to fee — ID theft victims “ Thawing ” the freeze Careful consideration: do you need new credit?

21 21 Security Freeze Procedures

22 22 More Information: Click on Identity Theft (503) 378-4140 (866) 814-9710 Federal Trade Commission Search for Identity Theft

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