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1. 2 Someone steals your personal information to commit fraud. A “buy now, pay never” shopping experience. What is Identity Theft?

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Presentation on theme: "1. 2 Someone steals your personal information to commit fraud. A “buy now, pay never” shopping experience. What is Identity Theft?"— Presentation transcript:

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2 2 Someone steals your personal information to commit fraud. A “buy now, pay never” shopping experience. What is Identity Theft?

3 3 How big is the problem?

4 4

5 5 Credit Card Phone/ Utilities Bank Employ- ment Gov. Docs/ Benefits Loan Fraud Other ID Theft Attempted ID Theft How victims information was misused.

6 6 How does Identity Theft happen? Mail theft “Dumpster diving” “Insider access” Purse / wallet theft Computerized information services Internet etc

7 7 Contributing factor NEGLECT #

8 8 NEGLECT ! Retailers may not carefully check signatures on the identification provided for check and credit card transactions. Salesmen may fail to check validity of the drivers license when credit is applied for. Consumers fail to check bank statements and creditor statements promptly.

9 9 How can you tell if you are a victim of Identity Theft?

10 10 Have you failed to receive bills or other mail? Were you denied credit for no apparent reason? Have you received calls from debt collectors or companies about merchandise or services you did not buy?

11 11 Have you received credit cards you did not apply for? Have you looked carefully at your bank and credit card statements and discovered postings you do not remember?

12 12 Credit card payments Pre-approved credit card offers Convenience checks Mail to you from your bank and creditors Mail Theft Items stolen from your mail box can be used to steal your identity.

13 13 Mail bills & sensitive items in a BLUE BOX or at the post office. Remove items from your mail box as soon after delivery as possible. Install a locked mailbox at your residence or use a P.O. box. To Prevent Mail Theft

14 14 Block change of address. Pick up check orders at your bank. Contact creditors if your bills don’t arrive. To Prevent Mail Theft

15 15 Dumpster Diving A business may discard paper containing customer information without shredding. The scavenged information can be used to apply for credit and open accounts in your name.

16 16 Insider Access Employees who sell copies of checks used for purchases, credit card numbers from receipts or data from employment or credit applications, order forms or information collected for legitimate reasons. The ‘sold information’ can be used to apply for credit and open accounts in your name.

17 17 Protect Yourself... DO NOT ROUTINELY CARRY…… your Social Security Card your birth certificate or your passport or more than one or two credit cards. Limit what you carry in your Purse or Wallet.

18 18 Credit Card Protection Cancel all unused credit card accounts Shred credit card receipts Watch the mail when you expect a new or renewed card to arrive. Don’t give credit card numbers over the phone unless you initiated the call to a trusted business.

19 19 Keep a list of: –credit card account #s –expiration dates –telephone numbers for customer service & fraud departments. Identity Theft Recovery… Consider keeping a copy - back and front - of the card.

20 20 The Skimming Wedge Used to capture data off the back of the card.

21 21 Capturing data from the magnetic stripe on the back of the card. Replication of the data to enable a transaction authorization to occur without the original card. The card remains in TRUE cardholder's possession The card’s Magnetic Stripe Data is cloned. Skimming is...

22 22 65% Restaurants 15% Gas Stations 20% Other Merchants (hotels,convenience stores, retail merchants, parking garages) Where skimming occurs

23 23 Computerized Information Services A business that sells personal information may fail to safeguard it adequately or may sell it to purchasers who have not been properly screened.

24 24 The Internet Personal information used on the internet may be accessed by a thief. Have you heard the phish tale?

25 25 Phishing or Brand Spoofing Consumers are receiving unsolicited s asking the for updates to their billing information or to activate a new credit card, online. Confidential personal information is collected by the “fraudster” and used to open new credit accounts or make purchases in the name of the consumer. The phony s and fake company websites are cleverly designed and virtually impossible to distinguish from the real thing.

26 26 Phishing Protection DO NOT STOP using your ATM, POS or Credit Cards. Review all statements - AS SOON AS THEY ARRIVE! Order your credit report each year from all 3 credit bureaus

27 27 Be passionate about protecting its use. Insist businesses use a different number. Ask why they need it Order your Social Security Earnings & Benefits Statement once a year to check for fraud. Protect your Social Security Number

28 28 If your Social Security Number appears on  bank statements or  health care provider cards SUGGEST that it be removed! If your Social Security Number is EVER used as your account number, ASK WHY? Be aware of the DANGER

29 29 Identity Theft prevention... Put passwords on all your financial accounts before the thief does. Test them! Never use expected passwords. Avoid using your mother’s maiden name. Keep excellent records Cooperate if asked to open a new account.

30 30 Identity Theft detection... Review all statements - bank, credit card and utility bills AS SOON AS THEY ARRIVE! Order your credit report each year from all 3 credit bureaus

31 31 Identity Theft recovery... Do not pay any bill or portion of a bill which is a result of identity theft. Keep copies of all letters and documents. Call police – you will need the police report Place a Fraud Alert with credit bureaus

32 32 Solution #1 Establish yourself as a  Deterrence is prevention. ‘hard target’

33 33 Solution #2 Share protection techniques ~~~with everyone.

34 34 Thank you for inviting us! Prepared and distributed by The Minnesota Bankers Association


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