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Protecting Yourself from Identity Theft and Financial Fraud State of Oregon Division of Finance and Corporate Securities.

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Presentation on theme: "Protecting Yourself from Identity Theft and Financial Fraud State of Oregon Division of Finance and Corporate Securities."— Presentation transcript:

1 Protecting Yourself from Identity Theft and Financial Fraud State of Oregon Division of Finance and Corporate Securities

2 Eric Kleinman Investor Information Coordinator (503) State of Oregon Division of Finance and Corporate Securities

3 What We Will Cover Today Oregon’s Financial Fraud Agencies Common misconceptions about fraud ID Theft and Self Defense What to do if you become a victim Rules to Remember Resources You Can Use

4 The mission of the Division of Finance and Corporate Securities (DFCS): “To encourage the widest possible range of financial services, products, and information for Oregonians, delivered in a safe, sound, and fraud- free manner.” State of Oregon Financial Fraud Agencies

5 Financial Fraud Agencies Registers all securities offerings Licenses brokerage and investment advisory firms and their salespeople Investigates violations of securities laws The Division of Finance and Corporate Securities:

6 The Oregon Department of Justice Consumer Fraud Division: To protect Oregonians from fraud and illegal activities designed to deny them of their property. State of Oregon Financial Fraud Agencies

7 Financial Fraud Agencies Operates the Consumer Fraud Hotline Informs Oregonians about consumer laws Works with other state, local, and federal agencies to prevent fraud The Dept. of Justice Consumer Fraud Division:

8 Financial Fraud Misconceptions Crimes committed for financial gain that depend upon deception and fraud rather than violence or physical force. Definition of economic crime:

9 Financial Fraud Misconceptions Identity Theft is the fastest growing crime in the United States, with as many as 1.9 million new victims each year. Oregon Ranks 9 th Nationally in ID Theft

10 Financial Fraud Misconceptions 18 – 39 51% 40 – 5936% 60 and over13% Age of Oregon ID Theft Victims for 2005:

11 Financial Fraud Misconceptions The average bank robber takes $3,500 and serves 5 – 7 years upon conviction The average ID thief takes $23,000 and serves 0 time upon conviction

12 Financial Fraud Misconceptions Americans lose $300 billion every year to financial fraud of all types. Almost $9 billion of that is from ID Theft. Cost of fraud:

13 Financial Fraud Misconceptions More than 1/3 of ID Theft is perpetrated by a friend, family member, co-worker, or caregiver It’s impossible to completely prevent odds You can reduce the chances of being a victim

14 ID Theft and Self Defense Increase of online personal information Illegal access of credit bureau data Illegal sale of information by employees “Pretexting” Scams Theft of information from mailbox, wallet, purse, or trash receptacles “Phishing” scams How Do ID Thieves Get Our Information?

15 ID Theft and Self Defense Account Takeover: Assuming an existing credit relationship What Do ID Thieves Do With It? ID Theft Manifests Primarily in Two Ways: Fraudulent Application: Establishing a new credit relationship

16 ID Theft and Self Defense Open credit card accounts in your name Establish utility and wireless service Take out loans in your name Apply for employment in your name Rent apartments/buy real estate Open securities trading accounts File Bankruptcy in your name

17 ID Theft and Self Defense Monitor all of your monthly statements Ask vendors how your information is used Take steps to protect your mail How To Minimize Your Risk

18 ID Theft and Self Defense Shred unneeded receipts, bills, and offers Never put account numbers on envelopes Beware of high risk “favors”: Checks, credit cards, ID Cards, access How To Minimize Your Risk

19 ID Theft and Self Defense Never throw away ATM receipts, credit card, or bank statements without shredding them first Never give your credit card info over the phone unless you initiated the call Reconcile your checking account regularly How To Minimize Your Risk

20 ID Theft and Self Defense Review your credit report at least three times per year Never throw out prescription bottles without removing your information Beware of people calling themselves “Senior Specialists” or “Medicare Specialists” How To Minimize Your Risk

21 ID Theft and Self Defense He was paid $100 to get a Virginia state ID card for Ahmed Alghamdi. Who Is Victor Lopez-Flores?

22 ID Theft and Self Defense What happened to Mr. Alghamdi? He died on September 11, 2001 when the plane he helped hijack crashed into the North Tower of the World Trade Center complex.

23 ID Theft and Self Defense What happened to Mr. Lopez-Flores? By November 20, 2001—just 9 weeks after the attacks—Victor had been arrested, tried, convicted, sentenced, and incarcerated in federal prison.

24 What to do if you become a victim Call the Federal Trade Commission at IDTHEFT for assistance Contact the fraud department of all three credit reporting bureaus Report it to your local police and get a copy of the police report Don’t be embarrassed to report it Don’t delay in reporting it I If You Think You May Have Been A Victim:

25 What to do if you become a victim Keep copies of all correspondence For charges/debits on existing accounts, ask for the agency’s Fraud Dispute Forms For new unauthorized accounts, ask if the agency accepts the ID Theft Affidavit Be sure to dispute any fraudulent activity already being reported on your credit report I If You Think You May Have Been A Victim:

26 What to do if you become a victim An Initial Fraud Alert stays on your account for 90 days Use this if your wallet or purse has been stolen or if you otherwise think you may be in imminent danger of having your identity stolen Placing an Initial Fraud Alert entitles you to one free credit report from each of the 3 credit agencies

27 What to do if you become a victim An Extended Fraud Alert stays on your account for seven years Use this if you are a victim of ID Theft and can provide an Identity Theft Report to the credit reporting agencies Placing an Extended Fraud Alert entitles you to 2 free credit reports within 12 months, and removes you from pre-approved offers for 5 years

28 What to do if you become a victim For financial accounts: Close the accounts immediately When you open new accounts, place passwords on them Avoid using common sequences like your mother’s maiden name, birthdates, the last 4 digits of your social security number, or your phone number

29 What to do if you become a victim For your social security number: Place an Initial Fraud Alert on your accounts with each of the three major credit reporting agencies An alert can help stop someone from opening new credit accounts in your name

30 What to do if you become a victim For your drivers license or other government-issued identification: Contact the agency that issued the identification and notify them of the theft/loss Follow the agency’s procedure for replacement Ask the agency to flag your account to make it more difficult for others to get duplicates

31 What to do if you become a victim Once resolved, it usually stays resolved Review your credit report every 3 months for a year after losing your information Continue to review annually through your free credit reports

32 Resources Difference between credit report and credit score What The Fair and Accurate Credit Transaction Act (FACTA) Does For You: Fraud Alerts can be placed on your accounts You are entitled to one free credit report from each of the 3 credit bureaus each year

33 What to do if you become a victim Stay alert for signs of ID Theft: Failing to receive bills or other mail Receiving credit cards you didn’t apply for Being denied credit or offered high rates for no apparent reason Getting calls or letters from debt collectors about merchandise or services you didn’t order

34 Rules to Remember Salespeople may use misleading titles Only share information when you have initialed contact Always closely review account statements Don’t think that it only happens to others

35 Rules to Remember It’s OK to be rude! You can hang up, or leave the office if you’re uncomfortable. Always stay in charge: It’s YOUR identity! Never judge a person’s integrity by how they look, sound, or dress.

36 Resources Federal Trade Commission 600 Pennsylvania Avenue NW Washington, DC IDTHEFT

37 Resources Division of Finance and Corporate Securities 350 Winter Street NE, Room 410 PO Box Salem, OR main number: (503) toll free number: (866)

38 Resources Oregon Department of Justice 1162 Court Street NE Salem, OR (503) (877)

39 Resources Securities and Exchange Commission 450 Fifth Street, NW Washington DC, (202) (800) SEC

40 Resources National Association of Securities Dealers Two Union Square 601 Union Street Seattle, WA, (206) (800)

41 Resources North American Securities Administrators Association 10 G Street NE Suite 710 Washington DC (202)

42 Resources Federal Reserve Bank Financial Literacy Site

43 Resources Social Security Administration Fraud Hotline

44 Resources US Postal Inspector Service

45 Resources Equifax PO Box Atlanta, Georgia

46 Resources Experian PO Box 9532 Allen, Texas 75013

47 Resources TransUnion Fraud Victim Assistance Division PO Box 6790 Fullerton, California

48 Resources Tom Martino Consumer Advocate/Radio Personality

49 Resources Clark Howard Consumer Advocate/Radio Personality


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