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Identity Theft: Don’t Be a Victim Eric Skrum Communications Director Wisconsin Bankers Association P: 608.441.1216

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Presentation on theme: "Identity Theft: Don’t Be a Victim Eric Skrum Communications Director Wisconsin Bankers Association P: 608.441.1216"— Presentation transcript:

1 Identity Theft: Don’t Be a Victim Eric Skrum Communications Director Wisconsin Bankers Association P:

2 What is identity theft?  When someone uses your personal information without your knowledge. Social security number Driver’s license  What are they doing with that information? Credit card fraud Bank/finance fraud Government documents fraud Cell phone/Utilities fraud  The real problem The criminals steal your good name, ruin your credit rating and it takes time and money to restore

3 Identity theft & fraud facts  Estimate of total ID theft losses: $15.6 billion  Medium loss $500; 10% of victims lost $6,000 or more; 5% lost $13,000 or more  Most victims spend $0 in fixing problem; 10% spend $1,200; 5% spend $2,000  Most victims spend 4 hours fixing problem; 10% spend 55 hours; 5% spend 130 hours (biggest time problem in new accounts fraud) Source: Federal Trade Commission

4 Identity theft & fraud facts  62% of victims do NOT notify police  Victim age group Under 18 (5%) (29%) (23%) (20%) (13%) 60 and over (10%)

5 Identity theft facts  3.7% of consumers have been victimized by identity theft 8.3 million people Eight years in a row #1 complaint to FTC (37% of complaints)  Greatest problems: Credit card fraud, bank fraud and using others’ info to open phone accounts  3.3 million problems with bank accounts of phone accounts  Highest per capita theft rates Arizona California Nevada Texas Florida  Fastest growing crime

6 Wisconsin ID theft, fraud victims  ID theft 2,450 victims 42 nd in the nation (down from 39 th )  Fraud complaints 6,724 Crime is underreported Source: Federal Trade Commission

7 Why is ID theft growing?  Perceived low risk  Frustrating crime to investigate Police spend from hours  High profit  Increased gang involvement

8 How identities are stolen  Theft of wallet or purse  Dumpster diving  Mail theft  Skimming  Online theft (phishing scams)  Family or friend ID theft  Personal information in your home; be aware of babysitters and housecleaners  Pretexting: False pretenses to obtain your information such as a fake research firm verifying your info.

9 How ID theft is discovered  Generally three months after the crime  When victims receive credit card bills with unauthorized charges  When denied for a loan and discover their credit rating has been trashed because of delinquencies  Contacts from debt collectors or businesses about merchandise/services you didn’t buy  Receiving information about a property rental or purchase you never transacted or a job you never held

10 If you are a victim  Contact one of the three major credit bureaus immediately. Request a fraud alert be placed on your file Make sure they grant no new credit without your approval  Initial alert Stays on your file for at least 90 days. Entitles you to one free credit report at each of the three credit bureaus  Extended alert Stays on your file for 7 years Entitles you to 2 free credit reports in a 12-month period

11 Three major credit bureaus  Equifax Order credit report: Report fraud:  Experian Order credit report: Report fraud:  Trans Union Order credit report: Report fraud:

12 If you are a victim  Contact the security departments of your creditors or financial institutions Explain you are the victim of ID theft Follow up with a letter Close the accounts  File a report with your local police department. Get a copy of the report. You may need it to prove your ID was stolen  Keep a record of your contacts  File a complaint with Federal Trade Commission. They provide tools to simplify ID theft reporting, including offering an ID Theft Afffadavit 877-ID-Theft

13 ID theft consumer tips  Before disclosing personal information, make sure you know why it is required and how it will be used.  Don’t give out your Social Security number or personal credit information over the phone unless you initiate the call.  Tear up or shred receipts, old bank statements and unused credit card offers  Keep track of your mail; notice when statements or bills are missing. Don’t mail bills from your mailbox. Use a post office box or the post office.  Promptly remove your incoming mail from your mailbox.

14 ID theft consumer tips  Review your credit report every months. Report and correct mistakes. Visit or call for your free report.  In your wallet, do not carry extra credit cards, your birth certificate, passport or Social Security number except if necessary.  Keep the personal information you have at home and at work in a safe place.  Balance checkbook monthly and match credit card statements with receipts. View accounts online, check throughout the month it identify possible problems.

15 ID theft consumer tips  Make sure you do business with reputable companies, especially on the internet.  Don’t open from unknown sources. Beware of phishing scams that target bank customers.  Use anti-spyware and anti-virus detection software. Update frequently.  Create unique passwords; avoid mother’s maiden name and date of birth.

16 ID theft consumer tips  Change passwords often; protect PINS.  Considering opting out of receiving pre- approved credit card or insurance offers at  Report any suspected fraud to your bank and the fraud units of credit reporting agencies.  Watch anyone who handles your credit cards. Never let your credit cards out of your sight.

17 Computer related scams  Phishing where con artists pretend to represent trusted sources like banks. They look to steal customer’s bank account, credit card and Social security numbers. Computer users are asked to click on links and provide personal financial information.  Vishing Combination of voice and phishing. Usually an automated recording warning that your account has been frozen. To reactivate the account, victim must call the phone number provided and enter their account number and other personal information.

18 Computer related scams  SMiShing SMs and phishing. SMs (Short Message Service). Basically a text message warning that your account has been frozen. To reactivate the account, victim must call the phone number provided and enter their account number and other personal information or visit a web site to provide the information.  Malware Malicious software includes viruses, Trojans and spyware. Usually downloaded to your computer through appealing web sites, desirable downloads and interesting links.

19 Computer related consumer tips  Remember banks will never ask you to verify your account information in an  Do not respond to s, phone or text messages that warn of dire consequences with your bank account  Prior to entering any information look for the “locked padlock” in the browser or “https” at the beginning of a web site address  Malware: Use anti-spyware and anti- virus detection software. Update frequently.

20 Facebook/Twitter related scams  Fake s s that look and claim to be from Facebook/Twitter. May offer a great deal or warn of a compromised account. Always will ask for your information.  Stolen accounts Hackers will steal your “friend’s” account and send notices of great deals or interesting information with a link to click for more info.  Forwarded scams Your friend will repost/tweet/forward a scam without realizing the potential danger. The sheer size of the social network, combined with the inherent trust users place in messages from friends and family make it a prime target to exploit.

21 Facebook/Twitter related tips  Be selective in who you “friend” or “follow”  If the offer sounds too good to be true, it is.  Do not respond to notices that warn of dire consequences  Be careful what you information you put on these sites or in your profile.  Lock down the security settings so that your information is viewed only by those who should have access.

22 Signs of trouble  Bills that do not arrive as expected  Credit card statements from a company you did not open a credit card Open all mail, even if you think it’s just a credit card offer because it could be a statement.  Denials of credit for no apparent reason  Calls or letters about purchases you did not make

23 Resources  Identity Theft Resource Center P.O. Box San Diego, CA  Federal Trade Commission Identity Theft Clearinghouse 600 Pennsylvania Avenue, N.W. Washington, D.C ID-Theft ( )  Wisconsin Office of Privacy Protection (OPP) Centralized hub for education and assistance for ID theft victims

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25 Identity Theft: Don’t Be a Victim Eric Skrum Communications Director Wisconsin Bankers Association P:


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