Presentation on theme: "Protecting Yourself from Fraud including Identity Theft"— Presentation transcript:
1 Protecting Yourself from Fraud including Identity Theft Advanced Level
2 FraudFraud – an intentional effort to deceive another individual for personal gainArrests for crimes not committedDamaged financial securityTarnished credit reportsCompromised health
3 When another’s personal information is used without their permission Common Types of FraudIdentity TheftWhen another’s personal information is used without their permissionCommunicationsOccurs via mass marketing, mail, wire, telephone, Internet, etc. to deceitfully get money from peopleIdentity theft was the largest consumer fraud complaint reported to the Federal Trade Commission in 2010
4 Common Types of FraudCreditApplying for and modifying credit (most common involves mortgages)InvestmentInvestors are deceived by individuals claiming to be financial advisors or have an investment guaranteed to make moneyTaxScammers making claims that a person may be exempt from paying taxesDo you know anyone that has been a victim of fraud?
5 How does fraud negatively impact financial well-being? StressCosts moneyAnxietyTime
6 Solve the Mystery – Act 2Listen carefully and take notes to help Lucy find the person who stole her identity
7 Four Suspects… Mrs. White Colonel Mustard Mrs. Peacock Professor Plum The inspector has identified 4 suspects in Lucy’s caseMrs. WhiteSearched through Lucy’s discarded mailColonel MustardSearched through Lucy’s outgoing mailMrs. PeacockGuessed Lucy’s PIN numberProfessor PlumSearched Lucy’s online banking websiteWhich type of fraud has been committed against Lucy?
8 How Does Fraud Occur? Failed Promises Accessing Personal Information NameAddress & Telephone NumberSocial Security NumberDriver’s License NumberBirthdateCredit Card NumbersBank Account NumbersWhat can a scammer do if they gain access to your information?
9 Search your purses, wallets and backpacks. Personal InformationDrivers licenseSearch your purses, wallets and backpacks.What are you carrying with you right now that reveals personal information?Debit & credit cardsElectronic devicesIdentification cards
10 How Thieves Access Personal Information Stealing a purse, wallet, financial records, mail, etc.Diverting mailSkimming credit and debit card informationPhishing for personal information viaHacking a computer to install spywareHow did the scammer access Lucy’s information?
11 Protecting Yourself From Fraud You are better off in a community than by yourself.Government creates and manages agencies designed to protect you from fraudBut, you are also responsible for yourself.The best way to avoid fraud it to be alert to the risk and protect yourself
12 Protect Your Personal Information Don’t carry your Social Security CardSign credit and debit cards with signature and “Please See ID”Memorize and use difficult PIN numbersShred personal documents before discarding themKeep personal records in a secure locationDeposit outgoing mail in a secure post office collection boxBe careful of what personal information is posted on the Internet
13 Check Your Credit Reports Monitor Financial Information Immediately dispute errorsEvaluate SituationsVerify sources requesting informationMonitor Financial InformationConsistently monitor information such as credit statements, depository institution statements, etc
14 Be Careful When Using the Internet Look for “https” or a picture of a lockKeep usernames and passwords safeUse a credit card when making online purchasesSearch for your nameOnce information is posted online, it can’t be taken back!Use privacy settings on social networking sites
15 Practice electronic device safety Use updated anti-virus and anti-spyware softwareWatch for strange actions that may indicate spywareDo not click on links found in pop-up advertisements or suspicious
16 Credit and Debit CardsCredit CardsNo liability if the card number is used, but not the card itselfNo liability if a lost card is reported before being fraudulently usedMaximum liability is $50Debit CardsRanges from $0-unlimited!Liability depends on how quickly the card is reported and depository institution policiesUse a credit card instead of a debit card for online purchases!
17 What could Lucy have done to minimize her risk? Mail her documents from a secure post office locationUse a PIN number that is not easy to guessShred documents that contain personal informationUse secure websites and computersUse privacy settings on social networking sitesNever give personal information out via
18 Fraud Protection Services Companies may offer various types of services including:Fraud monitoring and detectionCost recovery if fraud occursLegal counsel if fraud occursYou are your best advocate!Closely evaluate services to know what is covered, fees and company reputation
19 Recognize Fraud Early You are denied credit Act Immediately if…A business that has taken your money won’t return your callsUnfamiliar or unrecognizable chargesYou are denied creditMail is missingErrors in your credit reportCould Lucy have recognized the theft earlier?
20 If You Are a Victim What steps should Lucy take? Act ImmediatelyKeep detailed recordsFile a report with your local law enforcementReport to the appropriate federal agencyThe Stop Fraud website will tell you which agency to report to and provide specific tips depending on the type of fraudWhat steps should Lucy take?
21 Most Common Government Protection Agencies Federal Trade CommissionConsumer Financial Protection BureauFederal Drug AdministrationFederal Communications CommissionPrevent business practices that are anticompetitive, deceptive or unfair to consumersMakes markets for consumer financial products and services work for AmericansProtects the public healthRegulates interstate and international communication
22 Most Common Government Protection Agencies US Securities and Exchange CommissionInternal Revenue ServiceFederal Bureau of InvestigationProtect investors and maintain fair, orderly and efficient financial marketsEnforce tax lawsProtects the United States and its citizens
23 Solve the MysteryAnswer Questions Correctly to Earn Clues!
24 Who is Lucy’s Scammer? – Act 3 Make Your Guess!Mrs. WhiteSearched through Lucy’s discarded mailColonel MustardSearched through Lucy’s outgoing mailMrs. PeacockGuessed Lucy’s PIN numberProfessor PlumSearched Lucy’s online banking website