1. Identity Theft

2. Identity Theft – Some Basics affects 12-15 million people per year keeps increasing each year most common items exposed during a data breach: credit card numbers debit card numbers SSN 43% of identity theft result of stolen wallets and paperwork highest risk age group: 18-24

3. Identity Theft – More Statistics 2010, 7% of all households had at least one member who was a victim of some sort of ID theft every year, nearly 3 million dead peoples’ identities are stolen social media dangers: 30% of people with social media profiles share their birthday including the month, day and year 63% share where they went to high school 18% share their phone number 12% share their pet’s name

4. Identity Theft – More Statistics incidents of medical ID theft is on the rise; usually insider crimes college students are ideal targets: 48% admitted to leaving personal info out in their dorms 31% were burglarized or knew someone who has been burglarized most have clean or no credit histories most are not as attentive to their bank accounts and private information

5. Identity Theft – More Statistics child ID theft is on the rise – usually takes around 334 days before parents discover it (huge concern for SC residents) average loss is approximately $3500 cost to victims to clear up their identity vary from very little up to around $3000 average amount of time spent by victims to clear up their identity ranges from 55 to 165 hours

6. Methods of Identity Theft Phishing http://www.sonicwall.com/phishing/http://www.sonicwall.com/phishing/ Vishing Pharming Whaling Resumes online SSNs Dumpster diving Mailbox theft Pretexting Shoulder surfing

7. Methods of Identity Theft Social networking sites Filesharing and peer-to-peer software Bogus job offers Fake sweepstakes or lotteries Hacking Lost or stolen property Workers in your home Changing your address Copying information from a transaction Credit reports RFID readers

8. How To Protect Yourself Don’t carry checkbook, SSN card, or all your credit cards with you all the time Keep your SSN private Shred your credit card offers, etc. Use updated anti-spyware/anti-theft software on your computer Never give out personal info over the phone Be careful of using your credit cards in restaurants Monitor your credit reports

9. If You Think You’ve Been a Victim of Identity Theft: 1. Police report 2. Fraud alert 3. Credit freeze

10. What Are Your Rights? Truth in Lending – Federal law passed in 1968 that protects consumers in credit transactions by requiring clear disclosure of key terms of the lending agreement and all costs Fair Credit Reporting Act – originally passed in 1970; enforced by the FTC - regulates the collection, dissemination, and use of consumer information. Fair Credit Billing Act – an amendment to the Truth In Lending Act, passed in 1986, to protect consumers from unfair billing practices and to provide a mechanism for dealing with billing errors; applies to “open end” credit accounts, such as credit cards and other revolving charge accounts. Examples of errors and other info: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre16.shtm http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre16.shtm

11. The Credit Card Act of 2009 The latest update of the Truth In Lending Act to protect consumers from abusive tactics used by credit card companies: 1. 45 day advance notice of change in rates or late fees 2. No more retroactive interest rate hikes 3. No more raising interest rates based on other, unrelated cards or utility bills 4. Payment due dates must be at least 21 days after mailing of bill 5. Extra payment above minimum due must be applied to higher rate balances 6. Must “opt-in” to over-the-limit fees; plus other fee restrictions 7. Must disclose to consumers how long it will take to pay off; also payments for paying off within 12, 24, or 36 months 8. Restricts card issuance to students 9. Gift card protections

12. Establishing & Maintaining Good Credit College students are (used to be) targets Checking account Department store cards Prepaid cards Co-signer on applications http://www.annualcreditreport.com http://www.myfico.com