1 / 29

Identity Theft

Learn how to deter, detect, and defend against identity theft. Discover the consequences, warning signs, and common forms of identity theft. Find out how identity theft occurs and how to reduce the risk. Get tips on securing personal information and monitoring credit reports.

rcovington
Download Presentation

Identity Theft

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Identity Theft Barbara O’Neill, Ph.D., CFP Rutgers Cooperative Extension, New Jersey Adapted by Jean Lown, Ph.D. & Lindsay Grover Financial Planning for Women April 11, 2012

  2. ID Theft • Deter • Detect • Defend • http://www.ftc.gov/bcp/edu/microsites/idtheft/video/avoid-identity-theft-video.html 2

  3. What is Identity Theft? • a crime of stealing personal information & using it fraudulently • name • address • Social Security number • birth date • mother’s maiden name, etc. 3

  4. What are Consequences? • Prevents you from getting mortgage, loan, credit card, etc. • Costs you time & money • Destroys your credit & ruins your good name • Criminals assume your identify 4

  5. Warning Signs of Identity Theft • Not receiving credit card or bank statements • Denied credit • Getting bills from companies you don’t recognize • Credit collection agencies calling to collect on debts that are not yours 5

  6. Common Forms of Identity Theft • Credit card fraud • Communications services fraud (cell phone) • Bank fraud • Fraudulent loans • Internet fraud 6

  7. How Identity Theft Occurs • Identity thieves… • steal wallets and purses containing your ID • steal your mail • complete false “change of address” forms • rummage through trash (“dumpster diving”) • pose fraudulently as someone else to get your information 7

  8. More Ways Identity Theft Occurs • Identity thieves… • steal business or personnel records • find personal info in your home • use info you put on Internet (FB) • buy personal info from “inside sources” • “shoulder surf” at ATMs • Tap into wireless communications 8

  9. Technology Scams: Phishing, Fraudulent E-mails, etc.

  10. Look-Alike (Fake) Web Sites • Spoof e-mail messages sent to “verify” or “update” account info • Appears to come from reputable company • Example: eBay, Best Buy, banks, merchants • Looks “legitimate” • Scam is called “phishing” • Get people to disclose sensitive data • Data used to commit identity theft 10

  11. Red Flags of a Phishing Scam • E-mails that direct users to a Web site to “validate” or “update” info • E-mails warning accounts will be closed • Grammatical errors and typos • References to 9-11, the Patriot Act, etc. • Return addresses at yahoo.com, juno.com • Words Like “Urgent” and “Important” 11

  12. How Identity ThievesUse Your Information • Change mailing addresses on credit card accounts • Open new credit accounts • Establish phone or wireless service in your name • Open new bank accounts & write bad checks • File for bankruptcy under your name • Make counterfeit checks or debit cards • Buy and take out car loans in your name • Commit crimes in your name 12

  13. Reducing the Risk of ID Theft • Shred credit card applications, receipts, bank, & billing statements • Avoid giving your SSN unless absolutely necessary -- use other identifiers • Guard mail from theft (in- & out-going) • Go Green; go electronic 13

  14. More Ways toReduce the Risk of Identity Theft • Carry minimum identification • Travel with back up ID secured • Limit number of credit cards you carry. • Don’t give personal identification on phone unless you initiate call. • Protect personal info in your home. • Use STRONG passwords on credit card, bank, & phone accounts. 14

  15. Still More Ways toReduce Risk of Identity Theft • Don’t carry your SS card. • Save ATM & credit card receipts to check against statements. • Monitor your credit reports 3x/year • https://www.annualcreditreport.com 15

  16. Deter ID Theft • Opt-out of pre-approved credit offers • Thieves steal & alter to apply in your name at their address • https://www.optoutprescreen.com • Protect yourself w/ a credit report freeze • Don’t wait until you are a victim • Place 90 day freeze & renew • https://www.annualcreditreport.com 16

  17. 90 day fraud alert a.k.a. initial security alert • a 90 day fraud alert is free • a credit freeze costs $ • Fraud Alert takes only a couple minutes https://www.experian.com/fraud/center.html • Register with 1 credit bureaus it notifies the other two CBs. • Also removes you from prescreened offer mailing list for 6 months. 

  18. Defend: If You’re a Victim... • Contact credit bureau fraud departments • https://www.annualcreditreport.com • Place fraud alert on your account • Contact creditors & financial institutions • Close accounts that you know or believe someone has tampered with or opened fraudulently; get new account # • File police report • Report to FTC • Report to state Attorney General office 18

  19. Who’s got your kid’s ID? (SLT 4/8/12) • Utah AG’s ID theft report system • > 3,000 cases in past 5 years • 2/3 involved children’s SS# • FTC: 19,000 cases of child ID theft • Why kids? Theft goes undetected for years! • Cases of Utah kids w/ $500,000 in debts! 19

  20. Utah Resources • KSL TV report January 2012 • http://www.ksl.com/?nid=960&sid=19074819&s_cid=rss-960 • 2:34 min. • Minor Theft Prevention Service • ID Theft & Child Identity Protection • http://www.idtheft.utah.gov/ 20

  21. Protect your kids • AG’s Child Identity Protection Program • Partnership with TransUnion credit agency • Places warning on child’s credit record • Puts them in “High risk fraud” database • If someone applies for credit in kid’s name creditor gets warning that SS# is minor’s • Don’t pay for costly credit monitoring services 21

  22. ID Theft through Social Networking Sites • Accepting invitations to connect with unfamiliar persons or contacts • Using low privacy or no privacy settings • Downloading free apps for use on your profile • Giving your password or other account info to people you know Tips from: ID Theft Resource Center: www.idtheftcenter.org 22

  23. Social Networking ID Theft Tips from: www.idtheftcenter.org • Participating in quizzes (i.e. How well do you know me?) • require you to divulge personal info • Clicking links that lead to other websites, • Beware even if the link was sent by a friend or posted on friend's profile • Using no or out-of-date security software 23

  24. How to Protect Yourself in Social Media Settings • Use least amount of info necessary to register & use sites (use a nickname) • Create STRONG passwords; change often • upper & lower case, symbols & numbers • Be wise about what you post Tips from: www.idtheftcenter.org 24

  25. Protect Yourself on Social Media Tips from: www.idtheftcenter.org • Only connect w/ people you know & trust. • Read privacy and security polices closely • Verify emails & links in emails from your social networking site. • Un-click the privacy settings that display the time stamps of your posts 25

  26. ID Theft & Smart Phones • Don't lose it! • Use passcode to protect phone in case it is lost or stolen. • Use anti-virus software • Update software when updates are available • Only enable GPS when needed (?) Tips from: www.idtheftcenter.org 26

  27. ID Theft & Smart Phones • Don’t save account # & passwords in text files. • Don’t use auto-save function on passwords. • Delete unused apps • Be careful about using wifi spots 27

  28. ID Theft Resources • ftc.gov/idtheft • 1-877-ID-THEFT • Identity Theft Clearinghouse • Utah: http://www.idtheftcenter.org/artman2/publish/states/Utah.shtml 28

  29. Questions? Comments? 29

More Related