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Fraud: Identity Theft

Fraud: Identity Theft. G.1 List and explain consumer protection laws, including credit reporting, debt collection, and privacy. G.2 Define common, unfair and deceptive practices such as: bait and switch, usury, identity theft, deceptive service estimates, fraudulent misrepresentations.

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Fraud: Identity Theft

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  1. Fraud: Identity Theft G.1 List and explain consumer protection laws, including credit reporting, debt collection, and privacy. G.2 Define common, unfair and deceptive practices such as: bait and switch, usury, identity theft, deceptive service estimates, fraudulent misrepresentations. www.jhu.edu

  2. What is Identity Theft? • It occurs when someone steals your personal information – e.g., credit card or Social Security number – and uses it fraudulently. • It can cost you time and money. • It can destroy your credit and ruin your good name.

  3. Why Fraud Occurs? The Fraud Circle

  4. How Does It Happen? Identity thieves may: • Go through your trash or “dumpster dive” • Steal your wallet or purse • Steal your mail or submit a change of address form for your mail • Use “phishing” or fake emails to get you to provide personal information • Steal personnel records from their employers www.office.microsoft.com

  5. What Can You Do? DETER • Deter identity thieves by safeguarding your information. DETECT • Detect suspicious activity by routinely monitoring your financial accounts and billing statements. DEFEND • Defend against identity theft as soon as you suspect a problem. www.gjha.com

  6. DETER identity thieves by safeguarding your information. • Shred financial documents before discarding them • Protect your Social Security number • Don’t give out personal information unless you’re sure who you’re dealing with • Don’t use obvious passwords • Keep your information secure

  7. What Can Thieves Do with a Stolen Identity? • On top of running up charges on a credit card, identity thieves may also use your personal information to get: • New credit cards • Wireless phone accounts • Cable • Utility services • Loan • Government benefits • Medical services

  8. What Should I Do If I Become a Victim of Identity Theft? • Notify the three major credit bureaus — Experian, Equifax and TransUnion • Notify any businesses where the thief used your personal data. • File a complaint with the Federal Trade Commission. • Consider filing a report with local police so you can provide a copy to creditors.

  9. Should I File a Police Report If My Identity is Stolen? • The police will help you provide a copy to creditors. • However, you may not need to file a report with the police if you can work with companies to resolve any inaccurate information.

  10. How Long Can the Effects of Identity Theft Last? • It depends on many factors including the type of theft, whether the thief is caught and if there are problems related to correcting your credit report.

  11. DETECT suspicious activity by routinely monitoring your financial accounts and billing statements. Be alert Mail or bills that don’t arrive. Denials of credit for no reason. Inspect your credit report Law entitles you to one free report a year from each nationwide credit reporting agencies if you ask for it Online: www.AnnualCreditReport.com; by phone: 1-877-322-8228; or by mail: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281 Inspect your financial statements Look for charges you didn’t make.

  12. Work Cited Adamson, John. Law for Business and Personal Use. Mason: South-Western, 2004 Cashman, Shelly. Microsoft Office Publisher 2003. Boston: Course Technology, 2004. pg. 330. Microsoft Software Forum Network. http://www.msfn.org/board/index.php?showtopic=126220 Welcome to Publisher 2003! Course Boston: Course Technology, 2004. http://www.scsite.com/off2003/index.cfm?action=product&product=Publisher www.gjha.org/images/Fraud.gif (pictures)

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