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Identity Theft

Identity Theft. What is Identity Theft?. The unauthorized collection and fraudulent use of someone else’s personal information. Who is at Risk?. 25-34 have the highest rate of identity theft. The average fraud amount is $6, 270.00

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Identity Theft

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  1. Identity Theft

  2. What is Identity Theft? The unauthorized collection and fraudulent use of someone else’s personal information.

  3. Who is at Risk? • 25-34 have the highest rate of identity theft. • The average fraud amount is $6, 270.00 • The 35-44 age population have the highest average fraud amount at $9, 435.00 • Equal Opportunity Crime

  4. Identity Theft Complaints 2005 Phonebusters Statistics

  5. How is your personal information obtained? Manual Methods: • Mail Theft • Dumpster Diving • Old Fashioned Stealing • Shoulder Surfing • Bribing employees to obtain personal information

  6. How is your personal information obtained? • Skimming • Phishing • Pharming • Hackers or Insiders Accessing Company Databases Electronic Methods

  7. How can your information be used? • Credit Card Purchases • “Take Over” Bank Accounts • Divert Mail • Lease or Buy New Vehicle • Establish Wireless Services • Sold to others on the Street or Online

  8. What are identity thieves looking for? • SIN Number, Personal Health Number, DL Information • ATM Receipts • Pre-approved credit applications • Financial records/Tax Returns • Utility/Phone bills

  9. Impact of Identity Theft $422.00 - The average out-of-pocket cost for Canadian identity fraud victims 600 hours – estimated time repairing damaged credit ratings/ reputations 2.6 billion dollars – The yearly cost to consumers, businesses, and credit card firms. Emotional distress, Financial loss, damaged reputations Effects on Identity Theft victims

  10. Identity Theft on the Rise • Safeguarding Information Better Protection Needed for Information • Electronic Data ID Thieves never have to lay eyes on their vicitims • Risk-Reward Ratio Average Identity Stolen will net a thief $20,000 - $30,000

  11. What can happen to Identity Thieves Related Charges • Uttering Forged Documents • Personation with intent • Fraud • Forging a Credit Card • False Pretences Penalties • Prison time ranges from 4 months to 5 years *Identity Theft Task Force (VPD)

  12. Prevention and Detection Methods • Report Lost or Stolen Identification Immediately • Limit Amount of ID Carried in Wallet/Purse • Protect Mail & Pay Attention to Billing Cycles • Be Aware of Your Surroundings • Check Your Financial Statements closely

  13. Preventionand Detection Methods • Be Cautious When Using Wireless Internet Services • “Wipe” Your Computer Hard Drives When Selling or Disposing of Them. • Endorse Credit Cards & Debit Cards Upon Receipt • Order your Credit Report Yearly

  14. If You Are the Victim of Identity Theft • Notify your Bank & Credit Card Company Immediately, as well as any utility companies you deal with • Notify Credit Bureaus ( Equifax and Trans Union) • Go to www.phonebusters.com and complete the “Identity Theft Statement” • Contact your Local Police • Contact Phonebusters

  15. Phonebusters.… • Central agency in Canada that Collects Information on Identity Theft &other types of Fraud • Data Collected at Phonebusters is a valuable tool to outside Law enforcement agencies, including US agencies • Helps to evaluate effects of fraud, and provide education to the public FRAUD. Recognize it. Report It. Stop It. www.phonebusters.com

  16. Protecting the Information Your Business Collects • Collection of Data • Use of Data • Data Security and Storage • Disposal of Data • Response Plan

  17. Information Protection Collection of Data • Collect only what you really need Use of Information • Limit Access To Data • Encrypt Data and Use Passwords • Be on the Look out For Suspicious Activity • Don’t disclose to unauthorized third parties Data Security and Storage • Appoint Data Security Person • Use Virus Protection and Firewalls Disposal of Data • Shred Documents • Utilize Scrubbing Software and Destroy Hardware

  18. For Further Information: To Order a Credit Report: Equifax (800) 465-7166 Trans Union (877) 525-3823 www.phonebusters.com www.privcom.gc.ca www.cmcweb.ca/idtheft www.consumer.gov/idtheft/ddd/index.html

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