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Empower Your Finances: Credit Education and Identity Protection

Founded in 2002, Credit Abuse Resistance Education (CARE) empowers high school and college students with financial literacy knowledge. Learn about credit scores, reports, identity theft, and how to protect yourself. Understand the risks of poor money management. Be aware of phishing traps and multi-victim fraud. Protect your identity and financial well-being with essential tips and practices. Equip yourself with the skills to safeguard against fraud and maintain a healthy credit standing.

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Empower Your Finances: Credit Education and Identity Protection

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  1. Founded in 2002, Credit Abuse Resistance Education (CARE) educates high school and college students on the responsible use of credit and other fundamentals of financial literacy, as well as the potential consequences of poor money management and credit card abuse. Please note: The views expressed in this presentation do not necessarily represent the views of the organizations for which the people giving this presentation work.  www.care4yourfuture.org 

  2. Get Smart About Identity Fraud

  3. Identity Theft Can Destroy Your Credit • In this program we will first talk about Credit Scores and Credit Reports. • If you have a high Credit Score you can borrow money to finance the things you will want and need in life. • If you identity is stolen, your Credit Score can be ruined.

  4. What is a Credit Report? • It is a report card of how you handle money. • Credit Reports are prepared by several companies. Almost every person over 20 has a credit report. • The credit reporting companies gather payment information from other businesses that deal with the public, such as banks, cell phone companies, and utilities. • Credit Reports are used to calculate Credit Scores.

  5. Credit Reports and Credit Scores Show What is Reported Using Your Identity • The credit reporting companies assume that everything reported under your identity relates to you. • That means that if someone is using your identity, it will become part of your credit history and will show on your credit report. • That will hurt your credit if the person using your identity does not pay the bills they incur.

  6. Q: What is your “identity”? A:“Private Data” that identifies you uniquely, which means some or all of your: Personal Information - Social security no., date of birth, mother’s maiden name Account Numbers - credit cards, bank accounts Passwords & PINs - email, online banking

  7. What is Identity Theft? • The use of someone else’s identity to get credit or to buy something. • Your identity can be stolen to create a new account, or to use existing account you have.

  8. How Does Identity Theft Happen? • A friend, relative, or roommate finds your Private Data. • A bill or statement is left in the open • A professional thief intercepts your Private Data as you are making a purchase, such as when you buy gas with a credit card. • You are the victim of a major hack or security breach affecting millions of people.

  9. Some tips to avoid being a victim • Keep on your person only debit cards and credit cards that you actually use. • Do not put your Social Security card in your wallet • Do not share account numbers or passwords with anyone unless it is someone who really needs to know your business. • Keep passwords hidden (use an online vault)

  10. What does it mean to get hacked? • You have been hacked when someone has got into your device (phone, iPad, laptop) and has taken your Private Data from it. • Hackers can get into cookies and browser histories to steal Private Data that you might have used to make a purchase on the internet.

  11. Another way you get hacked is “phishing” or “pharming” • Do you know what phishing is? • How about pharming?

  12. What is phishing? • An email looks like it is coming from someone you know, or who you have an account with, and asks you to reply with private information about you. • In fact, the address shown on the email is a disguise.

  13. Phishing • Sometimes you will receive an email that seems to come from a company you do business with, such as PayPal, Venmo, or a bank. • You will be told that you need to update or confirm account information.

  14. What is pharming? • You will be re-directed to a fake web site that will ask for your Private Data.

  15. what is sebatasmimpi.com? Weird language Lots of grammatical and punctuation mistakes Phishing trap

  16. How do you protect yourself against phishing and pharming? • First, never respond to an email or phone request by giving your private data. • Responsible businesses and companies will never ask you to email or text them your private data. • If you get a call from someone asking for your private data, hang up, or call the company back on a phone # YOU have verified is correct. DO NOT ASK THE PERSON WHO CALLED YOU TO GIVE YOU A NUMBER TO CALL BACK ON.

  17. How do you protect yourself against phishing and pharming? • Second, if an email asks you to click on a link that it says will take you to a secure site to enter your private data, • Check the link by hovering your mouse over it. • Better, go directly to the company’s web site. • Best, ignore the message.

  18. We’ve talked about ID theft by hacking you. What is multi-victim fraud? • That’s where the fraudster hacks a company • Your bank (e.g., JP Morgan) • Your employer • A store you shop at (e.g., Target) • To steal private data of many people stored at the company

  19. Here are signs that someone may have stolen your private data #1 Mystery Charges on Your Bank or Credit Card Statement, e.g., • You are charged for a purchase in a city where you do not live #2 Weird messages, e.g., • A store you never heard of sends a thank you note for your business

  20. Other signs your private data may be stolen #3 Missing mail Someone may have stolen your bank statements to get your account information #4 Collection notices or calls arrive Collection notices show up, or you get phone calls, demanding payment for something you never bought

  21. How do you protect yourself against the risk that your private data has been hacked or used by someone? • Here are a few suggestions

  22. Protecting Your Credit #1 Keep Important Records in a Safe Place • Available when needed and not easily taken #2 Check Your Bank and Credit Card Statement for Unknown Charges #3 Check your Credit Reports once a year for debts that are not yours

  23. More Ways to Protect Your Credit #4 Avoid Credit “Repair” Scams • Often these are operated by identity theft rings • Not to be trusted with your personal information

  24. PROTECT YOURSELF • You have learned the importance of a good credit score • Sometimes you do all of the right things and still you have a low score or the credit report has something weird in it • What could be going on? • Mistake in your credit report (store made a mistake) OR • Identity theft (that’s bad)

  25. Act Fast if You Discover A Problem • Close accounts that have been hacked. • Change user code and password for email accounts. • Contact the credit reporting company if a debt is not yours.

  26. Stay Connected! Like us! www.facebook.com/careforyourfuture Visit! www.care4yourfuture.org www.carechicago.org Follow us! @care4yourfuture Connect to us on LinkedIn!

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