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Today’s Topics

Today’s Topics. Consumer Fraud. Consumer Fraud. Fraud against individuals Number one consumer fraud = Identity Theft. Identity Theft. Involves over 42% of reported frauds Use of name, address, SSN, band or credit card PINs to commit fraud Prevention is the key. Identity Theft Conversion.

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Today’s Topics

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  1. Today’s Topics • Consumer Fraud FORENSIC ACCOUNTING - BA124 - Fall 2008 Slide 13-1

  2. Consumer Fraud • Fraud against individuals • Number one consumer fraud =Identity Theft FORENSIC ACCOUNTING - BA124 - Fall 2008 Slide 13-2

  3. Identity Theft • Involves over 42% of reported frauds • Use of name, address, SSN, band or credit card PINs to commit fraud • Prevention is the key FORENSIC ACCOUNTING - BA124 - Fall 2008 Slide 13-3

  4. Identity Theft Conversion • Purchase of large-ticket items • False car or real estate loans • Creation of phone or cell accounts • Counterfeit checks or debit cards • Creation of new bank accounts • False filing of bankruptcy • False filing of police information • Creation of new credit card accounts • Change of mailing address FORENSIC ACCOUNTING - BA124 - Fall 2008 Slide 13-4

  5. Identity Theft Cycle • Stage 1: Discovery • Gain information • Verify information • Stage 2: Action • Document accumulation • Action cover-up • Stage 3: Trial • 1st – 3rd dimensions (gas station, store, new account) FORENSIC ACCOUNTING - BA124 - Fall 2008 Slide 13-5

  6. How to Steal Someone’s Identity • Obtaining info falsely • Going through the trash • Skimming credit cards • Hacking • Stealing wallets • Outright theft from the home • Stealing mail • False change of address form • Shoulder surfing • Phishing or Pharming FORENSIC ACCOUNTING - BA124 - Fall 2008 Slide 13-6

  7. How to Protect Yourself • Guard your mail • Do not use pre-approved credit cards • Guard SSN and PINs • Guard all personal information • Guard your trash • Protect your wallet • Protect and change your passwords • Protect your home • Protect your personal computers • Use the Gramm-Leach-Bliley Act to opt out of having your information sold FORENSIC ACCOUNTING - BA124 - Fall 2008 Slide 13-7

  8. Post Event Activity • Report event promptly • Collect evidential matter • Contact FTC regarding identity theft • Homeland security implications FORENSIC ACCOUNTING - BA124 - Fall 2008 Slide 13-8

  9. Other Forms of Consumer Fraud • Foreign Advance-Fee Scams • Work at Home Schemes (MLMs) • Bogus Mystery Shopping Scams • Telemarketing Scams • Investment Scams (Ponzi Scams) FORENSIC ACCOUNTING - BA124 - Fall 2008 Slide 13-9

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