Mystery of the Stolen Identity: Take Charge of Your Finances

1. Mystery of The Stolen Identity Take Charge of Your Finances Identity Theft

2. Identity Theft IDENTITY THEFT occurs when someone wrongfully acquires and uses a consumer’s personal identification, credit, or account information The FTC is a government agency that focuses on consumer protection

3. Identity Theft Statistics Take a guess! According to the U.S. Department of Commerce, what percentage of identity theft victims in 2014 were under the age of 20? According to the Federal Trade Commission, how many identity theft complaints were filed in 2014? 8% of identity theft victims were under 20 years of age 500,154 identity theft complaints

4. Identity Theft Victims may have to spend time and money trying to fix the problems that are caused by thieves • 10% of identity theft victims during 2012 reported personal expenses of more than $1200 • 11% of victims in 2012 reported that it took 3 or more months to resolve the problems associated with identity theft after they discovered that their information was being misused

5. Personal Information Identity thieves try to obtain personal information from victims in order to steal their identities. Personal Information

6. Personal Information Search your purses, wallets, and backpacks. What are you carrying with you right now that reveals your personal information? Drivers License • Social Security Card Student ID • Insurance Cards • Credit and Debit Cards

7. Personal Information • Making purchases with a check, credit or debit card • Applying for a credit card or loan • Online or telephone shopping • Paying bills through the mail or online • Going to the doctor What daily activities require an individual to share personal information?

8. How Do They Do It? • Thieves obtain personal information through a variety of methods: • Stealing- Information is taken from a purse or wallet, personnel records from a workplace, tax information, bank or credit card statements, or pre-approved credit card offers from the mail. • Diverting Mail -Thieves can complete a change of address form and have the victim’s bills and statements mailed to a different location. • “Dumpster Diving” - Personal information is discarded and thieves remove it from the trash. • Skimming- Thieves attach a device to card processors to steal credit and debit card information

9. How Do They Do It? • Methods continued... • Phishing- Thieves use a form of electronic communication (usually email) to pretend to be a company or depository institution in order to get the victim to give up their personal information. • Pretexting-Thieves use false pretenses to obtain your personal information from financial institutions, telephone companies, and other sources.  • Spyware - Software installed on the victim’s computer, without their knowledge or consent, that monitors internet use, sends pop up ads, re-directs the computer to other sites, and tracks key strokes. • Hacking - Information is stolen by breaking into a computer system.

10. What Identity Thieves Do With Information • Apply for a new driver’s license • Open new bank accounts • Apply for credit cards or store credit accounts • Obtain cash with bank cards • Get a job • Rent an apartment • Take out student loans • Receive a tax return What can identity thieves do if they obtain personal information?

11. Preventing Identity Theft

12. Preventing Identity Theft

13. Preventing Identity Theft

14. Preventing Identity Theft

15. Preventing Identity Theft

16. Preventing Identity Theft

17. Preventing Identity Theft

18. Preventing Identity Theft

19. Preventing Identity Theft

20. Preventing Identity Theft

21. Preventing Identity Theft “https” s = secure

22. Preventing Identity Theft

23. Preventing Identity Theft

24. 3 Credit Reporting Agencies Trans Union PO Box 390 Springfield, PA 19064-0390 Report Order: 1-800-888-4213 Fraud Hotline: 1-800-6807289 www.tuc.com Equifax PO Box 105873 Atlanta, GA 30348 Report Order: 1-800-685-1111 Fraud Hotline: 1-800-525-6285 www.equifax.com Experian PO Box 2104 Allen, TX 75013-2104 Report Order: 1-888-397-3742 Fraud Hotline: 1-888-397-3745 www.experian.com To order a credit report from any of the three reporting agencies, use the following website: www.annualcreditreport.com

25. Preventing Identity Theft • Protect your Social Security number by only giving it out when absolutely necessary • Keep usernames and passwords safe- use a combination of letters, numbers, and symbols that are not easily identified • Select security check questions with answers only you would know • Don't give out personal information over the phone, through the mail, or on the Internet unless you've initiated the contact and are sure you know who you're dealing with Key Guidelines

26. Preventing Identity Theft • Check credit reports at least once per year • Shred all documents that contain personal information • Be careful using the Internet. Only give out personal information when making a purchase on a secure website • Search your name occasionally to see if any unusual information appears • Be observant and follow your instincts Key Guidelines

27. Recognizing Identity Theft • New accounts or charges you didn’t make • Calls from collection agencies • Incorrect information on your credit report • Being denied credit when there is no reason to be • Missing bills or mailed statements Early detection is key! Watch for the following signs

28. What To Do If Identity Theft Happens

29. What To Do If Identity Theft Happens

30. Deter, Detect, Defend-Avoid Identity theft Hear stories from real-life identity theft victims on the FTC’s “Deter, Detect, Defend- Avoid Identity Theft” video • http://www.ftc.gov/bcp/edu/microsites/idtheft/video/avoid-identity-theft-video.html

31. Personal Liability • Credit Cards • Truth in Lending Act limits liability for unauthorized charges to $50.00 per card • A letter must be received by the creditor within 60 days of the first bill containing the error • The dispute must be resolved within 90 days of the creditor receiving the letter Since Lucy discovered the theft very quickly, she will only be liable for $50.00 in charges on her credit card!

32. Personal Liability • ATM and Debit Cards • The Electronic Funds Transfer Act provides protection • The amount a person is liable for depends upon how quickly the loss is reported • Within two days: maximum $50.00 • Within sixty days: maximum $500.00 • After sixty days a person may be liable for everything

33. Personal Liability • Checks • Contact the financial institution and stop payment • Most states hold the financial institution responsible for losses of a forged check

34. Identity Theft Protection • Offered by banks and other companies • Services • Closely monitor accounts and personal information • Alert consumer when there is a change • Help resolve any problems if identity theft does occur

35. Identity Theft Protection • Cost • $5.00 to $35.00 per month • Depends on amount of services provided • Can NOT eliminate identity theft but can help prevent it

36. Identity Theft Protection What are the pros and cons of identity theft protection?

37. Identity Theft Insurance