Identity Theft

Identity Theft – Some Basics

affects 12-15 million people per yearkeeps increasing each yearmost common items exposed during a data

breach: credit card numbers debit card numbers SSN

43% of identity theft result of stolen wallets and paperwork

highest risk age group: 18-24

Identity Theft – More Statistics2010, 7% of all households had at least one

member who was a victim of some sort of ID theft

every year, nearly 3 million dead peoples’ identities are stolen

social media dangers:30% of people with social media profiles share

their birthday including the month, day and year63% share where they went to high school18% share their phone number12% share their pet’s name

Identity Theft – More Statisticsincidents of medical ID theft is on the rise;

usually insider crimescollege students are ideal targets:

48% admitted to leaving personal info out in their dorms

31% were burglarized or knew someone who has been burglarized

most have clean or no credit historiesmost are not as attentive to their bank

accounts and private information

Identity Theft – More Statisticschild ID theft is on the rise – usually takes

around 334 days before parents discover it (huge concern for SC residents)

average loss is approximately $3500cost to victims to clear up their identity

vary from very little up to around $3000average amount of time spent by victims to

clear up their identity ranges from 55 to 165 hours

Methods of Identity TheftPhishing

http://www.sonicwall.com/phishing/ VishingPharmingWhalingResumes onlineSSNsDumpster divingMailbox theftPretextingShoulder surfing

Methods of Identity TheftSocial networking sitesFilesharing and peer-to-peer softwareBogus job offersFake sweepstakes or lotteriesHackingLost or stolen propertyWorkers in your homeChanging your addressCopying information from a transactionCredit reportsRFID readers

How To Protect YourselfDon’t carry checkbook, SSN card, or all your

credit cards with you all the timeKeep your SSN privateShred your credit card offers, etc.Use updated anti-spyware/anti-theft software

on your computerNever give out personal info over the phoneBe careful of using your credit cards in

restaurantsMonitor your credit reports

If You Think You’ve Been a Victim of Identity Theft:

1. Police report2. Fraud alert3. Credit freeze

What Are Your Rights?Truth in Lending – Federal law passed in 1968 that

protects consumers in credit transactions by requiring clear disclosure of key terms of the lending agreement and all costs

Fair Credit Reporting Act – originally passed in 1970; enforced by the FTC - regulates the collection, dissemination, and use of consumer information.

Fair Credit Billing Act – an amendment to the Truth In Lending Act, passed in 1986, to protect consumers from unfair billing practices and to provide a mechanism for dealing with billing errors; applies to “open end” credit accounts, such as credit cards and other revolving charge accounts. Examples of errors and other info: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre16.shtm

The Credit Card Act of 2009The latest update of the Truth In Lending Act to protect

consumers from abusive tactics used by credit card companies:1. 45 day advance notice of change in rates or late fees2. No more retroactive interest rate hikes3. No more raising interest rates based on other, unrelated

cards or utility bills4. Payment due dates must be at least 21 days after mailing

of bill5. Extra payment above minimum due must be applied to

higher rate balances6. Must “opt-in” to over-the-limit fees; plus other fee

restrictions7. Must disclose to consumers how long it will take to pay off;

also payments for paying off within 12, 24, or 36 months8. Restricts card issuance to students9. Gift card protections

Establishing & Maintaining Good CreditCollege students are (used to be) targetsChecking accountDepartment store cardsPrepaid cardsCo-signer on applicationshttp://www.annualcreditreport.com http://www.myfico.com