protecting your credit idenity...spyware - software installed on the victim’s computer, without...

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© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 2

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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According to the Federal Trade Commission (FTC):

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

promotes consumer protection



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The FTC provides a consumer identity theft education website:

http://www.ftc.gov/idtheft

Includes great information for those who suspect they may be a victim of identity

theft, are a victim of identity theft, or want to learn more

about identity theft

Has a “Deter, Detect, Defend” theme

http://www.ftc.gov/idtheft



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Name

Address & Telephone Number

Social Security Number

Driver’s License Number

Birth Date

Credit Card

Numbers

Bank Account NumbersIdentity thieves try to

obtain personal

information from

victims in order to steal

their identities

Personal

Information



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• 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?



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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



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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



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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

File for bankruptcy

What can identity thieves do if

they obtain personal information?



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Key Guidelines

Protect your Social Security number

Only give it out to trusted organizations and only when

absolutely necessary

Protect financial information

Sign the back of credit and debit cards with signature and

“Please see ID”

Close unwanted accounts by writing and by phone

Cut up credit, debit, and ATM cards and dispose of the

pieces in separate places



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Key Guidelines

Safeguard your purse and wallet

Carry only what you'll actually need when you go out

Don't carry your Social Security number or card, birth

certificates, or passport

Verify a source before sharing information

Don't give out personal information over the phone, through

the mail, or on the Internet unless you've initiated the contact



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Key Guidelines Be careful using the Internet Only give out personal information when making a purchase and

only on a secure site (indicated by a “https” or a picture of a lock after the URL or in the bottom right corner)

Use a credit card instead of a debit card when making online purchases

Watch for clues that might indicate a computer is infected with spyware Many pop-up ads, unexpected toolbars or icons, keys that don't work,

random error messages, and sluggish performance

If it is suspected that a computer is infected with spyware, immediately stop shopping, banking or doing any other online activity that involves sensitive information



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Key GuidelinesKeep usernames and passwords safe and select intricate

passwords For passwords, choose a combination of letters, numbers, and

symbols that are not easily identified Use different usernames and passwords for different sites and

change them regularly

Select security check questions with answers only you would know

Treat your trash and mail carefully Shred all documents that you are discarding that contain personal

information A cross-cut shredder is safest

Deposit mail containing personal information in secured mailboxes



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Key Guidelines

Protect your identity

Search your name occasionally to see if your name, picture, or

other information is being used by someone else

Keep all documents containing personal information in a safe

place where others cannot easily access them

Check credit reports

Check credit reports for errors at least once a year with all

three reporting agencies

To stay constantly informed, request a credit report from one of the

three reporting agency every four months



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Experian

PO Box 2104

Allen, TX 75013-2104

Report Order:

1-888-397-3742

Fraud Hotline:

1-888-397-3745

www.experian.com

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

To order a credit report from any of the three reporting agencies,

use the following website: www.annualcreditreport.com

http://www.experian.com/

http://www.tuc.com/

http://www.equifax.com/

http://www.annualcreditreport.com/



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Brainstorm how to minimize the risk of

identity theft in regards to each information

source

Share!



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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



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1.• Act immediately!

2.• Keep a detailed record of correspondence and phone records

• Follow up all communication with letters sent via certified mail

3.

• Contact the three major credit bureaus and request a free fraud alert be added to credit report

• Fraud alert - warns creditors to verify an individual’s identity before issuing credit



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4.• Close all accounts which have been tampered

with or opened fraudulently

5.• File a police report with the local police

6.• File a complaint with the FTC:

www.ftccomplaintassistant.gov

http://www.ftccomplaintassistant.gov/



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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



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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



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Checks

Contact the financial institution and stop payment

Most states hold the financial institution responsible

for losses of a forged check



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IDENTITY THEFT occurs when someone

wrongfully acquires and uses a consumer’s personal

identification, credit, or account information

Once an identity thief obtains personal information,

they can complete many malicious acts with the

information

There are many ways to DETER identity theft

Early DETECTION is key

There are basic rules to follow in order to

DEFEND against identity theft if it does occur

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