identity theft protecting your credit identity. identity theft three hundred forty three million was...
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Identity theft
Protecting your credit identity
Identity Theft
Three hundred forty three million was lost from consumers in 2002
The number of complaints filed in 2002 was 380,000—almost double from the 204,000 filed in 2001.
Consumers spent 26 billion dollars on line in 2002.
Identity Theft
Identity theft occurs when someone wrongfully acquires and uses someone’s personal identification, credit or account information
Personal Information Includes
Name Address and telephone number Social Security Number Driver’s license number Bank Account numbers Credit Card numbers Passwords Bills
Ways Identity Thieves Acquire Information Wallet/Purse Loss or theft Mail and Phones Dumpster diving Insider access Internet shopping Credit report
How information can be used
To get a new driver’s license Open a new bank account Apply for credit cards or open new store
accounts Obtain cash from credit cards To get a job To rent an apartment To make retail purchases
Credit reports
How theft occurs Thief fraudulently orders a credit report
Prevention Order credit reports each year Don’t leave credit reports laying around
3 Credit reporting agencies
Equifax P.O. box 105873 Atlanta, GA 30348
Report order:
1-800-685-1111
Fraud Hotline: 1-800-525-6285
www.equifax.com
Experian P.O. Box 2104
Allen, TX 75013-2104
Report Order: 1-888-397-3742
Fraud Hotline:
1-888-397-3745
www.experian.com
Trans Union P.O. Box 390
Springfield, P.A. 19064-0390 Report Order:
1-800-888-4213
Fraud Hotline: 1-800-680-7289
www.tuc.com
How theft occurs Thief steals account numbers and personal
information
Prevention Deposit outgoing mail in mailbox Don’t leave mail in mailbox If on vacation, put mail on hold
Wallets and Pocketbooks
How it occurs Thief steals wallet or pocketbook
Prevention Don’t put it in plain sight Don’t hang it on the back of the chair Use a purse that closes securely Carry only what is necessary
Bills
How theft occurs Bills contain personal information, account
numbers May use information to start a new account
Prevention Don’t leave bills laying around Pay attention to billing cycle
Calling Cards
How theft occurs If thief has calling card and id number, can
make long distance calls anywhere
Prevention Use only card that have an id number Protect from those who are watching over your
shoulder
Passwords
How theft occurs Thief watches you or comes across your list
Prevention Don’t give passwords to anyone Don’t write passwords down Use different passwords for each account
Work records
How theft occurs Thief may access work records, SS#, bank
records
Prevention Ensure work records are locked with
security from employees or others
Pre-approved credit cards
How theft occurs Activate accounts from pre-approved
cards
Prevention Shred credit card offers Cut up pre-approved credit cards
Bank Account Information
How theft occurs With bank account routing number, thief can make
checks, withdraw money, or access savings
Prevention Don’t leave statements lying around Use passwords Don’t have checks mailed. Pick them up.
Social Security Number
How theft occurs This is the key to your identity
Prevention Never give out social security number Don’t carry social security card Ask for alternate number
ATM, Credit, Debit Cards
How theft occurs Some locations ask for card and PIN
number Credit and Debit cards are easy to use
because most businesses don’t ask for additional ID
Easy to use over internet and phone
ATM, Credit, and Debit Cards
Prevention Don’t leave cards laying around Only carry those cards you will use Use debit cards that require a PIN Write on back of card “Ask for ID” in
signature blank Carry cards in separate holder
Cards, cont.
Have a list of account numbers and cards Don’t give out numbers unless you are
making a purchase Keep track of all receipts Destroy papers with account numbers on it Check statements for fraudulent activity
What to do if Identity Theft Happens
Immediate steps
1. Act immediately!2. Keep a detailed record of correspondence and
phone records.3. Contact the three major credit bureaus and request
a “fraud alert.” Follow with a letter sent by certified mail.
4. Close all accounts which have been tampered with or opened fraudulently.
5. File a police report.6. File a complaint with the Federal Trade
Commission.
Credit Card Liability
Truth in Lending Act limits liability for unauthorized charges to $50.00 per card.A letter must be received within 60 days of
the first bill containing the error.The dispute must be resolved within 90
days of the creditor receiving the letter.
ATM, Debit, and Credit Cards
The Electronic Funds Transfer Act limits your liability
-Within 2 days, $50-Within 60 days, $500-After that you are responsible for whole amount To report a loss call the financial institution and
follow up in writing Get new bank numbers, PIN, and passwords
Check liability
Contact the financial institution and stop payment.
Notify the check verification service. Most states hold the financial
institution responsible for losses of a forged check
Stay Alert!
Be Careful!
Be Smart!
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