Preventing Identity Theft

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Preventing Identity Theft
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Agenda

• Introduction
• What Is Identity Theft?
• Tips to Protect Yourself
• What to Do if You Have Been a Victim of Identity
  Theft
• Other Forms of Protection
• Summary

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What Is Identity Theft?

• Identity theft occurs when someone uses your
  personal information in a fraudulent manner for
  their own gain
• A recent study showed that about one out of every
  25 American adults, or almost 10 million people,
  are victims of identity theft each year

Source Javelin Strategy and Research/Better
Business Bureau Identity Fraud Survey Report,
January 2006
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The Impact of Identity Theft

• Victims can spend months or even years trying to
  correct problems caused by identity theft
• They may be unfairly turned down for loans,
  denied jobs and hounded by bill collectors
• On average, victims spend 40 hours and 422 of
  their own money trying to correct problems caused
  by identity theft

Source Javelin Strategy and Research/Better
Business Bureau Identity Fraud Survey Report,
January 2006
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How Do Identity Thieves Operate?

• Identity thieves go after your personal documents
  by
• Stealing your purse or wallet
• Stealing your mail
• Diverting your mail to another address
• Going through your trash

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How Do Identity Thieves Operate? (continued)

• Thieves also try to get your account numbers,
  PINs, Social Security number or other information
  by
• Watching you use an ATM or debit-card processor
  (i.e. shoulder surfing)
• Stealing it over the Internet
• Scamming you into giving it to them over the
  phone
• Sending fake e-mails requesting information
• Stealing your credit/debit cardnumbers when
  processing your card(i.e. skimming)

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Common Identity Crimes

• With the right information, an identity thief
  can
• Use your credit card number to buy things
• Open new credit accounts in your name
• Set up phone or utility service in your name
• Create counterfeit checks or debit cards
• Open checking accounts in your name, then write
  bad checks on the accounts
• Take out loans in your name
• Use your health insurance to get medical care
• Use your Social Security number to get a job or
  rent an apartment

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Guard Your Social Security Number

• Dont give out your Social Security number unless
  it is absolutely required
• Beware of look-alike mail containing requests
  to provide your Social Security number
• Do not have your Social Security number printed
  on your checks
• Dont carry your Social Security number, birth
  certificate or passport with you unless you need
  them for a specific purpose

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Your Credit Cards and Bank Accounts

• Do not give your account numbers to anyone unless
  you initiated the transaction
• Keep your records and bills in a secure place
• Shred bills and other personal or financial
  information before you throw it in the trash
• Set up passwords for your accounts
• Keep track of your billing cycles

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Your Credit Cards and Bank Accounts (continued)

• Do not carry your PINs or passwords with you
• Be aware of other people around you when you use
  an ATM or debit card processor
• Always take your credit and debit card receipts
  with you (never toss them in a public trash
  container)
• Keep a list of your accounts in a secure place
• Carry only the cards you really need
• Sign new cards immediately

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Handling Your Mail

• Remove your incoming mail from your mailbox as
  promptly as possible
• Have your mail delivered to a secure box if
  possible
• Ask the post office to hold your mail if you are
  going to be away from home for any length of time
• Deposit outgoing mail in post office collection
  boxes
• Tear or shred any mail that includes personal
  information before you throw it away

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Using Your Computer

• Beware of phishing scams that ask you to
  provide or confirm sensitive information
• If you shop online, be sure you are using a
  secure browser and accessing secure sites
• Dont provide any more information than is
  necessary to complete a transaction
• Do not download files or click on hyperlinks
  from people you dont know

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Signs of Identity Theft

• Unexplained charges on your credit card
  statements
• Missing or late credit card or utility bills
• Receiving credit cards you did not request or
  statements for accounts you did not open
• Late-payment notices for unfamiliar loans or
  accounts
• Calls or letters from debt collectors regarding
  merchandise or services you didnt purchase

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Your Credit Report

• A file maintained by a credit bureau, such as
  Equifax, Experian and TransUnion
• It shows information about you, your credit
  accounts and your payment history
• Your credit report can be accessed by banks,
  credit card companies, landlords and employers
  if they have a legitimate reason
• Credit bureaus are required to provide you with a
  free copy of your credit report at your request
  once a year
• You should check your credit report at least once
  a year If you see any errors, problems or signs
  of fraud, contact the credit bureau immediately

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If You Believe You Have Been aVictim of Identity
Theft

• Act quickly and take these four steps
• Contact the credit bureaus and place a fraud
  alert on your credit report
• Close any accounts that you believe have been
  tampered with or opened fraudulently
• File a report with your local police
• File a complaint with the Federal Trade
  Commission (FTC) Call toll-free (877) ID-THEFT
  1-877-438-4338, or visit www.consumer.gov/idthef
  t.

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Where to Request a Report

• Equifax
• 1150 Lake Hearn Drive
• Suite 460
• Atlanta, GA 30342
• 1-800-685-1111
• www.equifax.com
• Experian
• 701 Experian Parkway
• P.O. Box 949
• Allen, TX 75013
• 1-800-397-3742
• www.experian.com

TransUnion 760 W. Sprual Road P.O. Box
390 Springfield, PA 19064 1-800-888-4213 www.tra
nsunion.com Web Report www.annualcreditreport.com

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Summary

• To help prevent identity theft
• Remember to protect your personal information
  just as you would your cash or other valuables
• Use the ideas and resources included in the
  seminar to identify measures you should take to
  reduce your risk of identity theft
• Share what you have learned with your family and
  friends

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Questions and Answers