7.3.1.G1
7.3.1.G1
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
© 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
7.3.1.G1
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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 3
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
7.3.1.G1
Name
Identity thieves try to
obtain personal
information from
victims in order to steal
their identities
Bank
Account
Numbers
Credit
Card
Numbers
Address &
Telephone
Number
Personal
Information
Birth
Date
Social
Security
Number
Driver’s
License
Number
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 4
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
7.3.1.G1
What daily activities require an individual
to share 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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 5
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
7.3.1.G1

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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 6
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
7.3.1.G1

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, redirects the computer to other sites, and tracks key strokes

Hacking - Information is stolen by breaking into a computer system
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 7
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
7.3.1.G1
What can identity thieves do if
they obtain personal 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
File for bankruptcy
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 8
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
7.3.1.G1
Key Guidelines
 Protect

Only give it out to trusted organizations and only when
absolutely necessary
 Protect



your Social Security number
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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 9
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
7.3.1.G1
Key Guidelines
 Safeguard


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

your purse and wallet
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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 10
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
7.3.1.G1
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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 11
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
7.3.1.G1
Key Guidelines
 Keep
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

Shred all documents that you are discarding that contain personal
information


your trash and mail carefully
A cross-cut shredder is safest
Deposit mail containing personal information in secured mailboxes
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 12
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
7.3.1.G1
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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 13
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
7.3.1.G1
Experian
Equifax
Trans Union
PO Box 2104
Allen, TX 75013-2104
PO Box 105873
Atlanta, GA 30348
PO Box 390
Springfield, PA 19064-0390
Report Order:
1-888-397-3742
Report Order:
1-800-685-1111
Report Order:
1-800-888-4213
Fraud Hotline:
1-888-397-3745
Fraud Hotline:
1-800-525-6285
Fraud Hotline:
1-800-6807289
www.experian.com
www.equifax.com
www.tuc.com
To order a credit report from any of the three reporting agencies,
use the following website: www.annualcreditreport.com
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 14
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
7.3.1.G1
Brainstorm how to
minimize the risk of
identity theft in regards
to each information
source
Share!
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 15
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
7.3.1.G1
Early detection is key!
Watch for the following signs
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

© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 16
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
7.3.1.G1
1.
2.
3.
• Act immediately!
• Keep a detailed record of correspondence and phone records
• Follow up all communication with letters sent via certified mail
• 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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 17
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
7.3.1.G1
4.
5.
6.
• Close all accounts which have been tampered
with or opened fraudulently
• File a police report with the local police
• File a complaint with the FTC:
www.ftccomplaintassistant.gov
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 18
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
7.3.1.G1
 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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 19
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
7.3.1.G1
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

© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 20
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
7.3.1.G1
Checks
 Contact
the financial institution and stop payment
 Most states hold the financial institution responsible
for losses of a forged check
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 21
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
7.3.1.G1
 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
© Family Economics & Financial Education – September 2010– The Essentials to Take Charge of Your Finances– Identity Theft Essentials – Slide 22
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