Identity Theft: Protecting Yourself
Amy Shuey (Penn State Federal Credit Union)
Dr. Daad Rizk
The Pennsylvania State University
301 Outreach Building
University Park, PA 16802
Dar39@psu.edu

– Describe what identity theft is, and how it happens
– Determine several methods of reducing your risk of becoming an identity theft victim
– Recognize the warning signs of identity theft
– Understand steps to take if you fall a victim of identity theft
– Explain why identity theft is a problem and what to do to protect yourself and others

• Happens when someone uses your name, credit card number, social security number, password or other identifying data
– to make purchases, get cash or commit fraud.
•
Identity theft affects credit worthiness, disrupt lives
•
Requires time and effort to restore compromised personal and financial records
•
9,000,000,00 American become victims of identity theft each year (FTC – Federal Trade
Commission)
• Every 79 seconds, a thief steals someone’s identity, opens accounts in the victim’s name and goes on a buying spree (CBSnews.com)
•
8% of all identity theft cases is impacting children under the age of 19 (CBSnews.com)
•
Florida is #1 with identity theft cases in the nation - targeting senior citizens (CBSnews.com)

– Full legal name, Birthdate, Mother’s Maiden Name
– Address, Hometown, Phone Number
– Social Security Number, Graduation Date, PIN #
– Credit Card numbers (expiration date, Security
Code#)
– Social Media, Cyber Space and Passwords

– Yes
– No

• Ways to protect your personal information from being compromised
– Know how identity theft happens – in person
• Rummaging through your trash or mailbox
• Breaking into your home
• Stealing your purse, wallet or cell phone
• Changing your mailing address – diverting your bills and mail
• Shoulder surfing
– Know how identity theft happens – online
• Phishing – posing as a legitimate business, emails, pop-up messages
• Hacking your computer – from a remote location while you are on your computer
• Skimming - using a magnetic card reader to steal your Card # while using ATM or keypad in a store
• Pharming – redirecting your internet domain through technical means
• Spamming – unsolicited e-mails to multiple mailing lists
• Spoofing – Creating a replica of a legitimate web page

– I type the URL for the official Web address page
(https://www.xxx.com/)
– I “Google” my bank or vender and click on a link to get to the page

• Phishing (pronounced: fishing) is an online-fraud technique that is used by criminals asking you to click on a link to lure you into disclosing your personal information, which then enables the thief to:
– Apply for and get credit in your name.
– Empty your bank account and charge expenses to the limit of your credit cards.
– Remove money from your accounts.
– Use a copy of your debit card to withdraw your money from anywhere in the world.

– I scan the card myself
– I hand the credit card to the cashier to scan

• When a credit card is skimmed, data on the card, including the account number, is electronically transmitted or stored. The credit card information can then be encoded onto a lost, stolen, or counterfeit credit card and used anywhere in the world. (stealing your card information)
• Examples of skimming instances include:
– A collusive store employee completes a valid sale, and then captures a second
(unauthorized) swipe covertly on a portable device before returning the card to the cardholder
– A skimming device is added to the front of an ATM or gas pump and captures the credit card information as the consumer attempts to use the machine
– A skimming device is added inside an ATM or gas pump and captures information during a valid transaction. In many cases a cover camera is also set up to capture the card holder’s personal identification (PIN) number

– Yes
– No

• Ways to guard against identity theft – Surrounding and in public
– Be aware of your surrounding during financial transactions
– Carry only necessary to-go items in your purse or wallet (especially when traveling)
– Secure your Social Security Number - never carry it in your wallet, memorize the number and use cautiously on the phone or in public
– Initiate financial transactions yourself – react carefully to any and all invitations

– Yes
– No

• Ways to guard against identity theft - paper documents
– Use a shredder – dispose in various trash bags
– Shred all bills except the last one – keep in a safe place
– Shred bank statements – you can always get copies online if needed
– Avoid receiving banking information in your mail box
• Order and pick up checks at your Bank
– Keep a (fire-proof) safe deposit box for your important personal documents – passport, tax copies, birth certificate, marriage certificate, deeds, etc.,

• More ways to guard against identity theft – Computer
– Use different password for different electronic devices, use hard-to-guess password (do not keep your password under your keyboard)
– Use a firewall to shield your computer from hackers; antivirus and other types of security protection software
– Wipe out your old hard drive before you dispose of your computer
– Log out and close your browser afterward when using computer – avoid public computers to check personal data or financial information
– Never open a link in an unsolicited email or pop-up message
– Avoid being skimmed – watch for tapes on the ATM machine – use indoor devices (more difficult to be tempered)

• Ways to safe guard other devices and electronics
– Protect your cell phone with a password
– Watch for Pretexting – scamming your cell phone
– Watch your GPS device - do not leave on the window shield
(home address, telephone number, etc.,)
– Protect your un-opened mail – do not leave in the car

•
Children are a new target – 8% of all identity theft cases
– Check their credit reports, protect their Social Security Number and personal data
•
Government Benefits –
– Social security payments, Tax refunds, Medicaid, Unemployment, Disability benefits
– Student financial aid – PIN# - FAFSA - NSLDS
•
Medical Records
– Use of medical care under a stolen identity
• Avert payment
• Cause confusion with medical treatment
– Health insurance claims

– Yes
– No

• Service members who deploy can place an active duty alert on their credit reports to help minimize their risk of identity theft
– An active duty alert on a credit report means businesses have to take extra steps before granting credit in your name. Active duty alerts last for 1 year, and can be renewed to match the period of deployment.
– Provide proof of identity, like a government-issued identity card, driver’s license, military identification, birth certificate, or passport.
The company you call must contact the others.
– The credit reporting companies will take your name off their marketing list for prescreened credit card offers for 2 years, unless you ask them to add you back onto the list.

– Yes
– No

• Consider opting out of prescreened offers of credit and insurance by mail.
– You can opt out for 5 years:
• Call toll-free 1-888-5-OPT-OUT (1-888-567-8688) or visit www.optoutprescreen.com. The phone number and website are operated by the major consumer reporting companies.
– To opt out permanently:
• You may begin the permanent Opt-Out process online at www.optoutprescreen.com. To complete your request, you must return the signed Permanent Opt-Out Election form, which will be provided after you initiate your online request.
– The 3 nationwide credit reporting companies operate the phone number and website.

– Got copies of all information that I carry in my wallet in my safe deposit box at home
– Got a master list of all information that I carry in my wallet in my safe deposit box at home
– Got a master list of all information that I carry in my wallet in a bank deposit box

– If you are failing to receive certain bills
– Watch for mysterious withdrawals from your checking, savings and investment accounts
– Watch for charges on your credit card statements that you don’t recognize
– If you get denied credit for no apparent reason
– If you are contacted by debt collectors or stores for purchases you did not make
– Keep tabs on your credit report – get your free copy every 12 months from the
3 nationwide credit reporting agencies
• Equifax, Experian and TransUnion
• Annual Credit Report.com
• Call 877-322-8228

•
Steps you can take if you find yourself or someone you know a victim of identity theft
– Notify credit reporting agencies (CRAs) –one of them will suffice, they will notify the other agencies – All three will send you a free credit report to check and report back to them.
• Fraud Department
– Equifax 800-525-6285
– Experian 888-397-3742
– TransUnion 800-680-7289
– Contact creditors – fraud department – follow up in writing and provide copies of supporting documentation
– Contact your Bank or Financial Institution
– File a police report – get a copy or a report number
– File a complaint with the FTC
•
Identity Theft [Federal Trade Commission]
• or call 877-IDTHEFT (438-4338)

Questions & Comments
Thank you!
Amy Shuey (Penn State Federal Credit Union)
Dr. Daad Rizk
The Pennsylvania State University
MoneyCounts: A Financial Literacy Series
301 Outreach Building
University Park, PA 16802 dar39@psu.edu
1-(814)-863-0214