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.
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Identity Theft
Identity theft occurs when someone
wrongfully acquires and uses someone’s
personal identification, credit or account
information
Personal Information Includes
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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
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How information can be used
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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
Mail
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
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If thief has calling card and id number, can
make long distance calls anywhere
Prevention
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Use only card that have an id number
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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
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What to do if Identity
Theft Happens
Immediate steps
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Act immediately!
Keep a detailed record of correspondence and
phone records.
Contact the three major credit bureaus and
request a “fraud alert.” Follow with a letter
sent by certified mail.
Close all accounts which have been tampered
with or opened fraudulently.
File a police report.
File a complaint with the Federal Trade
Commission.
Credit Card Liability
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Truth in Lending Act limits liability for
unauthorized charges to $50.00 per
card.
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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
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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
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Stay Alert!
Be Careful!
Be Smart!