Presentation Transcript

1. MoneyCounts: A Financial Literacy Series

   Identity Theft: Protecting Yourself Amy Shuey (Penn State Federal Credit Union) Dr. DaadRizk The Pennsylvania State University 301 Outreach Building University Park, PA 16802 Dar39@psu.edu
2. Learning Objectives 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
3. What is Identity Theft? 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)
4. What data to protect? Personal data – 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
5. Poll Have you ever been a victim or know someone who has been a victim of identity theft? Yes No
6. Protecting Yourself 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
7. Poll When I use online banking or pay online using my credit card 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
8. Phishing 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.
9. Poll When I pay using a credit card I scan the card myself I hand the credit card to the cashier to scan
10. Skimming 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
11. Poll I carry my Social Security Card in my wallet Yes No
12. Prevention is Key! 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 False sense of security concept, Be Aware!
13. Poll When I order checks in the mail, I have them sent to my home address Yes No
14. Prevention is Key - 2 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.,
15. Prevention is Key -3 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)
16. Prevention is Key - 4 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
17. Prevention is key - 5 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
18. Poll I am or someone in my family is in active duty Yes No
19. Active Duty Alert 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.
20. Poll I receive credit cards and/or insurance invitations in my mail Yes No
21. Opting Out 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.
22. Poll I have a contingency plan if I ever lose my wallet 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
23. Are you a Victim? Know the warning signs 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
24. What Should You Do? 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)
25. Worksheet
26. Contact Information 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