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Identity Theft 101 and Beyond. Bryan Stanwood, CPCU, ARM Enumclaw Insurance Group. Statistics. Nationally, in 2004, 1 in 33 households had experienced some type of identity theft within the last six months (3.6M households) Costs US consumers roughly $53 billion a year

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identity theft 101 and beyond

Identity Theft 101 and Beyond

Bryan Stanwood, CPCU, ARM

Enumclaw Insurance Group

statistics
Statistics
  • Nationally, in 2004, 1 in 33 households had experienced some type of identity theft within the last six months (3.6M households)
  • Costs US consumers roughly $53 billion a year
  • Businesses typically see a loss averaging $4,800 per victim
  • Washington ranked #8 in 2004, with 5,600 residents identified as victims, an increase of over 20% since 2003
how bad is it
How Bad is it?
  • www.privacyrights.org, a great resource and provider of a chronology of data breaches found:
    • 223,738,446 file breaches in the US alone from 2005 through April 14, 2008
    • There have been 96 separate corporate or public breaches reported in 2008, with individual records in the 10s of millions
    • Many are happening in colleges and government offices/websites—ideas why?
  • WA Attorney General website is also a great tool www.agt.wa.gov
what is identity theft
What is Identity Theft?
  • Identity theft is a crime where an imposter obtains key personal information from another for the purpose of using that information for personal gain
  • Information stolen can encompass:
    • Drivers license numbers
    • Social Security Numbers
    • Personal Identification Numbers
    • Credit Card, Bank Account Numbers
    • Passwords
    • Mother’s Maiden Name
categories of identity theft
Categories of Identity Theft
  • True Name
    • Use information to open new accounts
      • Credit card, cell phone, checking accounts
  • Account Takeover
    • Use information to take over existing accounts
      • Change address of the account
      • Start spending
how does it happen
How Does It Happen?
  • Phishing
  • Dumpster Diving
  • Shoulder Surfing
  • Company Hacking and Targeting
  • Pickpockets
phishing
Phishing
  • Looks legitimate, but is not
  • Generally emails asking for personal, sensitive information from what appears to be a known business
  • Asked to enter data electronically, although sometimes via phone as well
  • PayPal, Banks, EBay, etc. are very common
  • Anti-Spamming legislation is in place and offenders are being sued and put in jail—however, prevention is the best cure
dumpster diving
Dumpster Diving
  • Searching for information carelessly discarded that can be used to create or access accounts
  • The practice of Dumpster diving is also known variously as urban foraging, binning, alley surfing, Curbing, D-mart, Dumpstering, garbaging, garbage picking, garbage gleaning, skip-raiding, skip diving, skipping, skip-weaseling, tatting, skally-wagging or trashing
shoulder surfing
Shoulder Surfing
  • Criminals can literally look over shoulders, or use cheap closed circuit TV cameras hidden in areas to recover data. Common areas of concern are when consumers:
    • fill out a form
    • enter their PIN at an automated teller machine or a POS Terminal
    • use a calling card at a public pay phone
    • enter passwords at a cybercafe, public and university libraries, or airport kiosks.
    • enter a digit code for a rented locker in a public place such as a swimming pool or airport
    • Red Box recently
company hacking and targeting
Company Hacking and Targeting
  • Black hat hacker gets into secured company systems;
  • OR, computer laptops are targeted for theft

What they want?!

    • Relevant personal information, such as Social Security Numbers, Drivers License Numbers, Bank Account Numbers, Credit Card Numbers, PINs, Financial Account access
    • Hacker than uses or sells this information worldwide
pickpockets
Pickpockets
  • Second oldest profession?
  • Typically distraction is the key to getting away with it
general prevention habits
General Prevention Habits
  • Do not give your Social Security number, mother's maiden name or account numbers to strangers who contact you, especially by phone, Internet or mail.
  • Put passwords on your credit card, bank and phone accounts.
  • Do not carry PIN numbers, birth certificates, Social Security cards or passports unless absolutely necessary.
  • Review your credit card and other credit statements each month and make sure you know exactly what you're being billed
  • Guard your mail from theft.
  • Tear up or shred documents containing personal information before throwing them away.
general prevention habits14
General Prevention Habits
  • Eliminate credit cards you rarely or never use
  • Contact your card issuer to find out if any of your cardholder information can be given to partners or affiliates (third parties) of the card issuer
  • Contact the three major credit bureaus and ask to "Opt Out“ of pre-approved credit card offers
  • Remove your name from marketer's unsolicited mailing and calling lists
  • Be cautious about "trial memberships”
  • Check your credit report to make sure it is accurate

(Provided by the WA Office of the Attorney General)

specific prevention phishing
Specific Prevention—Phishing
  • When asked to verify any information, contact company directly to legitimize
  • Look for typos or syntax problems
  • Most companies will use members usernames vs. general introductions
  • Type in known website address vs. using hyperlinks
  • Do not give any information without verification!
specific prevention other
Specific Prevention - Other
  • Dumpster Diving
    • Shred, shred, shred ANYTHING with personal information
  • Shoulder Surfing
    • Block all entering of PINs, completion of forms or other privacy related actions from prying eyes
    • Be aware of people around you—vigilance
  • Pickpockets
    • Secure valuables in front pockets or money belts
    • Be constantly aware; do not get distracted
    • Minimize ostentatious displays
    • Look confident, not lost
what if you are a victim www privacyrights org
What if You are a Victim? (www.privacyrights.org)
  • Notify credit bureaus, establish fraud alerts, security freezes, monitor reports
  • Report the crime to police
  • If new accounts are opened, immediately contact companies and fill out fraud paperwork
    • Once resolved, get letter from company that account is closed and debts discharged
  • If existing accounts, contact immediately, in writing, request replacement card with new numbers
  • Checks stolen? Report them to bank, place stop payments, complete fraud affidavits, close accounts and open new ones
what if you are a victim
What if You are a Victim?
  • Debit cards—report immediately, fraud affidavit, get new cards with new passwords
  • Monitor, monitor, monitor all accounts and notify immediately of any suspicious charges
  • Contact DMV to see if anyone has ordered a license with your name or number
  • Phone service is often part of identity theft—contact the company to determine appropriate steps
  • Get involved in legal process if person is caught
  • KEEP GOOD RECORDS
  • DO NOT GIVE IN
coverage options iso
Coverage Options - ISO
  • In essence, $15,000 for coverage of expenses incurred due to Identity Theft after a $250 deductible
  • What is covered?
    • Costs for notarized fraud documentation or whatever is required
    • Costs for certified mailings
    • Costs for time away from work, up to $200 a day and maximum of $5,000
    • Loan application fees
    • Reasonable attorneys’ fees
    • Charges for long distance phone calls
coverage options company limits
Coverage Options – Company Limits
  • More companies are offering internal limits
  • Companies are contracting with companies to assist in this exposure (Identity Theft 911; LifeLock)
    • Either charge a premium or it is free
  • The biggest difference between these companies and the ISO endorsement?
    • Assist with the entire process of re-establishing credit vs. just reimbursing for expenses
    • Advocates assigned to help or handle the process
ideas for customers
Ideas for Customers
  • Put ideas here under your logo and provide to new customers, develop newsletters to include for existing customers
  • Have a shredding party!
  • Run a contest (get a company to help pay for it) for referrals to get a nice shredder
  • Become a subject matter expert and sell more policies by making Identity Theft ‘POP’ for customers
  • Sell companies on adding endorsements or providing coverage for advocacy vs. expenses