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a. Welcome to. ID Theft & ACCOUNT FRAUD. Prevention & Clean Up. © 2011. Money WI$E. A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP. What will you learn. During this presentation you will learn: The effects of ID theft and account fraud How ID theft and account fraud happen

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a

Welcome to

ID Theft

& ACCOUNT FRAUD

Prevention & Clean Up

© 2011

MoneyWI$E

A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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What will you learn

  • During this presentation you will learn:

    • The effects of ID theft and account fraud

    • How ID theft and account fraud happen

    • How to avoid becoming a victim

    • How to recognize when fraud has occurred

    • Steps to take if you come a victim

    • About helpful resources

MoneyWI$E

A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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What is ID Theft

  • When someone steals another person’s personal information to commit fraud

    • Open credit cards, buy goods

    • Take out loans

    • Get cell phones

    • Open bank accounts

    • Seek employment

  • What else can an ID thief do?

  • MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    What is account fraud?

    • Unauthorized charges, withdrawals or new accounts

    • Crooks use:

      • Identification

      • Credit card numbers

      • Social security numbers

      • Bank account information

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    It pays to prevent ID theft

    • Victims spend an average of more than 100 hours recovering from ID theft.

    • It is estimated that victims of ID theft spend an average of $1,865 to clear their names if the crooks opened new accounts

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Through no fault of their own, victims face

    • Increased credit card fees

    • Higher interest rates

    • Higher insurance premiums

    • Closure of bank accounts

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Credit Reports

    • Check your credit reports regularly.

    • Free credit reports can be obtained once a year from each of the 3 credit reporting agencies:

      • Equifax

      • Experian

      • TransUnion

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Free credit reports

    • Annual Credit Report

      • www.annualcreditreport.com

      • 877-322-8228

      • Annual Credit Report

      • Request Service

      • PO Box 105281

      • Atlanta, GA 30348-5281

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Credit reports

    • Get all three agency reports at the same time, OR

    • Stagger the three reports out during the year

      • Get one every four months

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Social Security number (SSN)

    • Memorize your Social Security number (SSN)

    • Don’t carry your Social Security card

    • Don’t print your SSN on your driver’s license or bank checks

    • Keep all papers listing your SSN hidden or locked away

    • Shred all documents with SSNs before you throw them away

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Financial information

    • Check bills, bank and credit card statements

      • Report any unauthorized transactions immediately

  • Track statements, new credit cards or check orders in the mail

  • Call the companies immediately if you notice

    • Unauthorized transactions

    • Missing credit cards or checks

  • MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Cards and account numbers

    • Shield ATM keypads when entering passwords

    • Memorize your PINs

    • Watch your cards while they are with sales clerks or waiters

    • Lock your own mailbox

      • Use US post boxes for outgoing mail that contains account numbers

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Phone and Internet

    • Don’t answer callers or e-mails asking for personal information

      • Remember, you may be overheard on a cell phone

  • Always make sure you are dealing with reputable companies

  • MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Marketing

    • Read your bank’s privacy notice

    • Stop or ‘opt out’ of pre-screened credit offers

      • 888-5OPT-OUT

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Are you already a victim?

    • Check your credit report

    • Look for

      • Accounts you don’t recognize

      • Inaccurate information

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Monitor your mail

    • Missed bills, credit card statements, etc. may signal trouble

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Always question …

    • Charges, bills or collection calls that are not yours

      • Complain immediately

  • Denials of credit when you have good credit

    • Get a free copy of the credit report used to make the decision

    • Check for mistakes or fraud

  • MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    ID theft clean up

    • Document the crime

    • File a police report with your local police department

      • Get a copy of the police report

  • Contact appropriate state and federal law enforcement agencies

  • Complete a free ID Theft Affidavit from the FTC

    • www.ftc.gov/idtheft

  • MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Fraud alerts

    • Add a fraud alert to your report

      • Initial alert—90 days

      • Extended alert—7 years

      • Additional free credit reports

  • When alerts are in place, allow time when applying for new credit

    • Instant credit won’t work

  • MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Credit reporting agencies

    • Equifax, 800-525-6285, www.equifax.com

    • Experian, 888-397-3742, www.experian.com

    • TransUnion, 800-680-7289, www.transunion.com

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Victims - be watchful

    • Dispute fraudulent accounts immediately

      • Close all affected accounts

      • Follow up your phone call with a written request

  • Get letters stating disputed accounts have been closed

  • Create new passwords for all of your accounts

    • Avoid easy-to-guess passwords

  • MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    On-going prevention

    • Get your credit report. Look for:

      • Accounts you don’t recognize

      • Incorrect information about you

  • Order free reports

    • www.annualcreditreport.com

    • 877-322-8228

  • MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Password accounts

    • Place passwords on your credit card, bank and phone accounts

    • Don’t use easy-to-guess names and numbers

    • Ask businesses not to use SSN or mother’s maiden name

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Computer safety

    • Don’t respond to ‘phish-y’ e-mails

    • Enter web addresses (URLs) carefully

    • Bookmark favorite sites

    • Check site security—padlock in browser

    • Don’t ‘click’ e-mail links

    • Use phone numbers on account statements or from the phone book

    • Stay informed – check the web for scam alerts

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Proof of the crime

    • File a police report

    • Get a case number

    • File reports with other appropriate agencies

    • Complete free FTC ID Theft Affidavit

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Freeze your credit

    • Prevent new credit without your permission

    • Fees and procedures vary from state to state

    • ID theft victims usually can place, lift or remove the freeze for free

    • To freeze, contact the credit reporting agencies:

      • Equifax: 800-685-1111

      • Experian: 888-397-3742

      • TransUnion: 1-888-909-8872

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Social Security numbers

    • Usually, you can’t get a new SSN

      • For more about SSNs, visit the Social Security Administration

        • www.ssa.gov

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Additional Resources

    • FTC ID Theft Clearinghouse / ID Theft Hotline

    • US Department of Justice

    • Federal Bureau of Investigation

    • Federal Deposit Insurance Corporation

    • United States Postal Inspection Service

    • United States Secret Service

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Non-profit organizations

    • Consumer Action

      • www.consumer-action.org

  • Identity Theft Resource Center

    • www.idtheftcenter.org

  • National Fraud Information Center

    • www.fraud.org

  • Privacy Rights Clearinghouse

    • www.privacyrights.org

  • MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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    Visit money-wise.orgfor additional information and to access free financial education materials

    MoneyWI$E

    A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP


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