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Financial Services & Identity Fraud

Financial Services & Identity Fraud

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Financial Services & Identity Fraud

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  1. Presented by Great-West In partnership with Colorado Jump$tart Financial Services & Identity Fraud CJ Juleff, Executive Director, Colorado Jump$tart Coalition Hazel Heckers, Victim Advocate, Colorado Bureau of Investigation, ID Theft/Fraud Investigation Unit January 26 - 28, 2012

  2. 1-Minute Check-in • Teaching responsibilities? • Share where you do your “banking” (bank, credit union, other?)

  3. Session Topics • The unbanked and the underbanked • Types of financial service providers • Services offered by financial institutions • Features of traditional, online, and mobile banking services • Costs and fees related to financial services • Banking trends


  5. UNBANKED & UNDERBANKED 2009 FDIC National Survey of Unbanked and Underbanked Households

  6. BANKING STATUS OF HOUSEHOLDS: COLO 2009 FDIC National Survey of Unbanked and Underbanked Households

  7. HOUSEHOLDS BY RACE AND ETHNICITY 2009 FDIC National Survey of Unbanked and Underbanked Households

  8. HOUSEHOLDS BY INCOME 2009 FDIC National Survey of Unbanked and Underbanked Households

  9. HOUSEHOLDS BY EDUCATION 2009 FDIC National Survey of Unbanked and Underbanked Households

  10. ALTERNATIVE FINANCIAL SERVICES About 66 percent of unbanked households use the following alternative financial services (AFS): payday loans pawn shops rent-to-own agreements (RTOs), non-bank money orders refund anticipation loans (RALs). non-bank check-cashing 2009 FDIC National Survey of Unbanked and Underbanked Households

  11. SO WHAT?

  12. WHAT’S THE DIFFERENCE? Bank Credit Union Deposits insured up to $250,000 by NCUA Not for Profit Financial cooperatives owned by their members Governed by a board of directors elected by, and from among, those members • Deposits insured up to $250,000 by FDIC • For Profit • Business corporation owned by private investors • Governed by a board of directors chosen by the stockholders


  14. Session Topics • Identity theft and fraud statistics • Financial impact of fraud on individuals and society • How individual identify information is stolen and deceptively used • Ways to protect against identify fraud



  17. WHAT’S INSURED? Savings Mutual Funds Certificates of Deposit Annuities Stocks Bonds Checking Insurance



  20. Colorado Bureau of Investigation Identity Theft/Fraud Investigations Unit Hazel Heckers Victim Advocate 303-239-4649 24 Hour ID Theft & Fraud Hotline 1-855-443-3489 Toll free English/Spanish

  21. What is Identity Theft?

  22. A Working Definition Unlawfully obtaining, possessing, transferring, or using identifying information of another person without the other person’s consent. In doing so subjects the victim to civil liability, criminal prosecution, collections, etc.

  23. Scope of the Crime in Colorado • Where does Colorado rank in the nation • Are any Colorado cities at higher risk • What age group is at highest risk • How does ID Theft compare with other crimes in Colorado

  24. One Mobile Meth Lab 456 Individual Victims of ID Theft

  25. What’s in Your Wallet?

  26. Are You At Risk? • Do you have: • Social Security Number • Drivers License or other ID • Health care benefits • Address • Professional License or Certification • Education • Clean Criminal History • Bank and/or credit accounts or loans • Business you own or manage • Computer with Internet access • Phone, cell phone, utilities • Hand held device that accesses Internet

  27. Risk? • Do you or a family member: • Attend college or grad school • Facebook, Twitter, Blog or use other online social networks • “Friend” people you don’t actually know • Allow people you don’t know to “Friend” you • Post resumes on line • Use Craigslist or E-Bay • Have a credit card or passport with a radio frequency chip • Use on line dating services

  28. Did You Answer “YES” To Any of the Questions?

  29. You Are At Risk For ID Theft!

  30. Did you answer “No” To ALL of the Questions?

  31. You Might Be an ID Thief!

  32. Types of Identity Theft • Financial • Medical • Social Security Number Theft • Employment • Benefits • Criminal Activity • Corporate/Business • Domestic Violence/Stalking Related

  33. Financial • Obtaining or using credit in victim’s name • Fraudulent checks or other banking activities • Credit/Debit Card Theft What most people think of first when thinking of Identity Theft. Defined as any form of ID Theft that accesses a person’s financial resources or credit. Includes, but not limited to these most common forms of theft:

  34. What’s New in Financial ID Theft? • Skimmers • Electronic Pick Pocketing • Server Hacking • Still Using Older methods such as hacking, theft, etc.

  35. Skimmers • May be attached to devices such as Pay at the Pump, ATM Machines, Red Box Video Rentals, Grocery Store Check Outs, etc. • May be hand held devises • May be attached to a cell phone or hand held electronics

  36. Skimmer at Self Checkout

  37. Pay at the Pump

  38. Electronic Pick Pocketing • Radio Frequency ID Technology • Pay for your burger at record speeds (and maybe for years to come) • Credit/Debit Cards, some states’ Drivers Licenses, Newer Passports

  39. Server Hacking • Ridgeway, Northern Colorado, Western Slope • Hack into server at local Mom & Pop business that is used frequently (grocery store, gas station, etc.) • Multiple thefts from individuals who have card replaced and continue to use business

  40. Medical Identity Theft • The theft of a medical professional’s identity for nefarious purposes • The theft of a person’s social security number, insurance information or other personal identifying information (PII) to obtain medical care or prescription medications

  41. Medical Clinic • ID Thieves steal credentials of MD’s and set up fraudulent Medical Marijuana Clinics that deal in cash only • Victim doctors begin receiving calls from Health Department regarding MM prescriptions

  42. Theft of an ID for Medical Treatment • Social Security Number (SSN) or other PII • Child or other relative • Stranger • Co-worker • Some known suspects have used excess of 30 SSN’s to seek medical care

  43. Compromised Medical and Insurance Records • ID Thief uses victim’s SSN/PII to obtain medical care • Thief’s medical conditions, drug allergies, blood type, treatment become a part of the VICTIM’S medical record • May have life threatening ramifications when victim seeks emergency medical care

  44. Medical ID Theft, cont. • Victim becomes responsible for payment for thief’s medical care • Victim becomes responsible for thief’s actions (drug seeking, giving birth, surgeries) • Victim’s insurance company may deny victim treatment due to thief’s expenses

  45. HIPAA • Due to privacy constraints of HIPAA laws, if a medical professional believes that information in a patient’s medical records belongs to an ID Thief, the doctor may be compelled to withhold that information from the patient to respect the privacy of the thief

  46. Social Security Number Theft • Employment • Benefits