Transcript Slide 1
Welcome to
ID Theft
& ACCOUNT
FRAUD
a
Prevention & Clean Up
© 2011
MoneyWI$E
A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP
What will you learn
During this presentation you will learn:
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The effects of ID theft and account fraud
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How ID theft and account fraud happen
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How to avoid becoming a victim
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How to recognize when fraud has
occurred
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Steps to take if you come a victim
•
About helpful resources
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What is ID Theft
When someone steals another person’s
personal information to commit fraud
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Open credit cards, buy goods
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Take out loans
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Get cell phones
Open bank accounts
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Seek employment
What else can an ID thief do?
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What is account fraud?
Unauthorized charges, withdrawals
or new accounts
Crooks use:
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•
•
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Identification
Credit card numbers
Social security numbers
Bank account information
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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
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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
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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
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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
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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
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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
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Financial information
Check bills, bank and credit card
statements
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Report any unauthorized transactions
immediately
Track statements, new credit cards or
check orders in the mail
Call the companies immediately if you
notice
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Unauthorized transactions
Missing credit cards or checks
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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
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Use US post boxes for outgoing mail that
contains account numbers
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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
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Marketing
Read your bank’s privacy notice
Stop or ‘opt out’ of pre-screened
credit offers
•
888-5OPT-OUT
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Are you already a victim?
Check your credit report
Look for
• Accounts you don’t recognize
• Inaccurate information
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Monitor your mail
Missed bills, credit card
statements, etc. may signal
trouble
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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
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ID theft clean up
Document the crime
File a police report with your local police
department
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Get a copy of the police report
Contact appropriate state and federal law
enforcement agencies
Complete a free ID Theft Affidavit from
the FTC
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www.ftc.gov/idtheft
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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
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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
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Victims - be watchful
Dispute fraudulent accounts immediately
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Close all affected accounts
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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
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Avoid easy-to-guess passwords
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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
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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
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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
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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
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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:
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Equifax: 800-685-1111
Experian: 888-397-3742
TransUnion: 1-888-909-8872
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Social Security numbers
Usually, you can’t get a new SSN
• For more about SSNs, visit the
Social Security Administration
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www.ssa.gov
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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
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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
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Visit money-wise.org
for additional information and to access
free financial education materials
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