Identity Theft: Have You Ever Wished You Could Be Someone Else .. Some People Might Take It A Step F

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Identity Theft Have You Ever Wished You Could Be
Someone Else? .. Some People (Might) Take It A
Step Further . Vanderbilt University School of
Medicine November 24, 2008
Mary B. W. Fenton, MA National Executive, Health
Professions and Graduate Schools American
Student Assistance
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Participants In The Life Of A Student Loan(s)
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YOUR Financial Plan
Key to managing your
Keys to keeping you solvent
Protecting YOU/your assets
dont let it get out of whack!!
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Objectives .

• Define identity theft/fraud
• Identify types of identity theft
• Understand impact of identity theft/fraud
• Identify how to protect yourself from identity
  theft/fraud
• Learn signs of identity theft/fraud to watch out
  for
• Learn how to regain your standing if identity
  theft/fraud occurs
• Learn how criminals use your personal information
• Know your rights

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What Is Identify Theft vs Identity Fraud???

• IDENTITY THEFT
• Use of personal identifying information to commit
  fraud or other crimes
• ?including name, Social Security number, and/or
  a credit card number
• ?Criminal identity theft involves using another
  person's records to commit a crime(s)
  (Federal Trade Commission)
• IDENTITY FRAUD
• Any time there's a transaction in another
  person's name without their knowledge.
• ?not a data breach in and of itself
• ?account takeover or a one-time credit card
  transaction
• ?opening an account for the purpose of fraud
• (Javelin Strategy Research)

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Types of Identify Theft/Fraud ..

• phishing individual obtains personal
  information, from you, via the telephone
• vishing voice phishing scam getting consumers to
  dial a voicemail system that records personal
  information
• ?spoofed e-mail appears to come from a major
  company or banking institution ?directs
  recipient to call a number
• ?cold call attempting (live or automated) to
  retrieve sensitive information
• ?usually sounds urgent stresses problem with
  the recipient's account
• synthetic identity theft thieves literally
  create new identities by combining real fake ID
  info to establish new accounts with fictional
  identities or create new identity from totally
  fake information ?typically, uses REAL SS number
  with name other than real one ?combination may
  not relate to the REAL consumer's credit report

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Types of Identify Theft/Fraud ..

• identity cloning often the stickiest to resolve
  ?criminal is actually living as you, getting
  married, having kids, going to school -- in
  addition to possibly committing crimes and
  performing financial transactions ?can be
  partial insider job, i.e., collusions/insiders at
  banks, businesses that deal with sensitive
  information ?sell to black market ?big
  increase
• mail makes up about 6 to 9
• computer hacking 10 to 12
• dumpster diving about 1
• friends/family and lost wallet/checkbook are most
  common perpetrators of ID theft

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Financial/Time Impact
Average cost increases if fraud/theft
perpetrated by family/friends, etc.
Javelin Strategy and Research 2007 Identity
Fraud Survey Report
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How To Protect Yourself From Identity Theft .

• Shred, shred, shred .
• Dont leave printed personal and/or financial
  information lying around at home
• Minimize the risks posed by mail theft ?drop
  bills, youre paying, in the Post Office mailbox
• Get and review your bank statements
  electronically
• Check and review all three of your FICO scores
  and credit reports at least once a year ?FREE,
  yearly ?stagger your requests, quarterly 3
  FREE, per year!!!
• Avoid giving out your Social Security number,
  whenever possible
• Secure your home computer ?anti-virus, spyware,
  firewall, etc., software keep updated

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How To Protect Yourself From Identity Theft .

• be smart about choosing passwords ?use
  combinations of symbols, etc. ?change,
  periodally
• only use credit card number, on internet, if
  secured site (Verisign, etc.) ?use a specific
  credit card ONLY for internet purchases
• subscribe to DO NOT CALL service
• www.donotcall.gov
• regardless of who calls asking for your personal
  information, tell them youll call them back
• ?police
• ?banks, etc.
• avoid public computers, free Wi-Fi with sensitive
  information
• if a victim of identity theft/fraud, freeze
  your credit files for a while (any 1 of credit
  reporting agencies) ?you have to lift the
  freeze with a personal ID number (agencies issue
  to you once your files are frozen)

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How To Protect Yourself From Identity Theft ..

• sign cards as soon as they arrive (also, indicate
  see photo I.D.).
• carry cards separately from wallet, i.e.,
  business card holder, another small pouch
• keep a record of your account numbers, their
  expiration dates, phone number address of each
  in secure place
• keep eye on card during transaction
• void incorrect receipts/ask for them
• destroy carbons
• compare receipts with billing statements
• reconcile accounts monthly along with checking
  account
• report questionable charges promptly, in
  writing to card issuer
• notify card companies, in advance, of change in
  address

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How To Protect Yourself From Identity Theft ..

• DO NOT
• give out your SS unless absolutely
  necessary ?DO NOT use on drivers license ?Drs
  office, typically, uses to file insurance claims
  (dont provide unless youre absolutely going to
  use them ?potential rental agents (dont provide
  unless youre absolutely sure you want the
  rental ?remember who you give it to (make a
  list)
• lend cards to anyone
• leave cards/receipts lying around
• sign a blank receipt ?draw a line through any
  blank spaces above total
• write account number on postcard or outside of
  envelope
• give account number over phone unless you're
  making call to reputable company ?questions
  about a company, call Better Business Bureau

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Protecting What You Carry Around (PIIF)

• Keep very little in your wallet
• ?driver's license?student ID?one credit
  card?little bit of cash
• Photocopy
• ?cards ID that you carry ?keep them in a safe
  place
• Record all
• ?credit card numbers toll-free customer
  service numbers?bank account numbers bank
  branch phone numbers ?DMVehicle phone
  number?other agencies that you may need to
  contact if you lose your wallet

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Signs of Identity Theft to Watch Out For ..

• unexpected phone calls from collection agency
  ?collection agency tells you they are
  collecting for a defaulted account ?BUT, you
  never opened the account
• strange credit card charges
• unexpectedly being turned down for credit ?an
  account you DID NOT apply for ?an account you
  DID apply for thinking you had a good credit
  report/score
• ATM PIN s usernames/passwords stop working
• usual bills are missing
• strange information in your file
• receive credit card, utility, telephone
  statements in your name and address ?BUT, you
  never applied for them

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What to Do if Identity Theft Occurs

• call the credit bureaus and get their help - ASAP
• lock thieves out of your accounts by changing all
  your account access information
• report the crime to all relevant authorities
• report all fraudulent transactions to creditors
• keep a log of everything you do to resolve
  problems

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Dealing With Lost/Stolen Credit Cards, ATM/Debit
Cards, etc. ..

• CALL, CALL, CALL .. ASAP
• credit, debit, ATM cards
• ?report the loss/theft to the card
  issuer(s) ?toll-free numbers 24-hour service
  ?follow-up with letters ?include account
  number(s) ?when you noticed card(s)
  missing ?date you first reported the loss/theft
• credit card loss or fraudulent charges
• ?maximum liability under federal law for
  unauthorized use of your credit card is 50 ?if
  you report loss before your credit cards are
  used, issuer cannot hold you responsible for any
  unauthorized charges. ?50/per card (for
  unauthorized charges) if used before you report
  it missing ?if the loss involves your credit
  card number, but not the card itself, you have
  no liability for unauthorized use

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Dealing With Lost/Stolen Credit Cards, ATM/Debit
Cards, etc. ..

• ATM/debit card loss or fraudulent transfers
• ?if loss/theft reported before it's used, issuer
  cannot hold you responsible for any unauthorized
  transfers?if unauthorized use occurs before you
  report it, your liability depends on how quickly
  you report the loss ?if reported within two
  business days after (you realize) card missing,
  you will not be responsible for more than 50 for
  unauthorized use ?if not reported within two
  business days after (you realize) card missing,
  you could lose up to 500 due to unauthorized
  transfer ?once you report the loss of
  ATM/debit card, you are not liable for
  additional unauthorized transfers occurring after
  report

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Dealing With Lost/Stolen Drivers License . ..

• Replacing driver's license
• ?report incident to local police's non-emergency
  line ?important if license lost/stolen as result
  of a suspected crime ?fill out forms with
  local police keep copy of report
• WHERE? ?Department of Motor Vehicles for the
  state that issued your driver's license proof
  of identity (some states require two forms) pay
  a fee ?vary from state to state ?some states
  do not charge fee if result of crime you
  provide copy of the police report ?some
  states replace via mail others require your
  presence at a state office

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Dealing With Lost/Stolen Passport .

• Report it, ASAP
• ?fill out Form DS-64 Statement Regarding A Lost
  or Stolen Passport mail to
• U.S. Department of State Passport
  Services Consular Lost/Stolen Passport
  Section 1111 19th Street, NW, Suite
  500 Washington, DC 20036
• ?passports reported lost/stolen are invalidated
  no longer usable for travel ?cannot be
  re-validated ?if recovered after reported
  lost/stolen, you must submit it to U.S.
  Department of State ?you can request it be
  canceled and returned to you or it will be
  destroyed
• To Replace
• ?appear, in person, at a Passport Agency ?if
  lost/stolen, submit Form DS-64, (Statement
  Regarding a Lost or Stolen Passport) Form
  DS-11 (Application for Passport)

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How Your Information Can Be Used ..

• THIEVES
• call credit card issuer to change billing address
• open new credit cards in your name
• establish phone or wireless accounts in your name
• open bank account in your name
• buy a car by taking out an auto loan in your name
• obtain identification issued with their picture,
  in your name
• give your name to the police during an arrest

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Know Your Rights ..

• Fair Credit Reporting Act (FCRA) - federal law
  specific rights when you are/believe you are
  victim of identity theft
• to have reporting agencies place fraud alerts
  in your file
• ?alerts potential creditors, etc., know that you
  may be a victim of identity theft ?stays in file
  at least 90 days ?Extended Fraud Victim Alert
  in file for 7 years
• to have free copies of info in your
  file ?initial Security Alert entitles you to
  copy of all info in your file from each credit
  agency ?Extended Fraud Victim Alert entitles
  you to 2 free file disclosures in 12-month period
  following alert
• to obtain documents of fraudulent transactions
  made or accounts opened using your info
  ?creditor/business must give copies of
  applications other business records relating to
  transactions and accounts that resulted from
  your identity theft
• to obtain info from debt collector ?must provide
  certain info about debt you believe incurred in
  your name by identity theft
• to ask that a consumer-reporting agency block
  that info from your file ?identify the info to
  block provide agency with proof of your
  identity copy of identity theft report
• to prevent businesses reporting info to credit
  agencies if you believe info result of ID theft
• ?identify, in writing, information you do not
  want ID theft report

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Too Many Credit Card Offers?

• You can remove your name from the marketing lists
  of the three credit reporting bureaus
• Call
• 888-5-OPTOUT ( 888-567-8688)
• or
• go online to www.optoutprescreen.com

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Helpful Websites .

• www.myfico.com
• ww.annualcreditreport.com
• www.optoutprescreen.com
• www.equifax.com
• www.experian.com
• www.transunion.com
• www.quicken.com
• www.bankrate.com
• www.360financialliteracy.org

• www.donotcall.gov
• www.idsafety.netwww.usdoj.gov/criminal/fraud/web
  sites/idtheft.html
• www.fbi.gov/becrimesmart.htm
• www.fdic.gov/consumers/index.html
• www.fraud.org
• www.privacyrights.org/identity.htm

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Identity Theft/Fraud Fiction

• Boyle, T. C., Talk, Talk. 2006. New York. Viking
  Penguin.
• File a complaint Federal Trade Commission (FTC)
  or 877-IDTHEFT (877-438-4338)
• Chex Systems, Inc.Consumer Relations
• 7805 Hudson Road, Suite 100
• Woodbury, NM 55125
• (Phone) 800-428-9623
• (Fax) 602-659-2197
• www.chexhelp.com

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Bibliography ..

• Manning, Robert D., Credit Card Nation, The
  Consequences of Americas Addiction to Credit.
  2000. New York Basic Books.
• Ramsey, Dave. The Total Money Makeover, A Proven
  Plan for Financial Fitness. 2003. Tennessee
  Thomas nelson, Inc.
• Morris, Kenneth M., Siegel, Alan M., The Wall
  Street Journal Guide to Understanding Personal
  Finance. 1997. New York Lightbulb Press, Inc.
  and Dow Jones Co.
• Warren, Elizabeth, Warren Tyagi, Amelia, All Your
  Worth, The Ultimate Lifetime Money Plan. 2005.
  New York Free Press.
• Strauss, Steven D., Jaffe, Azriela., The Complete
  Idiots Guide to Beating Debt. 2000. Indiana
  Alpha Books.
• Morris, Kenneth, M., Siegel, Alan, M., and
  Morris, Virginia, B., The Wall Street Journal
  Guide to Planning Your Financial Future. 1998.
  New York Lightbulb Press, Inc. and Dow Jones
  Co.
• Klosowski, Allen, CFP. Personal Financial
  Fitness, A Practical Guide to Improve The Health
  of Your Wealth. 1997. Menlo Park Crisp
  Publications.
• Quinn, Jane Bryant. Making the Most of Your
  Money. 1997. New York Simon Schuster.

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THANK YOU .. Mary B. W. Fenton, MA National
Executive, Health Professions Graduate
Schools 1-800-999-9080 ex. 2199
American Student Assistance 100 Cambridge
Street, Suite 1600 Boston, MA 02114
[phone] [phone] F A X (800)
999-0923 T D D
www.amsa.com