Frauds, Scams and Slams: Credit Card and ATM Fraud

1
Frauds, Scams and Slams Credit Card and ATM Fraud

• Prepared by Dr. Jan Park
• Gerontology Specialist
• Oklahoma Cooperative Extension service
• April 2002

2
Keep Track of Your Credit Card Information

• Keep a list of all credit cards
• Store credit information on a disk-not the hard
  drive
• Know when billing statements should arrive
• Check billing statement immediately
• Shred unneeded convenience checks
• Shred credit card slips
• Annual Credit Reports

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Cloning A Global Credit Card Fraud

• Skimming

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How Skimming Works

• Gofer
• Illicit electronic devices
• Counterfeiters
• Sell fake cards
• Gold and Platinum cards targeted

5
How Can You Avoid Getting Cloned?

• Keep your credit card in sight
• Follow the waiter to the terminal
• Check billing statement
• Smart chip

6
How Do Credit Card Thieves Get Your Cards or
Numbers?

• Steal wallets and purses.
• Break into your home and steal papers.
• Steal tax records.
• Steal mail.
• Dumpster Diving.
• Search store and restaurant trash.

7
How Do Credit Card Thieves Get Your Cards or
Numbers?

• Discarded loan or credit applications.
• Guard card number when using phone in public.
• Someone may be listening.
• High power binoculars.
• Use corded telephone when giving card number over
  phone.
• Cover card number when using it.

8
How Do Credit Card Thieves Get Your Cards or
Numbers?

• Never let clerk write card number on a check.
• Never carry PIN in wallet.
• Use different PIN for each card.
• If someone is claiming to be a bank rep., do not
  give PIN.
• Ask clerk for card carbons-shred them.
• Shred copies of airplane tickets and itineraries.

9
Safeguard Your Credit Card Information

• Limit number of cards
• Limit number of names on cards
• Never leave wallet or purse unattended
• Sign new cards immediately
• Never lend a card
• Keep eye on card during transaction
• Draw line through blank spaces on charge slips

10
Safeguard Your Credit Card Information

• Dont leave personal correspondence or statements
  in office or lying around at home
• Carry only two cards
• Never give credit card information, other
  personal information to strangers
• Never use common information for PINs
• Dont pitch pre-approved applications
• Report a card lost or stolen
• Use secure Internet sites

11
New Credit Cards on the Horizon

• Biometric identification Scans

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What To Do If a Credit Card is Lost or Stolen

• Truth in Lending Act.
• Immediately report a credit card lost or stolen.
• Liability before its used.
• Liability 50.
• Card used fraudulently no liability.

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What To Do If a Credit Card is Lost or Stolen

• Do not use card after stolen or lost.
• Call issuer request account be closed.
• Follow telephone call with a letter.
• Check billing statement for unauthorized charges.
• File report with police.
• Obtain copies of credit reports.

14
Fair Credit Billing Act

• Write to billing inquiries
• Notify prior to 60 days
• Send letter certified mail
• Keep a copy

15
Credit Report Information

• Records included

16
Your Credit Report Contains the Following
Information

• Payment history
• Current balances
• Over due taxes
• Bankruptcy history
• Overdue child support
• Names of those who requested a copy of your report

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Three Major Credit-Reporting Bureaus

• Equifax, Inc.-- www.equifax.com
• Equifax, Inc.--www.equifax.com
• TransUnion-- www.tuc.com

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Beware Business Owners

• Credit back scheme

19
New Technology on the Horizon

• New computer software

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ATM Theft

• Thugs
• Guard PIN
• Watch for Loiterers
• ATMs in well lighted areas
• Feel uncomfortable-move

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What If Your ATM or Debit Card is Lost or Stolen?

• Report in two business days
• After two days but before 60 days
• Beyond 60 days
• Electronic Fund transfer Act

22
Registration Services Are They Worth the Money

• Convenience