Title: Identity Theft: Have You Ever Wished You Could Be Someone Else .. Some People Might Take It A Step F
1Identity 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
2Participants In The Life Of A Student Loan(s)
3YOUR Financial Plan
Key to managing your
Keys to keeping you solvent
Protecting YOU/your assets
dont let it get out of whack!!
4Objectives .
- 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
5What 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)
6Types 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
7Types 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
8Financial/Time Impact
Average cost increases if fraud/theft
perpetrated by family/friends, etc.
Javelin Strategy and Research 2007 Identity
Fraud Survey Report
9How 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 -
10How 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) -
11How 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
12How 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
13Protecting 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
14Signs 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
15What 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
16Dealing 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
17Dealing 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
18Dealing 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
19Dealing 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)
20How 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
21Know 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
22Too 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
23Helpful 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
24Identity 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
25Bibliography ..
- 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.
26THANK 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
(800) 999-9080 (617) 728-4265 F A X (800)
999-0923 T D D
www.amsa.com