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Preventing Identity Theft and Fraud

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3rd Int'l Forum on Financial Consumer Protection & Education. Our Identity ... Int'l Forum on Financial Consumer Protection & Education. How Can Identity Theft ... – PowerPoint PPT presentation

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Title: Preventing Identity Theft and Fraud


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Agenda
  1. Our Identity
  2. Definition
  3. How Can Identity Theft Happen
  4. Misuse of Stolen Identities
  5. Warning Signs
  6. Preventing Identity Theft
  7. Tackling the Problem

3
Our Identity
  • Our identity is a valuable asset
  • Its a personal part of who we are
  • Open bank accounts
  • Obtain credit cards
  • Apply for loans, mortgages
  • Purchase goods and services
  • Claim benefits

4
Definition
  • Identity Theft An illegal act in which someone
    accesses and uses the identifying information of
    an actual person in some way that involves fraud
    or deception.
  • Identify Fraud The use of a misappropriated
    identity in criminal activity, to obtain goods,
    services or benefits by deception for economic
    gain without the victim being aware.

5
How Can Identity Theft Happen?
  • Your HOME or VEHICLE is burgled and your personal
    information and documents may be taken.
  • Your personal information may be stolen and used
    or sold by employees of legitimate BUSINESS.
  • Information found in the TRASH BIN could provide
    a thief with an opportunity to steal your
    identity.
  • Many important documents are posted to you and
    can be stolen from your MAILBOX.

6
How Can Identity Theft Happen?
  • Criminals could request for a change of address
    and have your MAIL DIVERTED to another address.
  • Your WALLET contains personal information such as
    your licence, credit and ATM cards and other
    personal documents, that may be stolen.
  • You may be the victim of a scam and be conned
    into providing personal information over the
    telephone by an IMPERSONATOR (social
    engineering).

7
How Can Identity Theft Happen?
  • SHOULDER SURFING in public place.
  • Your personal computer could be the weakest link,
    as it is vulnerable to threats posed by HACKING,
    PHISHING and MALWARE.
  • Most surprisingly, you could have your identity
    stolen and used by someone you know and trust -
    FRIEND, RELATIVE or COLLEAGUE.

8
Misuse of Stolen Identities
  • Submit false application for credit cards and
    loans
  • Take over existing accounts
  • Open bank accounts to write bad cheques
  • Open landline or mobile phone account
  • File for bankruptcy
  • Submit false claims on insurance policies
  • Submit fraudulent tax returns to collect refunds
  • Submit claim for unemployment or social security
    benefits

9
Misuse of Stolen Identities
  • Terrorism financing
  • Money laundering
  • People smuggling (human trafficking)
  • Illegal immigration
  • Drug trade
  • Crimes
  • Abuse of government programmes

10
Misuse of Stolen Identities
  • Fastest growing crime
  • US in 2003
  • 10 million victims
  • US1 billion loss by lenders
  • UK in 2003
  • Over 100,000 cases
  • 1.3 billion loss
  • Australia in 2002
  • A1.1 billion loss

11
Warning Signs
  • You receive bills, invoices or receipts for goods
    which you have not ordered.
  • You receive letters or calls from debt collectors
    relating to debts that arent yours.
  • You receive bank statements for accounts in your
    name which you have not applied for or opened.
  • There are transactions on your account statements
    that you dont recognize.

12
Warning Signs
  • Important identification documents are missing.
  • You stop receiving regular mails.
  • You did not receive any mail at all.
  • New accounts on your credit report.
  • Searches on your credit bureau report that dont
    relate to any application made by you.

13
Preventing Identity Theft
  • Supply your personal information appropriately
  • Check financial information regularly
  • Ask for credit bureau report periodically
  • Maintain a record of important accounts
  • Destroy personal information before disposal
  • Use passwords for important accounts
  • Report loss or theft immediately
  • Secure your mail and personal information

14
Preventing Identity Theft
  • Computer Internet
  • Use passwords for protection
  • Change passwords periodically
  • Use anti-virus software
  • Install personal firewall software for online
    access
  • Beware of unsolicited e-mails (phishing
    malware)
  • Transact at secure websites avoid spoof websites
  • Wipe before disposing hard drive
  • Be wary of using public computers

15
Tackling the Problem
  • Stringent verification process to detect
    fraudulent applications using stolen identities
  • Using scoring technology neural networks
  • Robust procedure to prevent account takeover
  • Employee screening training programme
  • One-time password and two-factor authentication
    for internet banking
  • Fraud Detection System
  • Customer education
  • Information sharing

16
Tackling the Problem
  • Victim Assistance Programme
  • Citi Identity Theft Solutions
  • Comprehensive service
  • Close unauthorized accounts
  • Credit bureau checks
  • Contact other creditors/banks
  • Police report
  • Monitor account
  • Update status until close
  • Reclaim identity

17
Tackling the Problem
  • ID card system
  • Criminal offence for identity theft and fraud
  • Police investigation
  • Sufficient deterrence to criminals
  • Access to public records

18
The End
THANK YOU
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