Identity Theft PowerPoint

MoneyCounts: A Financial Literacy Series
Identity Theft: Protecting Yourself
Amy Shuey (Penn State Federal Credit Union)
Dr. Daad Rizk
The Pennsylvania State University
301 Outreach Building
University Park, PA 16802
[email protected]
Learning Objectives
– Describe what identity theft is, and how it happens
– Determine several methods of reducing your risk of
becoming an identity theft victim
– Recognize the warning signs of identity theft
– Understand steps to take if you fall a victim of identity theft
– Explain why identity theft is a problem and what to do to
protect yourself and others
What is Identity Theft?
Happens when someone uses your name, credit card number, social security
number, password or other identifying data
to make purchases, get cash or commit fraud.
Identity theft affects credit worthiness, disrupt lives
Requires time and effort to restore compromised personal and financial records
9,000,000,00 American become victims of identity theft each year (FTC – Federal Trade
Every 79 seconds, a thief steals someone’s identity, opens accounts in the victim’s name and
goes on a buying spree (
8% of all identity theft cases is impacting children under the age of 19 (
Florida is #1 with identity theft cases in the nation - targeting senior citizens (
What data to protect?
• Personal data –
Full legal name, Birthdate, Mother’s Maiden Name
Address, Hometown, Phone Number
Social Security Number, Graduation Date, PIN #
Credit Card numbers (expiration date, Security
– Social Media, Cyber Space and Passwords
• Have you ever been a victim or know someone
who has been a victim of identity theft?
– Yes
– No
Protecting Yourself
• Ways to protect your personal information from being compromised
– Know how identity theft happens – in person
Rummaging through your trash or mailbox
Breaking into your home
Stealing your purse, wallet or cell phone
Changing your mailing address – diverting your bills and mail
Shoulder surfing
– Know how identity theft happens – online
• Phishing – posing as a legitimate business, emails, pop-up messages
• Hacking your computer – from a remote location while you are on your computer
• Skimming - using a magnetic card reader to steal your Card # while using ATM or
keypad in a store
• Pharming – redirecting your internet domain through technical means
• Spamming – unsolicited e-mails to multiple mailing lists
• Spoofing – Creating a replica of a legitimate web page
• When I use online banking or pay online using
my credit card
– I type the URL for the official Web address page
– I “Google” my bank or vender and click on a link
to get to the page
• Phishing (pronounced: fishing) is an online-fraud technique that is used by
criminals asking you to click on a link to lure you into disclosing your
personal information, which then enables the thief to:
– Apply for and get credit in your name.
– Empty your bank account and charge expenses to the limit of your
credit cards.
– Remove money from your accounts.
– Use a copy of your debit card to withdraw your money from anywhere
in the world.
• When I pay using a credit card
– I scan the card myself
– I hand the credit card to the cashier to scan
• When a credit card is skimmed, data on the card, including the account
number, is electronically transmitted or stored. The credit card information
can then be encoded onto a lost, stolen, or counterfeit credit card and used
anywhere in the world. (stealing your card information)
• Examples of skimming instances include:
– A collusive store employee completes a valid sale, and then captures a second
(unauthorized) swipe covertly on a portable device before returning the card to the
– A skimming device is added to the front of an ATM or gas pump and captures the credit
card information as the consumer attempts to use the machine
– A skimming device is added inside an ATM or gas pump and captures information
during a valid transaction. In many cases a cover camera is also set up to capture the card
holder’s personal identification (PIN) number
• I carry my Social Security Card in my wallet
– Yes
– No
Prevention is Key!
Ways to guard against identity theft – Surrounding and in public
– Be aware of your surrounding during financial transactions
– Carry only necessary to-go items in your purse or wallet (especially when
– Secure your Social Security Number - never carry it in your wallet, memorize
the number and use cautiously on the phone or in public
– Initiate financial transactions yourself – react carefully to any and all
False sense of security concept, Be Aware!
• When I order checks in the mail, I have them
sent to my home address
– Yes
– No
Prevention is Key - 2
• Ways to guard against identity theft - paper documents
– Use a shredder – dispose in various trash bags
– Shred all bills except the last one – keep in a safe place
– Shred bank statements – you can always get copies online if needed
– Avoid receiving banking information in your mail box
• Order and pick up checks at your Bank
– Keep a (fire-proof) safe deposit box for your important personal
documents – passport, tax copies, birth certificate, marriage certificate,
deeds, etc.,
Prevention is Key -3
• More ways to guard against identity theft – Computer
– Use different password for different electronic devices, use hard-to-guess
password (do not keep your password under your keyboard)
– Use a firewall to shield your computer from hackers; antivirus and other types
of security protection software
– Wipe out your old hard drive before you dispose of your computer
– Log out and close your browser afterward when using computer – avoid public
computers to check personal data or financial information
– Never open a link in an unsolicited email or pop-up message
– Avoid being skimmed – watch for tapes on the ATM machine – use indoor
devices (more difficult to be tempered)
Prevention is Key - 4
• Ways to safe guard other devices and electronics
– Protect your cell phone with a password
– Watch for Pretexting – scamming your cell phone
– Watch your GPS device - do not leave on the window shield
(home address, telephone number, etc.,)
– Protect your un-opened mail – do not leave in the car
Prevention is key - 5
Children are a new target – 8% of all identity theft cases
– Check their credit reports, protect their Social Security Number and personal
Government Benefits –
– Social security payments, Tax refunds, Medicaid, Unemployment, Disability
– Student financial aid – PIN# - FAFSA - NSLDS
Medical Records
– Use of medical care under a stolen identity
• Avert payment
• Cause confusion with medical treatment
– Health insurance claims
• I am or someone in my family is in active duty
– Yes
– No
Active Duty Alert
• Service members who deploy can place an active duty alert on their
credit reports to help minimize their risk of identity theft
– An active duty alert on a credit report means businesses have to take extra steps
before granting credit in your name. Active duty alerts last for 1 year, and can
be renewed to match the period of deployment.
– Provide proof of identity, like a government-issued identity card, driver’s
license, military identification, birth certificate, or passport.
The company you call must contact the others.
– The credit reporting companies will take your name off their marketing list for
prescreened credit card offers for 2 years, unless you ask them to add you back
onto the list.
• I receive credit cards and/or insurance
invitations in my mail
– Yes
– No
Opting Out
• Consider opting out of prescreened offers of credit and insurance by mail.
– You can opt out for 5 years:
• Call toll-free 1-888-5-OPT-OUT (1-888-567-8688) or visit The
phone number and website are operated by the major consumer reporting companies.
– To opt out permanently:
• You may begin the permanent Opt-Out process online at To
complete your request, you must return the signed Permanent Opt-Out Election form, which will
be provided after you initiate your online request.
– The 3 nationwide credit reporting companies operate the phone number and
• I have a contingency plan if I ever lose my
– Got copies of all information that I carry in my
wallet in my safe deposit box at home
– Got a master list of all information that I carry in
my wallet in my safe deposit box at home
– Got a master list of all information that I carry in
my wallet in a bank deposit box
Are you a Victim?
• Know the warning signs
– If you are failing to receive certain bills
– Watch for mysterious withdrawals from your checking, savings and investment
– Watch for charges on your credit card statements that you don’t recognize
– If you get denied credit for no apparent reason
– If you are contacted by debt collectors or stores for purchases you did not make
– Keep tabs on your credit report – get your free copy every 12 months from the
3 nationwide credit reporting agencies
• Equifax, Experian and TransUnion
• Annual Credit
• Call 877-322-8228
What Should You Do?
Steps you can take if you find yourself or someone you know a victim of identity theft
– Notify credit reporting agencies (CRAs) –one of them will suffice, they will notify the
other agencies – All three will send you a free credit report to check and report back to
• Fraud Department
– Equifax 800-525-6285
– Experian 888-397-3742
– TransUnion 800-680-7289
– Contact creditors – fraud department – follow up in writing and provide copies of
supporting documentation
– Contact your Bank or Financial Institution
– File a police report – get a copy or a report number
– File a complaint with the FTC
Identity Theft [Federal Trade Commission]
or call 877-IDTHEFT (438-4338)
Contact Information
Questions & Comments
Thank you!
Amy Shuey (Penn State Federal Credit Union)
Dr. Daad Rizk
The Pennsylvania State University
MoneyCounts: A Financial Literacy Series
301 Outreach Building
University Park, PA 16802
[email protected]

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