How to prevent it, and how to fix it Protecting Yourself from Identity Theft - PowerPoint Presentation

How to prevent it, and how to fix it Protecting Yourself from Identity Theft 1

Someone steals your personal information…NameDate of birth Social Security Number Bank account numbersCredit card numbersAnd uses it to benefit themselves. Set up a bank accountGet a credit cardTake out a loanGive false information to the police for a crime 2 What is identity theft?

Financial impactsDrain your bank account Charge debts in your nameGet medical care on your insuranceFile for a tax refund in your nameDisruptiveMay need to get new accounts, new Social Security number, etc. Emotional toll: anxiety, stress, feeling powerless, shame Thieves target seniors because…Often have more money savedMay not monitor finances – takes longer to detectViewed as easier to deceive3Why should I be worried?

Stealing your… Wallet or purseMailTrashInformation when you apply for legitimate creditCard skimmingHacking… Your computer BusinessesGovernmentYour online presence (Facebook, Pinterest, etc.)Asking youCall, email, or textPretending to be a legitimate business, friend, or relative4How do thieves get my information?

Or: Someone you trusted abuses that trustMay use your credit card, bank account, etc. without permission, or try to convince you to let them use it Check your credit card bills for unauthorized chargesCheck your bank records for unauthorized purchases. Review all of your mail for unfamiliar credit cards or bills.5

Denied creditUnknown charges on your credit card Debt collector contacts you about debts that are not yoursErrors on your credit reportWrong name, address, contact infoCredit lines, accounts, debts you never knew aboutInquiries from companies you never applied to Receive bills for credit cards or loans that you’ve never heard of Police charge you with a crime you did not commitIRS rejects your tax return, says you already filed one6How do I know if I am a victim?

Protect your personal informationKeep important documents somewhere safe: birth certificate, Social Security card, etc. Never give personal information to people who call or email youLock your mailboxShred documents – don’t just throw them awayMonitor your credit reportsCheck your credit reports regularly www.annualcreditreport.com (877) 322-8228Consider “freezing” your creditBe tech-smartUse password protection for bank accounts and telephonesKeep antivirus/ antispyware software updatedBe careful about posting information online – name, birthdate, address, etc. Check for encryption: “https” url ,or lock icon on browser7How do I protect myself? Stop it before it happens

Take your contact information off sales listsOpt-out of telemarketing sales: Do Not Call List Can delete your phone number from telephone solicitation lists. Calling toll-free (888) 382-1222 from the telephone number you want to delete. www.donotcall.govOpt-out of pre-screened credit offers Credit bureaus sell your financial information to credit card companies, payday lenders and other financial institutions who then send you invitations to borrow Thieves can use these offers to open accounts in your nameCall (888)567-8688 or visit www.optoutprescreen.com8WHAT ELSE CAN I DO?

9 What should I do if it happens?

Call one of the credit bureaus, place an Initial Fraud AlertCan request if you suspect you are a victim of Identity Theft, or are about to be Exs: wallet stolen, fooled by scammerOnly have to call one credit bureauWhat this does:Can request a free copy of your credit report from each credit bureau This is in addition to your free annual report Ask that they only include the last 4 digits of your SSNPotential creditors must use “reasonable” steps to verify your identityBut, they still may get it wrongHow long does it last?Initial fraud alert: stays on your credit report at least 90 days101. Place a “Fraud Alert”

Can place if you know you have been a victim of Identity Theft Must provide the credit bureau with an Identity Theft ReportFreeEffects:Lasts 7 yearsPotential creditors must actually contact you before extending creditEntitled to two free credit reports from each credit bureau in the first yearRemoved from marketing lists for “pre-screened” credit offers11Extended Fraud Alert

Look for:Loans/debts you didn’t take outAccounts you didn’t openWrong information about your (name, address, phone number, employer, arrest records, etc.) 12 2. Check Your Credit Reports

Create an Identity Theft Report File a complaint with the Federal Trade CommissionFile a police reportSend dispute letters Can send to: Credit cardsBanks Credit bureaus Businesses (send to “fraud department”)Debt collectorsInclude copies of:Documents showing the errorsYour Identity Theft ReportDo this ASAPDebt Collectors: within 30 daysCredit Cards: dispute within 60 daysBanks: how soon you dispute affects how much you oweBefore charges: $0. Within 2 days: $50. Within 60 days: $500.If you don’t dispute a fraud within 60 days, you can be fully liable13 3. Report It

Federal Trade CommissionIdentity Theft Clearinghouse600 Pennsylvania Avenue, N.W. Washington, D.C. 20580 www.identitytheft.gov(877) ID-THEFT [(877) 438-4338] TTY: (866) 653-426114Contacting the FTC

If you know your SSN has been misused:Social Security Administration P.O. Box 17785 Baltimore, MD 21235(800) 269-0271If a tax return has been filed in your name:Complete an IRS “Identity Theft Affidavit” and submit with copy of ID (800) 908-4490 If a thief has used your health insurance:Contact the healthcare providers for copies of the medical records15Also contact…

When you report ID Theft to police, your report goes to a statewide databaseCan request MVD identify you as victim of ID Theft on back of your State ID Meant to protect victims from being arrested for someone else’s crimes16 New Mexico Identity Theft “Passport”

Contact your bank, credit cards, etc. Close misused accounts, open new onesChange passwords / PINs for other accounts Order replacement DEBIT/Credit cardsClose accounts thieves opened in your nameIf your Social Security Number has been used, consider contacting SSA and requesting a new one 17 4. Close Accounts

You can stop credit bureaus from releasing your credit report, unless you specifically authorize itNo one can take out a loan, open a bank account, obtain a credit card in your name Takes effect within 3 business daysCost?Free for seniors (over 65)Free for victims of identity theftAbout $10 per credit bureau for everyone else 18 5. “Freeze” Your Credit

Send a written request to each of the three credit bureaus: Equifax Experian Transunion 19 How do I freeze my credit?

How to request a credit freeze Sample Letter Date:  ExperianAttn: Security FreezePO Box 9554Allen, TX 75013 To whom it may concern:  I wish to have a security freeze placed on my credit. I am over 65. Enclosed is a copy of my government-issued ID and a copy of my proof of current residence.  Name: Address: Previous address(es): Soc. Sec. #: Date of birth:   Please place an immediate freeze on my credit records. Thank you.   Sincerely,   Signature Enclosure Required: Copy of government issued identification card Copy of proof of current residence   Optional: Copy of police report Fee Name Addresses for the past two years SSN Date of birth COPY of government issued ID COPY of proof of current residence Fee (if under 65) Copy of police report (victim of ID Theft) 20 What Your Letter Needs

Each credit bureau will send you a ‘password’ you can use to unfreeze your creditKeep your password in a secure place. Don’t keep in your wallet, cellphone, laptop computer, or other device that can easily be stolenYou can unfreeze your credit completely, or just for a specific transactionFree for victims of ID Theft, and seniors age 65+$5 per credit report otherwise 21 What if I freeze my credit but I want to get a new credit card?

www.sclonm.org 22