Frauds, Scams and Slams: Credit Card and ATM Fraud Prepared by Dr. Jan Park Gerontology Specialist Oklahoma Cooperative Extension service April 2002.

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Presentation transcript:

Frauds, Scams and Slams: Credit Card and ATM Fraud Prepared by Dr. Jan Park Gerontology Specialist Oklahoma Cooperative Extension service April 2002

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

Cloning: A Global Credit Card Fraud Skimming

How Skimming Works Gofer Illicit electronic devices Counterfeiters Sell fake cards Gold and Platinum cards targeted

How Can You Avoid Getting Cloned? Keep your credit card in sight Follow the waiter to the terminal Check billing statement Smart chip

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.

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.

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.

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

Safeguard Your Credit Card Information: Don’t 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 Don’t pitch pre-approved applications Report a card lost or stolen Use secure Internet sites

New Credit Cards on the Horizon Biometric identification Scans

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 it’s used. Liability $50. Card used fraudulently –no liability.

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.

Fair Credit Billing Act Write to “billing inquiries” Notify prior to 60 days Send letter certified mail Keep a copy

Credit Report Information Records included

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

Three Major Credit-Reporting Bureaus Equifax, Inc.-- Equifax, Inc.-- TransUnion--

Beware: Business Owners Credit back scheme

New Technology on the Horizon New computer software

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

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

Registration Services: Are They Worth the Money Convenience