Identity Theft and Fraud What Every Senior Citizen Needs to Know about Identity Theft

Thank You FINRA This program is provided through a grant from the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and the American Library Association (ALA). The grant is distributed as part of the smartinvesting@your library® initiative, an ALA program. This project is in its sixth year of educational partnership with libraries across Colorado and the country. Mary McDougall Marsha Yelick CFA (retired) Vail Public Library Financial Programs Consultant mmcdougall@vailgov.com myelick@estesvalleylibrary.org 970-479-2186 970-586-8116 Ext 831

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Avoid losing your identity. Major Concept The cost can be a drawn out nightmare of your time, money, and emotional STRESS.

Identity theft costs more than all other property crimes! Major items of discussion: What is identity theft? Why is it so prevalent? Who are the targets? How does it occur? How can I protect myself? How do I recognize it? What if it happens to me? GUARD your identity! Major Goals

Identity Theft Someone wrongfully acquires and uses your personal information for fraudulent purposes. New victim every TWO seconds 7% of population each year Loss of $16 billion, $3,000 per incident (median loss of $100 per victim) What is Identity Theft?

Reasons for Theft It’s so EASY, and it’s worth $$$ Anonymity!!! Financial theft (your accounts or new ones in your name) Electronic withdrawals, using credit cards, opening new accounts, taking out a loan, etc. Documentation fraud (your SSN, driver’s license, etc.) Your identity allows access to benefits, employment, medical benefits, rental, tax returns, driver’s license, and new accounts. Selling information to others who will commit fraud. Reasons for Theft

It won’t happen to ME! Who are the VICTIMS? EVERYONE is a potential target! Recent high school graduates and college students are at HIGH RISK. (New to financial responsibility, busy, distracted, paperwork of new accounts, jobs, other financial responsibilities, social media users, communal living, sharing, trusting etc.) SENIOR CITIZENS are also at HIGH RISK. (Often trusting, don’t check accounts often, have assets, and keep quiet about their financial transactions.) Also at higher risk are corporate executives (lots of sensitive info and high usage), users of credit cards (data breach), users of mobile phones (convenience on the go), children (unmonitored SSNs). Who are the VICTIMS?

How identity is stolen - From your trash in the dumpster Phishing, vishing, smishing, spoofing Hacking – data breach From your wallet, purse, mailbox How Identity is Stolen Off an internet website Getting your credit report Skimming (duplicating credit card) Shoulder surfing

1) Guard information Online Guard user names and passwords. Strengthen passwords. Use and update anti-virus software. Don’t open unknown links and email. Limit stored financial information. Protection Use public Wi-Fi judiciously. Always lock computers and phones. Only use secured sites and email for personal or financial information. Shred personal and financial information before tossing.

2) Don’t over-share on social media. The less personal information you share, the less likely you will be targeted. 3) Beware the dorm or shared living. Protection Not everyone is a trusted friend (or trusted friend of a friend of a friend).

4) Secure personal documents. A small lockbox costs less than $40. 5) Pass on table offered credit cards. Protection Go to company’s secure website on a secure network.

6) Guard your Social Security Number. DO NOT carry it with you! DO NOT give it out, resist and ask why! Offer other forms of ID. 7) Ask how personal information is secured. Protection Employers must have your SSN.

8) Use credit cards to pay for online purchases. Credit cards provide better protection! You can review the bill BEFORE paying! 9) Beware of phishing. Protection You should initiate the contact. Be sure you are on legitimate site.

10) Monitor bank accounts and credit card statements. Keep track of activity – even small amounts. Reconcile accounts to be certain there is no unusual activity. Learn how online! Protection 11) Pay attention to bills and their cycles. Keep bills secure and be alert if one does not show up.

12) If you move, notify financial institutions immediately. You want to be sure you receive all your information on a timely basis. Again, if a monthly statement doesn’t show up, call immediately. Protection 13) Monitor your credit report. Once a year, read your credit report.

14) Monitor your credit score. Build a good credit score. Challenge anything that isn’t yours. Credit score is important for new credit. Protection 15) Shred sensitive documents. …especially the pre-approved credit card offers. Do retain tax records.

18) Watch the news (for data breaches). 16) Manage your mail. 17) Guard your wallet. 18) Watch the news (for data breaches). Protection 19) Keep receipts. 20) Shield PINs when entering. 21) Don’t keep PINs with ATM/Debit cards.

Stay Alert to Clues of Identity Theft. Any unusual activity - Transactions you don’t recognize Unanticipated change in your FICO score Notification your password has been changed Bills from unrecognized companies Collection agency calls Disruption in monthly bill notification cycle Medical bills you did not incur IRS notification of tax filing discrepancies Refusal of credit or checks by retailers Clues

Identity Theft Consequences It’s a big deal! With your identity, thieves can do all the things you could do. Yikes! Personal Liability (credit card $50 per card, ATM/debit card -$50 if reported within 2 days, or $500 if reported with 60 days, checks need stop payment) Your ability to get credit, a job, employment may be compromised. Consequences

Steps to take if it happens Act immediately! Contact all entities and institutions where you have accounts! Possibly file a police report. Contact consumer credit reporting agencies (credit freeze). Get a copy of your credit report. Contact IRS to receive new Identity Protection PIN. Monitor more closely – forever. If it happens…

Thanks for attending! Guard your identity!