Protecting Your Credit Identity Identity Theft Protecting Your Credit Identity © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Identity Theft IDENTITY THEFT occurs when someone wrongfully acquires and uses a consumer’s personal identification, credit, or account information. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Personal Identification Information Includes Name Address and Telephone Number Social Security number Driver’s license number Bank account numbers Credit card numbers Passwords Bills © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Ways Identity Thieves Acquire Information Wallet/Purse Loss or Theft - Information is taken from a lost or stolen wallet/purse (most common method). Mail and Phones - Information is taken from mailboxes, a change of address form is completed, or personal information is solicited by phone. “Dumpster Diving” - Personal information is discarded carelessly either at home or by businesses and thieves remove it from the trash. “Insider Access” - Dishonest employees steal the information and either sell it or use it. Internet - Personal data taken off the Internet Credit Reports – A credit report containing personal information may be obtained fraudulently. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

How Information Can Be Used To apply for a new driver’s license To open new bank accounts To apply for credit cards or store credit accounts To obtain cash with bank cards To get a job To rent an apartment To make retail purchases © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Why People Shop Online and Risks Order products from around the world. Easily research items and compare prices. Can be done at any time in the convenience of own home. Risks Personal information including credit card numbers, social security number, financial records, and bank numbers can be used. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Safety Tips for Shopping Online Know the real deal Get all details before buying including prices, delivery time, warranty information, and return policies. Look for clues about security Make sure the browser states “https” or “shttp” indicating it is secure. Use a credit card Credit cards are the safest way because a person has the legal right to dispute charges. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Safety Tips for Shopping Online Use an escrow service An escrow service will hold a person’s money until confirmation of the product or services has been received. Keep proof handy Print and file all information in case needed later. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Safety Tips for Shopping Online Ask about “substitute” or “single use” card numbers Allows a person to use his/her credit card number without putting the real account number online. Get the scoop on the seller Check complaint numbers at the state or local consumer protection agency and Better Business Bureau. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

What to Do if Identity Theft Happens © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Immediate Steps Act immediately! Keep a detailed record of correspondence and phone records. Contact the three major credit bureaus and request a “fraud alert.” Follow with a letter sent by certified mail. Close all accounts which have been tampered with or opened fraudulently. File a police report. File a complaint with the Federal Trade Commission. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Credit Card Liability Truth in Lending Act limits liability for unauthorized charges to $50.00 per card. A letter must be received within 60 days of the first bill containing the error. The dispute must be resolved within 90 days of the creditor receiving the letter. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

ATM & Debit Cards, Electronic Transfers The Electronic Funds Transfer Act provides protection. The amount a person is liable depends upon how quickly the loss is reported. Within two days is a maximum of $50.00. Within sixty days is a maximum of $500.00. After sixty days a person may be liable for everything. To report a loss call the financial institution and follow up in writing. Get new bank numbers, personal identification numbers, and passwords. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Check Liability Checks Contact the financial institution and stop payment. Notify the check verification service. Most states hold the financial institution responsible for losses of a forged check. © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

STAY ALERT BE CAREFUL BE SMART Identity Theft STAY ALERT BE CAREFUL BE SMART © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Activity Michelle Brown video and worksheet © Family Economics & Financial Education – Revised October 2004 – Consumer Protection Unit – Identity Theft Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona