1. Journal #21 If this class were your job, based on your class performance, would you still have a job? Would you have been fired, put on probation, received a raise, or received a promotion….. Explain

2. Identity Theft Mystery of The Stolen Identity Take Charge of Your Finances

3. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona According to the Federal Trade Commission (FTC): Identity Theft IDENTITY THEFT occurs when someone wrongfully acquires and uses a consumer’s personal identification, credit, or account information The FTC is a government agency that focuses on consumer protection

4. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Identity Theft Statistics According to the Federal Trade Commission, how many identity theft complaints were filed in 2008 ? 313, 982 identity theft complaints According to the U.S. Department of Commerce, what percentage of identity theft victims in 2008 were under the age of 20? 7% of identity theft victims were under 20 years of age Take a guess!

5. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona 10% of identity theft victims during 2005 reported personal expenses of more than $1200 11% of victims in 2005 reported that it took 3 or more months to resolve the problems associated with identity theft after they discovered that their information was being misused Identity Theft Victims may have to spend time and money trying to fix the problems that are caused by thieves

6. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Personal Information Name Address & Telephone Number Social Security Number Driver’s License Number Birth Date Credit Card Numbers Bank Account Numbers Identity thieves try to obtain personal information from victims in order to steal their identities. Personal Information

7. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Personal Information Making purchases with a check, credit or debit card Applying for a credit card or loan Online or telephone shopping Paying bills through the mail or online Going to the doctor What daily activities require an individual to share personal information? What daily activities require an individual to share personal information?

8. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Thieves obtain personal information through a variety of methods: –Stealing - Information is taken from a purse or wallet, personnel records from a workplace, tax information, bank or credit card statements, or pre-approved credit card offers from the mail. –Diverting Mail - Thieves can complete a change of address form and have the victim’s bills and statements mailed to a different location. –“Dumpster Diving” - Personal information is discarded and thieves remove it from the trash. –Skimming - Thieves attach a device to card processors to steal credit and debit card information How Do They Do It?

9. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Methods continued... –Phishing - Thieves use a form of electronic communication (usually email) to pretend to be a company or depository institution in order to get the victim to give up their personal information. –Pretexting - Thieves use false pretenses to obtain your personal information from financial institutions, telephone companies, and other sources. –Spyware - Software installed on the victim’s computer, without their knowledge or consent, that monitors internet use, sends pop up ads, re-directs the computer to other sites, and tracks key strokes. –Hacking - Information is stolen by breaking into a computer system. How Do They Do It?

10. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Journal #22 When you buy something, do you think about it, or do you just get it because you want it?

11. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Apply for a new driver’s license Open new bank accounts Apply for credit cards or store credit accounts Obtain cash with bank cards Get a job Rent an apartment Take out student loans File for bankruptcy What Identity Thieves Do With Information What can identity thieves do if they obtain personal information? What can identity thieves do if they obtain personal information?

12. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Wallets and Purses Only carry what is necessary- do NOT carry social security cards, passports, or birth certificates Do not hang purses from a chair in a public place Use purses that close securely

13. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Credit and Debit Cards Close unwanted accounts in writing and by phone and cut up the card Memorize the PIN number and do not use easily accessible numbers (date of birth, address, etc.) Sign back of cards with signature &“Please see ID” Do not give out account numbers unless making a transaction that is initiated by the consumer rather than responding to telephone or e- mail solicitations Check statements regularly for any errors or signs of fraudulent use

14. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Credit Card Offers Shred credit card offers and applications. *a cross-cut shredder is safest because it is more difficult to reassemble Cut up or shred pre-approved credit card offers that are not used “Opt-out” of pre-screened credit offers for five years at www.optoutprescreen.com

15. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Mail Shred all credit card offers, bills, statements, and anything else that contains personal information Deposit outgoing mail in secure post office collection boxes Contact the post office and request a vacation hold when unable to pick up mail Do not leave mail in an unsecured mailbox overnight or for a long period of time

16. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Email Keep your username and password protected Use a password that is a combination of words, numbers, and symbols and cannot be easily found (do not use names, birthdays, addresses, etc.) Verify the source of an email asking for personal information by calling the company to confirm the email is from them

17. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Telephone Verify the source of any phone call asking for personal information by calling the company to confirm the phone call is from them and not a potential identity thief using their name. Use the phone number listed on your account statement or in the telephone book.

18. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Computer Security Use anti-virus and anti-spyware software and update them regularly Do not click on links found in pop-up ads Only download software from trusted websites Set web browser security to medium-high or high Keep operating system and web browser software updated Do not give out any personal information unless making a purchase Choose security questions with answers only you would know

19. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Computer Security- Continued Watch for clues that might indicate a computer is infected with spyware. such as a stream of pop-up ads, random error messages, and sluggish performance when opening programs or saving files. If it is suspected that a computer is infected with spyware, immediately stop shopping, banking or doing any other online activity that involves user names, passwords, or other sensitive information. Then, confirm that the security software is active and current and run it to scan the computer for viruses and spyware, deleting anything the program identifies as a problem.

20. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Social Networks, Blogs, & Chat Rooms Consider joining only sites that limit access to posts to a defined group of users. Make sure you know how the site access works before joining. Don’t join sites that allow anyone to view postings. Never post your full name, Social Security Number, bank or credit card information, address, or phone number. Avoiding posting information that could be used to indentify you offline such as school, work, or other locations where you spend time.

21. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Social Networks, Blogs, & Chat Rooms- Continued Use privacy settings to restrict who can access personal sites Remember that once information is posted online, it cannot be taken back. Even if information is deleted, older versions may still exist on other people's computers and be circulated online Only post information that you are comfortable with anyone viewing

22. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Internet Purchases Look for “https” or a picture of a lock after the URL or in the bottom right hand corner indicating the site is secure Do not give any personal information on a site if it is not secure Enter the website address yourself rather than following a link from an email or internet advertisement Use a credit card instead of a debit card when making online purchases “https” s = secure

23. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 23 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Social Security Number Memorize Social Security number Keep Social Security card in a safe place (do not carry it in wallet) Only give a Social Security number when absolutely necessary- ask why a Social Security number is needed and how the information will be protected Do not print a social security number on check blanks

24. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 24 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Preventing Identity Theft Credit Reports Check credit reports with each of the three reporting agencies at least once a year Consumers receive one free credit report from each of the reporting agencies every year, so ordering one credit report from one agency every four months will keep consumers up to date and constantly alerted to their credit report status Immediately dispute any wrong information

25. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 25 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Protect your Social Security number by only giving it out when absolutely necessary Keep usernames and passwords safe- use a combination of letters, numbers, and symbols that are not easily identified Select security check questions with answers only you would know Don't give out personal information over the phone, through the mail, or on the Internet unless you've initiated the contact and are sure you know who you're dealing with Preventing Identity Theft Key Guidelines

26. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 26 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Check credit reports at least once per year Shred all documents that contain personal information Be careful using the Internet. Only give out personal information when making a purchase on a secure website Search your name occasionally to see if any unusual information appears Be observant and follow your instincts Preventing Identity Theft Key Guidelines

27. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 27 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Recognizing Identity Theft New accounts or charges you didn’t make Calls from collection agencies Incorrect information on your credit report Early detection is key! Being denied credit when there is no reason to be Missing bills or mailed statements Watch for the following signs

28. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 28 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona What To Do If Identity Theft Happens 1. Act immediately! 2. Keep a detailed record of correspondence and phone records. Follow up all communication with letters sent via certified mail 3. Contact the three major credit bureaus and request a free fraud alert be added to credit report. Fraud alert - warns creditors to verify an individual’s identity before issuing credit

29. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 29 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona What To Do If Identity Theft Happens 4. Close all accounts which have been tampered with or opened fraudulently 5. File a police report with the local police 6. File a complaint with the FTC: www.ftccomplaintassistant.gov

30. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 30 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Personal Liability Credit Cards –Truth in Lending Act limits liability for unauthorized charges to $50.00 per card –A letter must be received by the creditor within 60 days of the first bill containing the error –The dispute must be resolved within 90 days of the creditor receiving the letter Since Lucy discovered the theft very quickly, she will only be liable for $50.00 in charges on her credit card!

31. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 31 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona ATM and Debit Cards –The Electronic Funds Transfer Act provides protection –The amount a person is liable for depends upon how quickly the loss is reported Within two days: maximum $50.00 Within sixty days: maximum $500.00 After sixty days a person may be liable for everything Personal Liability

32. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 32 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Checks –Contact the financial institution and stop payment –Most states hold the financial institution responsible for losses of a forged check Personal Liability

33. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 33 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Identity Theft Protection Offered by banks and other companies Services –Closely monitor accounts and personal information –Alert consumer when there is a change –Help resolve any problems if identity theft does occur

34. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 34 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Cost –$5.00 to $35.00 per month –Depends on amount of services provided Can NOT eliminate identity theft but can help prevent it Identity Theft Protection

35. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 35 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Identity Theft Protection ProsCons ConvenientCost Saves consumer time because they don’t have to monitor their own accounts and credit reports Most of the services offered can be completed by the consumer for no cost What are the pros and cons of identity theft protection? What are the pros and cons of identity theft protection?

36. 1.3.1.G1 Identity Theft © Family Economics & Financial Education – Revised May 2010– Consumer Protection Unit – Identity Theft – Slide 36 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Identity Theft Insurance Services Limits liability of identity theft victims Reimburses victims for some or all out of pocket expenses caused by the theft Choosing identity theft insurance Research exactly what the company covers Check to see if there are any complaints against the company (Better Business Bureau, consumer protection agency, and state Attorney General)