1. National Association of Student Financial Aid Administrators The following is a presentation prepared for NASFAA’s 2007 Conference in Washington, DC July 8-11, 2007

2. National Association of Student Financial Aid Administrators Identity Theft Identity Theft and You Presented by Paula Craw and Jeff Southard

3. Slide 3 “An informed borrower is simply less vulnerable to fraud and abuse.” -Alan Greenspan

4. Slide 4 Agenda What is Identity Theft? You may be a target Why you should protect yourself Current rules protecting consumers How is identity theft committed? Deter Detect Defend

5. Slide 5 What is Identity Theft? Wrongful use of your personal information to commit fraud or other crimes Committed by 2 types of thieves: skilled professionals acquaintances with access to your personal financial information

6. Slide 6 You may be a target Nobody is truly safe from identity theft FTC estimates 10 million victimized yearly Lack of tough consequences for poor security Protection for consumers is minimal Consequences for committing theft outweighed by benefits for criminals

7. Slide 7 Rules to protect you Federal Level Gramm-Leach Bliley Act FERPA FACTA State by state legislation varies CA leader in state privacy protection Some states offer little protection

8. Slide 8 How is identity theft committed? Dumpster diving or shoulder surfing Skimming “Phishing” Changing your address Theft or forwarding of your mail

9. Slide 9 How is identity theft committed? Old fashioned stealing Telephone scams Pre-approved credit card offers by mail Business record theft – stealing files from offices where you’re a customer, employee, patient or student

10. Slide 10 How is identity theft committed? Establish phone service Open a bank account and write bad checks Counterfeit checks or debit cards to drain your account

11. Slide 11 Why protect yourself? Prospective employer pulls credit – you don’t get the job because credit report shows poor handling of finances Denial of mortgage application Skyrocketing car insurance rates

12. Slide 12 Did you know? 20% of identity thieves know their victims personally Losses to identity theft victims exceed $5 billion annually

13. Slide 13 Deter: safeguard your information Protect your financial “holy trinity” Name and address Date of Birth Social Security Number Shred financial documents and paperwork with personal information

14. Slide 14 Deter: safeguard your information Never lend credit cards or account information to anyone Delete unsolicited emails Protect your home computer-use firewalls, anti-spyware and anti-virus software

15. Slide 15 Deter: safeguard your information Be smart when setting up passwords IuSP4moP! Keep your personal info in a secure place Don’t let mail pile up unattended

16. Slide 16 Did you know? Losses to businesses and financial institutions exceed $50 billion annually 27.5 million victimized in the last five years

17. Slide 17 Detect: monitor your accounts Request a free copy of your credit report on a regular basis: www.annualcreditreport.com or call 877-322-8228 Review financial accounts and billing statements regularly

18. Slide 18 Detect: monitor your accounts Be alert to: bills that don’t arrive as expected unexpected credit cards or acct statements denials of credit for no apparent reason calls or letters about purchases you didn’t make

19. Slide 19 Defend: take action immediately Place a fraud alert on your credit reports Contact credit bureaus to do so – you’ll get free copies of your reports Equifax – 800.525.6285 Experian – 888.397.3742 TransUnion – 800.680.7289

20. Slide 20 Defend: take action immediately File a police report and make copies Review credit reports carefully Close accounts tampered with or established fraudulently – contact each company, follow up in writing

21. Slide 21 OPT-OUT today Credit bureau opt-out 888.567.8688 Allows you to opt out of pre-approved credit offers for a period of 5 years or indefinitely

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