1. MoneyCounts: A Financial Literacy Series
Identity Theft
Dr. Daad Rizk
MoneyCounts: A Financial Literacy Series
301 Outreach Building
University Park PA 16802

2. Learning Objectives What is identity theft? How does it happen?
Why is it a problem? How to protect yourself and others?
Recognize the warning signs of identity theft
Reducing the risk of becoming an identity theft victim
What to do if you fall a victim of identity theft
Daad – will introduce the topic and will do the slide 2,3,4, 6 – will then introduce Amy to continue the rest of the prevention section

3. What is Identity Theft?
Happens when someone uses your name, credit card number, social security number, password or other identifying data
to make purchases, get cash or commit fraud
Identity theft affects credit worthiness, disrupt lives
Requires time and effort to restore compromised personal and financial records
Daad

4. Statistics
9,000,000,00 American become victims of identity theft each year (FTC – Federal Trade Commission)
Every 79 seconds, a thief steals someone’s identity, opens accounts in the victim’s name and goes on a buying spree (CBSnews.com)
8% of all identity theft cases is impacting children under the age of 19 (CBSnews.com)
Florida is #1 with identity theft cases in the nation - targeting senior citizens (CBSnews.com)
Daad

5. Identity Theft
Identity Theft trailer
Daad

6. What data to protect? Personal data –
Full legal name, Birthdate, Mother’s Maiden Name
Address, Hometown, Phone Number
Social Security Number, Graduation Date, PIN #
Credit Card numbers (expiration date, Security Code#)
Social Media, Cyber Space and Passwords
Daad

7. In person – Theft
Ways to protect your personal information from being compromised
Know how identity theft happens – in person
Rummaging through your trash or mailbox
Breaking into your home
Stealing your purse, wallet or cell phone
Changing your mailing address – diverting your bills and mail
Shoulder surfing
Daad

8. Online – Theft
Ways to protect your personal information from being compromised
Know how identity theft happens – online
Phishing – posing as a legitimate business, s, pop-up messages
Hacking your computer – from a remote location while you are on your computer
Skimming - using a magnetic card reader to steal your Card # while using ATM or keypad in a store
Pharming – redirecting your internet domain through technical means
Spamming – unsolicited s to multiple mailing lists
Spoofing – Creating a replica of a legitimate web page
Daad

9. Phishing What is Phishing?
Phishing (pronounced: fishing) is an online-fraud technique that is used by criminals asking you to click on a link to lure you into disclosing your personal information, which then enables the thief to:
Apply for and get credit in your name.
Empty your bank account and charge expenses to the limit of your credit cards.
Remove money from your accounts.
Use a copy of your debit card to withdraw your money from anywhere in the world.
Amy -

10. Skimming What is Skimming?
When a credit card is skimmed, data on the card, including the account number, is electronically transmitted or stored. The credit card information can then be encoded onto a lost, stolen, or counterfeit credit card and used anywhere in the world. (stealing your card information)
Amy

11. Examples of Skimming Examples of skimming instances include:
A collusive store employee completes a valid sale, and then captures a second (unauthorized) swipe covertly on a portable device before returning the card to the cardholder
A skimming device is added to the front of an ATM or gas pump and captures the credit card information as the consumer attempts to use the machine
A skimming device is added inside an ATM or gas pump and captures information during a valid transaction. In many cases a cover camera is also set up to capture the card holder’s personal identification (PIN) number
Amy

12. False sense of security concept, Be Aware!
Prevention is Key!
Ways to guard against identity theft – Surrounding and in public
Be aware of your surrounding during financial transactions
Carry only necessary to-go items in your purse or wallet (especially when traveling)
Secure your Social Security Number - never carry it in your wallet, memorize the number and use cautiously on the phone or in public
Initiate financial transactions yourself – react carefully to any and all invitations
Amy
False sense of security concept, Be Aware!

13. Prevention is Key - 2
Ways to guard against identity theft - paper documents
Use a shredder – dispose in various trash bags
Shred all bills except the last one – keep in a safe place
Shred bank statements – you can always get copies online if needed
Avoid receiving banking information in your mail box
Order and pick up checks at your Bank
Keep a (fire-proof) safe deposit box for your important personal documents – passport, tax copies, birth certificate, marriage certificate, deeds, etc.,
Amy

14. Prevention is Key -3
More ways to guard against identity theft – Computer
Use different password for different electronic devices, use hard-to-guess password (do not keep your password under your keyboard)
Use a firewall to shield your computer from hackers; antivirus and other types of security protection software
Wipe out your old hard drive before you dispose of your computer
Log out and close your browser afterward when using computer – avoid public computers to check personal data or financial information
Never open a link in an unsolicited or pop-up message
Avoid being skimmed – watch for tapes on the ATM machine – use indoor devices (more difficult to be tempered)
Amy

15. Prevention is Key - 4 Ways to safe guard other devices and electronics
Protect your cell phone with a password
Watch for Pretexting – scamming your cell phone
Watch your GPS device - do not leave on the window shield (home address, telephone number, etc.,)
Protect your un-opened mail – do not leave in the car
Amy

16. Prevention is Key - 5
Children are a new target – 8% of all identity theft cases
Check their credit reports, protect their Social Security Number and personal data
Government Benefits –
Social security payments, Tax refunds, Medicaid, Unemployment, Disability benefits
Student financial aid – PIN# - FAFSA - NSLDS
Medical Records
Use of medical care under a stolen identity
Avert payment
Cause confusion with medical treatment
Health insurance claims
Amy

17. Active Duty Alert
Service members who deploy can place an active duty alert on their credit reports to help minimize their risk of identity theft
An active duty alert on a credit report means businesses have to take extra steps before granting credit in your name. Active duty alerts last for 1 year, and can be renewed to match the period of deployment.
Provide proof of identity, like a government-issued identity card, driver’s license, military identification, birth certificate, or passport. The company you call must contact the others.
The credit reporting companies will take your name off their marketing list for prescreened credit card offers for 2 years, unless you ask them to add you back onto the list.
Amy

18. Opting Out
Consider opting out of prescreened offers of credit and insurance by mail.
You can opt out for 5 years:
Call toll-free OPT-OUT ( ) or visit The phone number and website are operated by the major consumer reporting companies.
To opt out permanently:
You may begin the permanent Opt-Out process online at To complete your request, you must return the signed Permanent Opt-Out Election form, which will be provided after you initiate your online request.
The 3 nationwide credit reporting companies operate the phone number and website.
Amy

19. Are you a Victim? Know the warning signs
If you are failing to receive certain bills
Watch for mysterious withdrawals from your checking, savings and investment accounts
Watch for charges on your credit card statements that you don’t recognize
If you get denied credit for no apparent reason
If you are contacted by debt collectors or stores for purchases you did not make
Keep tabs on your credit report – get your free copy every 12 months from the 3 nationwide credit reporting agencies
Equifax, Experian and TransUnion
Annualcreditreport.com
Call
Amy – explain the warning signs and tell them – I am going to turn the presentation to Daad to tell you what you should do if you fall victim to identity theft

20. What Should You Do?
Steps you can take if you find yourself or someone you know a victim of identity theft
Notify credit reporting agencies (CRAs) –one of them will suffice, they will notify the other agencies – All three will send you a free credit report to check and report back to them.
Fraud Department
Equifax
Experian
TransUnion
Contact creditors – fraud department
Follow up in writing and provide copies of supporting documentation
Contact your Bank or Financial Institution
File a police report – get a copy or a report number
File a complaint with the FTC at Consumer Information: Identity Theft
Or call 877-IDTHEFT ( )
Daad I will explain what they should do and Segway into the worksheet

21. MoneyCounts: A Financial Literacy Series
Thank You!
Comments and Questions
Dr. Daad Rizk
MoneyCounts: A Financial Literacy Series
301 Outreach Building
University Park PA 16802