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Identity Theft, Fraud, and Scams

Learn about ID theft and how to prevent it from happening to you


on 11 March 2014

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Transcript of Identity Theft, Fraud, and Scams

Presented by Tyana Grayson
Identity Theft, Fraud, and Scams
Identity theft defined
How personal Information is stolen
Types of scams
Minimizing risk
Proper use of your SSN
Social Media & Devices
Warning signs
What to do & how to get help
Identity Theft 2013 Movie
What is Identity Theft?
How Personal Information
is Stolen
Lost or stolen wallets
Misused by family or friends
Dumpster Diving
Theft from mailbox
Stolen records
Shoulder surfing at ATMs
Change of address form
Different types of scams
Identity Theft Defined
A fraud committed or attempted
using the identifying information of
another person without authority
Identifying Information:
- Name
- Account Number
- Government ID Number
2011: 11.6 million
-social media behavior, mobile device, and data breaches
2012: 12.6 million, more than $21billion
- 1 victim every 3 seconds
- 1 in 4 data breach
- Consumer info use average 48 days
2013: 13.1 million
- Uptick of more than 500,000 victims in 2012
- 1 victim every 2 seconds
- the amount of defrauded money decreased by $3 billion totaling $18 billion compared to 2012
- It's all about the data breaches!
Why Should You Care?
Damages to credit record
Loss of job opportunities
Refused loans for education, housing, car
Credit card declines
2011- the average victim spent $354 and
12 hours to resolve the problem and clear
up records
Who's Vulnerable?
Anyone and Everyone!
Most-at-risk Groups:
18-24 year olds
urban or suburban households
income greater than $75,000
(Justice Department, 2011)
(Javelin Strategy Study)
How is Your Information Used?
Open new accounts in your name and go shopping (Delinquent accounts will show on your credit report.)
Call card issuers and change billing address (Ring up charges before your mail catches up to you.)
Take out loans, buy cars, get phone service in your name
Authorize electronic transfers to drain your account
File for bankruptcy in your name to avoid paying debts
Give your name during an arrest
Types of Scams
Keystroke Logging
Keystroke Logging
hardware device or small program that monitors each keystroke a user types on a specific computer's keyboard
1.Thief swipes your card through hand-held device or overlay swipe device on ATM
2. Device gathers information from the magnetic stripe on the back of the card
3.Thief copies security code from your card to the fraudulent card and sells it to a counterfeiter
Gets personal information under false pretenses
75% of the time it's done over the phone or email
Approach using a common interest
Example: Survey company, bank official, non-profit organization
Definition: sending unsolicited email, indiscriminately, to multiple mailing lists and individuals

Spoofing: Creating a replica of a legitimate web page to fool you into submitting personal, financial, or password data

Phishing: Luring victims to a fake website through spam
Email messaged that urges you to click on the link within a message
Messages generally:
Use a generic greeting
Refer to an urgent problem
State that your account will be shut down unless you reconfirm billing information
SMiShing - SMS Phishing
Vishing - Voice Phishing
Protection from Phishing
Don't click the link!
Hover over the link to see the hyperlink address and where it will send you (https://)
Use up to date antivirus software and firewall
Don't email personal and financial information
Notify your credit union, bank or company "spoofed" immediately
Report suspicious activity to the FTC at ftc.gov
Send spam to spam@uce.gov
The practice of redirecting computer users from legitimate websites to fraudulent ones for purpose of extracting confidential data

Differs from phishing in how you are redirected - pharmers redirect you through technical means rather than using within an email
How Does It Work?
Static domain name spoofing
-misspellings: vvestcu.org vs. westcu.org
Malicious Software (Malware)
-viruses and trojans redirect you to the false site
Domain Hacking
-taking over a legitimate site but redirecting all traffic
DNS Poisoning
-enter in the correct URL but the poisoned server continues to redirect
The Real Napster
Common Scams
Grandma Scam
-Call from a "grandchild" needs money for bail/hospital/court
Bail Bond Scam
-scammer impersonates bails bondsman working on processing bond for family member and needs additional funds
Investment Scam
-amazing ROI, Pressure Points
Lottery Scam
-won a car or cruise
Debt Collection Scam
-pretending to be a collector
Common trends:
Sending money via Western Union or Money Gram
Providing personal information/ credit card information
Win without entering, hire without interview
Efforts Made by Financial Institutions and the Government
FACT Act: (Fair and Accurate Transaction)
-right to obtain a free credit report from the three major credit reporting agencies
Bank Secrecy Act (BSA)
- requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
US Patriot Act
- amendment to the Bank Secrecy Act. Requires every financial institution to "know their customer/member" - anit-money laundering programs, verification of identification
- Identity Theft Prevention Program
-Red Flags
-Address Change Request Procedure
Never give personal information to callers (even IRS)
Safe guard wallets, purses, checkbooks, and account statements
When in public be unappealing to thieves:
Don't carry more than you need, keep as few credit cards as possible
Don't flash around money or credit cards
Clean out purse and wallet
Review statements monthly (more often online)
Don't write down passwords or PINs
Shred receipts, statements, cancelled checks, financial documents, junk mail
Don't mail from home unless its lockable
For online transactions, use Verifies by Visa and/or MasterCard's Secure Code
Immediately notify a company of a late or missing statement
Short Clip
Protect Your Social Security Number
Ask, "why do you need it?"
Don't carry Social Security card in your wallet
Don't use last 4 digits of SSN as a PIN
Keep SSN off driver's license and never on preprinted checks
Don't let anyone hand write on checks as ID
Know when you have to give it and when you don't
Shopping Safely Online
Only shop with companies you know
Pay with credit card rather than debit (linked to checking)
Consider using a separate credit card for online purchases only to track easily
Try to avoid using online third party payment systems
Use a secure browser
URL must change from http:// to https://
Fraudsters use stolen information with eBay, PayPal, Amazon, and other internet accounts
Social Media Protection
& Information
2012 Javelin Strategy Study
68% of social media users publicly shared their birthday
63% shared the name of their high school
18% shared their phone number
12% shared their pet's name
What are you sharing online?
1 in 3 data breach letter recipients became a victim
Take data breach seriously!
P@ssW0rD 1234
Reuse Passwords
Use a Dictionary Word as Your Password
Use Standard
Number Substitutions
Use a Short Password
Enable Two-Factor Authentication When Offered
Give Bogus Answers to Security Questions
Scrub Your Online Presence
Use a Unique, Secure Email Address for Password Recoveries
Protecting Your Computer
Install virus protection software, firewall software, spam blocker, spyware detection/removal software
Always use a secure browser
Log off and password protect
Don't use public computers for accessing accounts
Securely erase hard drives before disposing a computer
Avoid links from unfamiliar senders
Don't open unknown files or attachments
Protect Mobile Devices
Password protect you phone & tablet - complex and unique
Avoid links, attachments, files from unfamiliar senders (SMiShing)
Make sure that any mobile banking or financial apps have passwords that are not auto-saved
Enable service with remote tracking
when stolen, it will automatically lock and can be erased of data
Turn off blue tooth if you're not using it
Be careful on Wi-Fi networks that are not secured with password
Before downloading any apps, always do a quick search to make sure that it comes from a legitimate site and developer.
Set back to factory settings before disposing, selling, or giving away.
Smartphone users are a third more likely to be a victim vs. non-smartphone users
32% of smartphone owners don't update new operating systems
62% Don't use a password on their home screen
32% Save log in information on their devices
Warning Signs
There may be no warnings
Your monthly credit card or financial statement contain fraudulent charges or suddenly stop arriving
You don't receive mail for several days
You're denied credit for no apparent reason
Card declines
You receive bill from unfamiliar companies
Credit collection agencies start calling
IRS notifies you that more than one tax return was files in your name, or that you have income from an employer you don't work for
You get a notice that your information was compromised by a data breach at a company where you don't do business or have an account
Health plan rejects your legitimate medical claim because records show you've reached your benefits limit.Health plan won't cover you because your medical records who a condition you
don't have.

What Do You Do?
1.Pull your Credit Report
Check for any suspicious activity

2.Report to the Bureaus

3.Inform each of your creditors of the fraudulent account
4.Make a record of everyone you speak with and their departments
5.Find out the expectations
6.Follow up
7.Keep a check on all of your accounts even after the problem has been solved

Additional Resources
OnGuard Online
- onguardonline.gov
Anti-Phishing Working Group
Internal Revenue Service
-(800) 829-1040
Federal Trade Commission
-(877)438-4338 (IDTheft)

Better Business Bureau
Treasury Inspector General
-(800) 366-4484
Privacy Rights Clearinghouse
Consumer Union

Thank you!
Public Service Credit Union offers
FREE credit score analysis for all members

Full transcript