Identity Theft
Storyboard Text
- Identity theft occurs when someone wrongfully acquires and uses a consumer’s personal identification, credit, or account information.
- What is Identity Theft?
- -Stealing a purse/wallet, personal records from a workplace, tax information-Steal credit or debit card information by attaching a device to card processors-Use electronic communication to pretend to be a company of financial institution in order to get personal information-Break into a computer system-Software installed on victim’s computer without their knowledge-Complete a change of address form and have victim’s bills and statements mailed to a different location
- How can thieves get an individual’s information?
- -Contact three major credit bureaus-Close all accounts-File police report-File complaint with the FTC
- What should an individual do if they are a victim of identity theft?
- -Protect social security number-Protect financial information-Safeguard wallet and purse-Verify source before sharing information-Be careful using Internet-Keep username and passwords safe and select intricate passwords-Treat trash and mail carefully-Check credit reports-Protect your identity
- How can individuals protect themselves?
- -Credit cards+Truth in Lending Acts limits person’s liability for unauthorized credit card charges to $50.00 per card. You must write a letter within 60 days of the first bill containing error. -ATM and debit cards+Electronic Funds Transfer Act provides protection. The amount a person is liable for depends upon how quickly he/she reports loss.-Checks+Stop payment and ask financial institution to notify check verification service.
- If an individual’s identity is stolen, what are they liable for?
- sources: Identity Theft Lecture
- Experian - www.experian.comEquifax - www.equifax.comTrans Union - www.tuc.comCredit Reporting Agencies are important because they allow you to check what is being purchased on your account or if other accounts are being opened in your name, in the cases when it is not you, you can report identity theft.
- What are the three credit reporting agencies and why are they important?
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