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Fraud and Identity Theft Nick Sosnowski, V.P. of Lending, IAA Credit Union [email_address] 309-557-2541 Ext 2034
<ul><li>IDENTITY THEFT  occurs when someone uses your: </li></ul><ul><ul><li>Name </li></ul></ul><ul><ul><li>Social Securi...
<ul><li>Top ten cities where identity fraud increased most rapidly during 2006 are:   </li></ul><ul><li>Springfield, IL (6...
How Crooks get the Data <ul><li>Theft (Stolen Wallet / Purse) </li></ul><ul><li>Dumpster Diving / Stealing Mail / Changing...
Skimming Credit & Debit Cards
Beware “skimming” <ul><li>The thief swipes your card through a  hand-held device or overlay swipe device on an ATM </li></...
 
Spamming, spoofing, and phishing oh my! <ul><li>Spamming — Sending unsolicited e-mail  </li></ul><ul><li>indiscriminately ...
 
Wall Street Journal  11-9-07
Wall Street Journal  11-9-07
 
 
 
 
 
Tips to protect yourself from phishing attacks <ul><li>Don’t click on links within e-mail messages you weren’t expecting. ...
Which ones are real? <ul><li>http://ebay.verification.co.uk/ </li></ul><ul><li>http://www4.da-us.chase.com/cgi-bin </li></...
Check & Wire Fraud
<ul><li>The Nigerian Letter / Lottery Scams </li></ul><ul><li>Typically from outside the US </li></ul><ul><li>Promise of a...
The Nigerian Letter / Lottery Scams
The Nigerian Letter / Lottery Scams <ul><li>HOW TO AVOID THEM: </li></ul><ul><li>Don’t Pay to collect winnings/inheritance...
Overpayment Scam <ul><li>The buyer contacts the seller and they agree on purchase price </li></ul><ul><li>Buyer sends a  c...
Avoiding the Overpayment Scam <ul><li>EASIEST WAY-Never agree to give the buyer money back when they buy something. </li><...
Routing #  : 092905168 : Fractional Routing #:  93-516/939 The fractional routing # is incorrect. The denominator should b...
Basic Rules on How to protect yourself from Identity Theft Offense Defense
<ul><li>Protect your Social Security number.  </li></ul><ul><li>Don't use an obvious password like your birth date, mother...
<ul><li>Credit unions/banks </li></ul><ul><li>Employers </li></ul><ul><li>Income tax records </li></ul><ul><li>Vehicle reg...
<ul><ul><li>Never click on links sent in unsolicited emails; instead, type in a web address you know. Use firewalls, anti-...
Playing Defense cont… <ul><li>Pick up new checks at your credit union or bank. </li></ul><ul><li>Mail bills from a locked ...
 
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Id Theft Presntation

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This presentation was part of a lunch and learn series I put together to help people prevent and react to Identity Theft

Published in: Economy & Finance, Technology
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  • The WSJ recently reported that an estimated 95 million Americans have been exposed to some risk of ID theft due to breaches at companies instiutions and givernment offices. USA Today reported that by the end of ’06 there will be 8.9 Million cases of ID fraud, resulting in an average loss of $6,383 per victim. Javelin Strategy and Research 2006 ID Fraud Survey Report said 90% of ID fraus takes place through traditional means, not because of the internet. Most victims (68%) continue to incur no costs related to their fraud cases, while average consumer costs have declined by 24% to $422. The average resolution time for resolving fraud cases has increased substantially, from 33 hours in 2003 to 40 hours in 2006.
  • Transcript of "Id Theft Presntation "

    1. 1. Fraud and Identity Theft Nick Sosnowski, V.P. of Lending, IAA Credit Union [email_address] 309-557-2541 Ext 2034
    2. 2. <ul><li>IDENTITY THEFT occurs when someone uses your: </li></ul><ul><ul><li>Name </li></ul></ul><ul><ul><li>Social Security number </li></ul></ul><ul><ul><li>Other identifying information </li></ul></ul><ul><li>… without your permission, to commit fraud or other crimes. </li></ul><ul><li>FRAUD occurs when someone uses one of your accounts without your permission for financial gain. </li></ul>Identity Theft VS FRAUD?
    3. 3. <ul><li>Top ten cities where identity fraud increased most rapidly during 2006 are: </li></ul><ul><li>Springfield, IL (62707) </li></ul><ul><li>Bozeman, MT (59715 and 59718) </li></ul><ul><li>Missoula, MT (59804, 59803 and 59808) </li></ul><ul><li>Whitefish, MT (59937) </li></ul><ul><li>Lolo, MT (59847) </li></ul><ul><li>Bismarck, ND (58504) </li></ul><ul><li>Hamilton, MT (59840) </li></ul><ul><li>Bigfork, MT (59911) </li></ul><ul><li>Grand Forks, ND (58201) </li></ul><ul><li>Fargo, ND (58104) </li></ul>Why do I care? Source: ID Analytics report dated August 1, 2007
    4. 4. How Crooks get the Data <ul><li>Theft (Stolen Wallet / Purse) </li></ul><ul><li>Dumpster Diving / Stealing Mail / Changing Addresses </li></ul><ul><li>Dishonest Employees Who Sell Data </li></ul><ul><li>Skimming </li></ul><ul><li>Phishing </li></ul><ul><li>Data Compromise </li></ul><ul><ul><li>Theft of Card numbers and magnetic strip information from a merchant / processor </li></ul></ul>
    5. 5. Skimming Credit & Debit Cards
    6. 6. Beware “skimming” <ul><li>The thief swipes your card through a hand-held device or overlay swipe device on an ATM </li></ul><ul><li>The device gleans information (name, account number, expiration date, and security features) off magnetic stripe on the back of the card </li></ul><ul><li>The thief copies the security codes from your card to the fraudulent card and sells it to a counterfeiter </li></ul><ul><li>TIPS: Review card statements, and use credit union-issued cards that have other security features. Look for an irregular type of device that may have been added to ATMs. </li></ul>
    7. 8. Spamming, spoofing, and phishing oh my! <ul><li>Spamming — Sending unsolicited e-mail </li></ul><ul><li>indiscriminately to multiple mailing lists, </li></ul><ul><li>individuals, or newsgroups </li></ul><ul><li>Spoofing — Creating a replica of a legitimate </li></ul><ul><li>Web page to fool you into submitting personal, </li></ul><ul><li>financial, or password data </li></ul><ul><li>Phishing — Luring victims to a fake Web site </li></ul><ul><li>through spam. See current scams at www. antiphishing.org </li></ul>
    8. 10. Wall Street Journal 11-9-07
    9. 11. Wall Street Journal 11-9-07
    10. 17. Tips to protect yourself from phishing attacks <ul><li>Don’t click on links within e-mail messages you weren’t expecting. Contact the company directly using its phone/Web address. </li></ul><ul><li>Avoid e-mailing personal and financial information. </li></ul><ul><li>Review all statements for unauthorized charges. If statement is late, call the credit union or credit card company. </li></ul><ul><li>Check the website you are on. Look between the // and the next / to make sure you are not on a spoofed site. </li></ul>
    11. 18. Which ones are real? <ul><li>http://ebay.verification.co.uk/ </li></ul><ul><li>http://www4.da-us.chase.com/cgi-bin </li></ul><ul><li>http://secure.citibanking.net/ </li></ul><ul><li>http://pages.ebay.com/services/forum/feedback.html </li></ul><ul><li>http://www.secure-account.com/regionsbank </li></ul>FAKE REAL FAKE FAKE REAL
    12. 19. Check & Wire Fraud
    13. 20. <ul><li>The Nigerian Letter / Lottery Scams </li></ul><ul><li>Typically from outside the US </li></ul><ul><li>Promise of a large sum of money. </li></ul><ul><li>First you have to pay the Taxes, Settlement costs, Exchange rate difference, etc… </li></ul>
    14. 21. The Nigerian Letter / Lottery Scams
    15. 22. The Nigerian Letter / Lottery Scams <ul><li>HOW TO AVOID THEM: </li></ul><ul><li>Don’t Pay to collect winnings/inheritance/etc… </li></ul><ul><li>Hold on to your money. </li></ul><ul><li>Know who you are talking to </li></ul><ul><ul><li>Caller-id is easy to fake </li></ul></ul><ul><li>Avoid their lists </li></ul><ul><ul><li>Don’t gamble on-line or play on-line lotteries </li></ul></ul>
    16. 23. Overpayment Scam <ul><li>The buyer contacts the seller and they agree on purchase price </li></ul><ul><li>Buyer sends a counterfeit cashier’s, official, or teller’s check for substantially more than the purchase price </li></ul><ul><ul><li>-Counterfeit checks drawn on businesses are used in some cases </li></ul></ul><ul><li>Member is instructed to wire the excess funds to the buyer </li></ul><ul><li>Member deposits check and wires the excess funds </li></ul><ul><li>Check is returned and seller has no property and is out the money they sent. </li></ul>
    17. 24. Avoiding the Overpayment Scam <ul><li>EASIEST WAY-Never agree to give the buyer money back when they buy something. </li></ul><ul><li>How do I know the check they gave is real? </li></ul>...BUT...
    18. 25. Routing # : 092905168 : Fractional Routing #: 93-516/939 The fractional routing # is incorrect. The denominator should be 929 Checking out the check…
    19. 26. Basic Rules on How to protect yourself from Identity Theft Offense Defense
    20. 27. <ul><li>Protect your Social Security number. </li></ul><ul><li>Don't use an obvious password like your birth date, mother's maiden name, or any part of your Social Security number. </li></ul><ul><li>Keep your personal information in a secure place at home, especially if you have roommates, employ outside help, or are having work done in your house. </li></ul><ul><li>Shred financial documents and paperwork with personal information before you discard them. </li></ul><ul><li>Never let your Credit Card out of your sight. </li></ul>Offense
    21. 28. <ul><li>Credit unions/banks </li></ul><ul><li>Employers </li></ul><ul><li>Income tax records </li></ul><ul><li>Vehicle registration </li></ul><ul><li>Credit bureau reports </li></ul><ul><li>College records </li></ul><ul><li>Loan applications </li></ul>When to give SSN, and when not Must give SSN May want to refuse <ul><li>Over the phone </li></ul><ul><li>On personal checks </li></ul><ul><li>On driver’s license </li></ul><ul><li>On club membership </li></ul><ul><li>As ID for store purchases </li></ul><ul><li>As general identification </li></ul>
    22. 29. <ul><ul><li>Never click on links sent in unsolicited emails; instead, type in a web address you know. Use firewalls, anti-spyware, and anti-virus software to protect your home computer; keep them up-to-date. </li></ul></ul><ul><ul><li>Don't give out personal information on the phone, through the mail, or over the Internet unless you know who you are dealing with. </li></ul></ul><ul><ul><li>Check your accounts and credit reports for suspicious activity. This includes watching for monthly statements . </li></ul></ul>Defense
    23. 30. Playing Defense cont… <ul><li>Pick up new checks at your credit union or bank. </li></ul><ul><li>Mail bills from a locked mailbox or Post Office. </li></ul><ul><li>Beware of shoulder surfers at ATMs. </li></ul><ul><li>Check your credit report annually (FACT Act ensures one free report per year from each of the three credit bureaus www.annualcreditreport.com ). </li></ul>
    24. 32. Questions?

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