Identity Theft, Credit Cards &Other Important Information forCollege StudentsPresented by: Tri-State Better Business Burea...
∗ 501(c)(6) nonprofit organization∗ Information source∗ Objective, unbiased information∗BBB Business Reviews∗BBB Wise Givi...
∗Identity Theft∗College Students & Credit∗How to Be a Savvy ConsumerWhat are we going to discuss?3
∗ 12.6 million victims in 2012∗ $20.9 BILLION in losses in 2012∗ $365-Average cost to a consumer∗ YOU DON’T KNOW UNTIL IT’...
∗It occurs when someone steals yourpersonal information like creditcards or your social security numberand uses it fraudul...
∗Your Social Security card∗Your driver’s license∗Your account numbers∗Other personal information:∗Address∗Mother’s maiden ...
What steps can you take to deteridentity thieves?∗ Safeguard Your Information∗ Don’t use obvious passwords∗ Avoid carrying...
Most Frequently UsedPasswords81.password2.1234563.123456784.abc1235.qwerty6.monkey7.letmein8.dragon9.11111110. baseball11....
∗ Data on your Smartphone can compromise your identity∗ How to protect your data:∗ Password protect your phone with a comp...
How do you detect and defendagainst identity theft?∗ DETECT∗ Routinely monitor billsand be alert if onedoesn’t arrive∗ Ins...
Credit Cards & Students11
∗ Credit Card-You can use this card to buy things andpay over time; however, it is considered a loan andmust be paid back....
If you choose to get a credit card,read the fine print.∗ Annual percentage rate (APR)-the measure of the cost of creditexp...
14www.betterloanchoice.comBad Credit Loan MatchingBetter Loan Choice will analyze the information you provide in your appl...
∗ Shop around for a carrier.∗ Look for APR that is 15% or lower.∗ Look for carriers that offer no annual fees.∗ Be sure to...
Credit Card Accountability,Responsibility and Disclosure Act of2009 aka Credit  CARD Act of 2009Provides the following pro...
∗BBB has partnered with thefollowing organizations to helpconsumers make wise financialdecisions:BBB Financial Resourcesfo...
BBB Managing Credit – Made Simplersponsored by Capital Onewww.bbb.org/credit-management18
BBB and ClearpointCredit Counseling Solutionswww.bbb.org/us/clearpoint-tips19
BBB and FINRAInvestor Education Foundationwww.bbb.org/smart-investing20
Comparing Cost of Collegeshttp://collegecost.ed.gov21
How to Be a Savvy Consumer1.Look for the BBBseal and alwayscheck out abusiness with yourBBB before youbuy.22
2) Sign up for the BBB Smart Tips forConsumers eNewsletter.There are 5 differenteNewsletters you can sign upfor:Smart Tips...
3) Beware of job offers to makeeasy money.Beware of any job offer, work-at-homescheme or business opportunity thatpromises...
4) Always read the fine printespecially for free trial offers.Thousands of consumers complained to theBBB after signing up...
5) Keep your computer safe.Make sure you use strong passwordswith capital and lowercase letters,numbers, and characters. H...
6) Never wire money tosomeone you don’t know.Many scams require thatthe victim wire money backto the scammers. The BBBhas ...
7) Fight identity theft.28
8) Create a budget and stick to it.www.bbb.org/us/article/tips-on-how-to-develop-a-working-budget-610129
9) Fight fake check fraud.30
10) Get everything in writing.31
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Identity Theft for College Students

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Identity Theft, Credit Cards & Other Important Information for College Students

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  • We are not a government agency or a credit bureau. (Read slide) We cover an 18 county area: 11 in IN, 5 in IL, 2 in KY
  • Stats from Javelin Strategy and Research
  • Also, if you’re on social networking sites, such as FB, avoid revealing info such as names of pets, street you grew up on, where you met your spouse, etc. All these pieces of info ID thieves can use to answer security questions for your various accounts. Next, we’ll take a quick look at the most frequently hacked passwords.
  • Next, we’ll take a quick look at the most frequently used (and hacked) passwords.
  • 1. password 2. 123456 3. 12345678 4. abc123 5. qwerty 6. monkey 7. letmein 8. dragon 9. 111111 10. baseball 11. iloveyou 12. trustno1 13. 1234567 14. sunshine 15. master 16. 123123 17. welcome 18. shadow 19. ashley 20. football 21. jesus 22. michael 23. ninja 24. Mustang 25. password1 According to IC3 a password needs to be long but still easy to remember; suggest including song lyrics & point out that this can make a password longer than just a random group of letters and numbers. And since lyrics are easy to remember you can have different passwords for different accounts making things more difficult for hackers and safer for you. Other general tips for password strength include using a variety of capital and lower case letters along with numbers and symbols. Even putting names of pets, children, schools attended on social media sites, can give ID thieves clues to answers to security questions.
  • Example of fine print. Payday Lenders APR from 353.23% to 2,737.50%. Short Term Lenders APR from 199.44% to 448.76%.
  • Craigslist job scams; if it sounds too good to be true, it probably is
  • Ways to spot a fake check:
  • Identity Theft for College Students

    1. 1. Identity Theft, Credit Cards &Other Important Information forCollege StudentsPresented by: Tri-State Better Business Bureau3101 N. Green River Rd., Suite 410Evansville, IN 47715Phone: 812-473-0202, 800-359-0979Email: info@evansville.bbb.orgWeb Address: www.evansville.bbb.org1
    2. 2. ∗ 501(c)(6) nonprofit organization∗ Information source∗ Objective, unbiased information∗BBB Business Reviews∗BBB Wise Giving Reports∗Dispute Resolution∗Advertising ReviewAbout Your BBB2
    3. 3. ∗Identity Theft∗College Students & Credit∗How to Be a Savvy ConsumerWhat are we going to discuss?3
    4. 4. ∗ 12.6 million victims in 2012∗ $20.9 BILLION in losses in 2012∗ $365-Average cost to a consumer∗ YOU DON’T KNOW UNTIL IT’S ALREADYHAPPENED!!Identity Theft4
    5. 5. ∗It occurs when someone steals yourpersonal information like creditcards or your social security numberand uses it fraudulently∗It can cost you time and money∗It can destroy your credit and ruinyour good nameWhat is Identity Theft?5
    6. 6. ∗Your Social Security card∗Your driver’s license∗Your account numbers∗Other personal information:∗Address∗Mother’s maiden name∗DOBWhat does the thief want?6
    7. 7. What steps can you take to deteridentity thieves?∗ Safeguard Your Information∗ Don’t use obvious passwords∗ Avoid carrying your SocialSecurity number and driver’slicense together.∗ Request that your SocialSecurity number not be usedto publicly post grades.∗ If the school uses your SocialSecurity number for yourstudent I.D., request anassigned number.∗ Don’t give out personalinformation unless you aresure who you are dealing with.∗ Send sensitive information toyour home address.∗ Avoid putting outgoing mail inunsecured campus mailboxes.∗ Don’t shop online or pay a bill ona public computer or public wi-ficonnection.∗ Shred any pre-approved creditcard offers and bills beforedisposing of them.∗ Limit the amount of personalinformation you place online.This includes “time and place”data i.e. “At the movies” or “OnSpring Break”.7
    8. 8. Most Frequently UsedPasswords81.password2.1234563.123456784.abc1235.qwerty6.monkey7.letmein8.dragon9.11111110. baseball11. iloveyou12. trustno113. 123456714. sunshine15. master16. 12312317. welcome18. shadow19. ashley20. football21. jesus22. michael23. ninja24. mustang25. password1
    9. 9. ∗ Data on your Smartphone can compromise your identity∗ How to protect your data:∗ Password protect your phone with a complex andunique password and set your phone to auto-lock∗ Enable a service with remote tracking∗ Turn Bluetooth off if you’re not using it. Thieves canpair their Bluetooth device with yours and hack personalinformation∗ Be careful on Wi-Fi networks∗ Before downloading any apps to your phone, always doa quick search to make sure it comes from a legitimatesite or publisher and read the “permissions” (what theapp is allowed to do).Tips for Smartphone Users9
    10. 10. How do you detect and defendagainst identity theft?∗ DETECT∗ Routinely monitor billsand be alert if onedoesn’t arrive∗ Inspect your CreditReport∗ www.annualcreditreport.comor 877-322-8228∗ Inspect your bankstatements and creditcard bills for unusualcharges∗ DEFEND∗ As soon as you detect a problem:∗ Place a “Fraud Alert” on your credit reports bycalling any one of the three nationwide creditreporting companies∗ Close accounts that have been tampered with oropened fraudulently∗ File a police report∗ Contact the Federal Trade Commission∗ 1-877-438-4338 orwww.consumer.ftc.gov/features/feature-0014-iden∗ Contact your Attorney General∗ Indiana ID Theft Unit: 1-800-382-5516 orhttp://www.in.gov/attorneygeneral/2853.htm∗ Kentucky: 1-502-696-5389 orhttp://ag.ky.gov/civil/consumerprotection/idtheft/∗ Illinois: 1-866-999-5630http://illinoisattorneygeneral.gov/consumers/Identity_Theft_Resource_Guide.pdf∗ Contact creditors, banks, utility companies, etc.∗ Keep detailed record of actions you take and allcorrespondence10
    11. 11. Credit Cards & Students11
    12. 12. ∗ Credit Card-You can use this card to buy things andpay over time; however, it is considered a loan andmust be paid back. If you don’t pay the card off, youwill be charged a finance charge. The dollar amountyou pay depends on how much you owe and the APRon the account.∗ Debit Card-This type of card typically allows you real-time access to your money through savings orchecking account. Keep in mind that if you don’twatch your balance closely, you could be chargedoverdraft fees.∗ Charge Card-With this type of card, you must pay thebalance in full each time you receive the bill.Plastic 10112
    13. 13. If you choose to get a credit card,read the fine print.∗ Annual percentage rate (APR)-the measure of the cost of creditexpressed as a yearly interestrate. This percentage must bedisclosed before you open theaccount and your accountstatement.∗ Watch out for “intro” rates thatmay only be in effect for a setnumber of months then increaseafter that time expires.∗ Annual fees-Some cards charge amembership or participation fee.(This can be charged annually ormonthly)∗ Transaction fees and othercharges-Some issuers charge afee if you use the card to get acash advance, make a latepayment or exceed your creditlimit. Some may charge a fee ifyou use the card or if youdon’t.∗ Customer Service-You maytake this for granted untilsomething goes wrong. Keepan eye out for issuers with a 24-hour toll-free telephonenumber.13
    14. 14. 14www.betterloanchoice.comBad Credit Loan MatchingBetter Loan Choice will analyze the information you provide in your application and match you to a lender for either good credit loans or bad credit loans. Finding loans for borrowers with bad creditcan be challenging, but through our network of lenders, we have been successful. Although we are always able to match an applicant with a lender, this does not guarantee that you will receive aloan offer. If you are matched with a payday lender, we recommend that you review all of the information on our website that explains the disadvantages of payday/cash advance loans and all feeand rate information from any payday/cash advance lender pertaining to any loan being offered to you before you agree to the terms of the loan.Traditional LendersWhen you are matched with one of our traditional lenders, you can expect your APR to range from 6.50% to 36.00%.Personal Loan Information and SecurityWe know that entrusting your personal information to others can be stressful, especially online! We want to ensure you that we take our obligations to protect your personal information seriously.We use the latest web security best practices to protect your data including providing 256 bit encryption on all of the pages on which you provide your personal loans application data. Please see ourPrivacy Policy and the disclaimer entitled “Important Information About the Services Offered by BetterLoanChoice.com and How the Information You Provide to Us Will Be Used,” which appears atthe bottom of every page of our website, for information about the use and disclosure of your personal information.Peer to Peer LendersWhen you are matched with one of our Peer to Peer Lenders, you can expect your APR to range from 6.59% to 35.84%.If you are matched to a short-term lender please read the following important information:Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower’s expenses until the following payday. Cashadvances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help.Consumers are encouraged to consult the federal, state, and local governments to learn more about the risks involved with cash advances, local laws and regulations governing cash advances,possible loan alternatives and recent developments in their state. Consumers with credit difficulties should seek credit counseling.Payday LendersWhen you are matched with one of our payday lenders, you can expect your APR to range from 353.23% to 2,737.50%.Short-Term LendersWhen you are matched with one of our short-term lenders, you can expect your APR to range from 199.44% to 448.76%.Financial ImplicationsThe following is a representative of our network of participating lenders: If you are unable to repay your loan in a timely manner, you may be assessed one or all of the following - late fees,administrative fees, non-payment fees, insufficient fund fees, court costs, and legal fees. In addition, unpaid fees may accumulate interest. The lender you are matched to will disclose all potentialfees. Fees may range from $25 to $2,000 based on applicable state law maximums.Collection PracticesIf you are unable to repay your loan, collections efforts will begin immediately by the lender you provides you a loan. Collections practices vary by lender, and all lenders are subject to the Fair DebtCollection Practices Act. Debt collection efforts may include the following: telephone calls to your home or place of employment between the hours of 8:00 a.m. and 9:00 p.m., voicemail messages,notices by mail, and door to door. Debt collectors may not harass you, make false statements, threaten arrest, or engage in any other unfair practices.Credit Score ImplicationsIf you fail to pay your loan on a timely basis, your lender may report your delinquency to a credit reporting agency. If the lender reports your delinquency, you can expect your credit score todecrease. If your credit score decreases this will make your cost to borrow become more expensive and, depending your level of debt and other factors, you may be unable to borrow money fromany lender in the future. Be aware of the implications of failing to make timely payments.
    15. 15. ∗ Shop around for a carrier.∗ Look for APR that is 15% or lower.∗ Look for carriers that offer no annual fees.∗ Be sure to know if the rate is going to increase, and what theincrease percentage is.∗ Read the fine print in the Terms and Conditions.∗ Stick with one card and use it sparingly. Only charge what you arecapable of paying back at the end of the month.∗ Pay off your balance each month.∗ Make your payment as early as possible in the month to avoid latecharges.∗ Periodically call and ask for a lower interest rate.Tips to Avoid Credit Card Debt15
    16. 16. Credit Card Accountability,Responsibility and Disclosure Act of2009 aka Credit  CARD Act of 2009Provides the following protections for college students:•To open a credit card account if under 21, you will need to showthat you have the income to make required payments or get a co-signer 21 or older who has the ability to do so.•Once you have a card with a co-signer, if you want a higher creditcard limit, the co-signer must agree in writing to the increase.•Credit card companies are prohibited from marketing credit cardsand from offering pizza, T-shirts, hats, and other freebies within1,000 feet of a college campus.•Colleges and universities, as well as alumni organizations, will haveto annually disclose the terms of any marketing or promotionalagreements they make with credit card companies.16
    17. 17. ∗BBB has partnered with thefollowing organizations to helpconsumers make wise financialdecisions:BBB Financial Resourcesfor Consumers17
    18. 18. BBB Managing Credit – Made Simplersponsored by Capital Onewww.bbb.org/credit-management18
    19. 19. BBB and ClearpointCredit Counseling Solutionswww.bbb.org/us/clearpoint-tips19
    20. 20. BBB and FINRAInvestor Education Foundationwww.bbb.org/smart-investing20
    21. 21. Comparing Cost of Collegeshttp://collegecost.ed.gov21
    22. 22. How to Be a Savvy Consumer1.Look for the BBBseal and alwayscheck out abusiness with yourBBB before youbuy.22
    23. 23. 2) Sign up for the BBB Smart Tips forConsumers eNewsletter.There are 5 differenteNewsletters you can sign upfor:Smart Tips for Consumers,Scam Alerts, The TrustedScout, Smart Investing, andWise Giving.https://cbbb.wufoo.com/forms/email-sign-up/23
    24. 24. 3) Beware of job offers to makeeasy money.Beware of any job offer, work-at-homescheme or business opportunity thatpromises big money for little workand no experience.24
    25. 25. 4) Always read the fine printespecially for free trial offers.Thousands of consumers complained to theBBB after signing up for a free trial offeronline that resulted in repeated charges totheir credit or debit cards sometimesamounting to as much as hundreds of dollarsevery month. Read the terms and conditions ofany free trial offer before handing over credit ordebit card numbers.25
    26. 26. 5) Keep your computer safe.Make sure you use strong passwordswith capital and lowercase letters,numbers, and characters. Have a goodantivirus and anti-malware programinstalled and conduct regular scans.26
    27. 27. 6) Never wire money tosomeone you don’t know.Many scams require thatthe victim wire money backto the scammers. The BBBhas formed a partnershipwith Western Union to tryto spot and stop scamsbefore the consumerbecomes a victim.www.bbb.org/scam-stopper27
    28. 28. 7) Fight identity theft.28
    29. 29. 8) Create a budget and stick to it.www.bbb.org/us/article/tips-on-how-to-develop-a-working-budget-610129
    30. 30. 9) Fight fake check fraud.30
    31. 31. 10) Get everything in writing.31

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