Identity Theft It's Devasting Impact

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During this workshop, Mr. Taylor will be discussing
how this growing crime is affecting individuals, families and small businesses.
Never before has there been a greater need for understanding identity theft and its impact.
In the workshop you will:
• Learn what ID Theft is and how to minimize the devastating effects
• Be introduced to the major types of identity theft
• Learn how to better protect personal and small business information
• Learn about restoration services and credit monitoring plans

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  • 1. Your friend/neighbor hit you up for money, but you would not give him your credit card 2. Friendly companion, only crime is barking but did not steal your identity 3. Your sister might use your SS number as a password but she is no Identity thief. 4. Wanted for ID Theft , forgery, and theft. She allegedly used the stolen identities to commit her crimes. The real identity of this female identity thief is unknown.
  • 26-32% of victims spend a period of 4 to 6 months dealing with their cases and 11/23% report dealing with their cases for 7 months to a year.
  • Identity Theft It's Devasting Impact

    1. 1. Protecting Families, Finances, and Your FutureProtecting Families, Finances, and Your Future
    2. 2. The Federal Trade Commission reports that identity theft has been the NUMBER ONE consumer complaint for ELEVEN consecutive years! Identity Theft FactsIdentity Theft Facts
    3. 3. • Over 512 million Americans’ Identities have been reported lost or stolen since January 2005. www.privacyrights.org • Over 400,000 dead people opened bank accounts last year. • The revenue from trafficking financial data has surpassed that of drug trafficking. – US Secret Service • Over 3.5 million children have already fallen victim to identity theft in the US. Identity Theft FactsIdentity Theft Facts
    4. 4. • “Identity Theft is poised to increase by a factor of 20 over the next two years. The criminals are still trying to figure out what to do with all the data.” • There are currently over 31,000 NEW identity theft victims EVERY DAY! 1 in every 3 seconds! • You are THREE times more likely to have your identity stolen than you are to have your house or car broken into. Identity Theft FactsIdentity Theft Facts
    5. 5. • The average dollar amount charged in Identity Theft: $96,800 • The average time taken by a victim to restore their identity is 600 hours. • Most identity theft issues are non- credit related. Identity Theft FactsIdentity Theft Facts
    6. 6. Unexpected Secondary Effects: •Denied Credit •Higher Insurance Rates •Credit Card Rate Increases •Battling Collection Agencies •Ability To Get A Job •Criminal Record Identity Theft EffectsIdentity Theft Effects
    7. 7. Identity Theft EffectsIdentity Theft Effects We have found that identity theft can lead to many legal issues including: • Criminal Charges • Arrests • Lawsuits • Garnishments • Civil Litigations • IRS Audits
    8. 8. Discovery: •85% of victims were unaware of theft until they needed to verify their identity. •Moment of discovery typically occurs in one of three ways: • A critical point in their lives – buying a home, car or applying for a job • Via a negative notification – denial of credit, employment or law enforcement notification. • Pro-Active efforts from business or individual consumer. Identity Theft DiscoveryIdentity Theft Discovery
    9. 9. Identity Theft ImpactIdentity Theft Impact Identity Theft impacts On Small Business
    10. 10. • Does it start with your employees? • How do you handle records? • 32% of data Breaches are a result of Human Error Data Breaches Identity Theft ImpactIdentity Theft Impact
    11. 11. For the fifth year in a row, data breach costs have continued toFor the fifth year in a row, data breach costs have continued to riserise • The average organizational cost of a data breach this year isThe average organizational cost of a data breach this year is 7% from last year!7% from last year! • Total breach costs an average ofTotal breach costs an average of $314$314 per compromisedper compromised record. (RED FLAGS RULES)record. (RED FLAGS RULES) • 1 in 4 data breach notification recipient became a victim.1 in 4 data breach notification recipient became a victim. Are the Businesses You Frequent or Work for ExposingAre the Businesses You Frequent or Work for Exposing You to an Identity Thief?You to an Identity Thief? Data Breaches Identity Theft ImpactIdentity Theft Impact
    12. 12. Who are Identity ThievesWho are Identity Thieves Protecting Families, Finances, and Your FutureProtecting Families, Finances, and Your Future Who are Identity Thieves?Who are Identity Thieves? Organize crimeOrganize crime GangsGangs Employees (Business and Government)Employees (Business and Government) Family Member or FriendsFamily Member or Friends And thieves of course.And thieves of course.
    13. 13. Drivers License Medical FinancialEmployment SSA & IRS Character & Criminal Minor Children Types of Identity TheftTypes of Identity Theft
    14. 14. Types of Identity TheftTypes of Identity Theft
    15. 15. Drivers License Medical FinancialEmployment SSA & IRS Character & Criminal Minor Children Types of Identity TheftTypes of Identity Theft
    16. 16. Types of Identity TheftTypes of Identity Theft
    17. 17. Drivers License Medical FinancialEmployment SSA & IRS Character & Criminal Minor Children Types of Identity TheftTypes of Identity Theft
    18. 18. Types of Identity TheftTypes of Identity Theft
    19. 19. Drivers License Medical FinancialEmployment SSA & IRS Character & Criminal Minor Children Types of Identity TheftTypes of Identity Theft
    20. 20. • Credit card fraud accounts for less than 17% of identity theft. • A thief can destroy your good credit in a matter of hours. • Financial and media groups have done a great job telling people that identity theft is mostly “credit monitoring.” Types of Identity TheftTypes of Identity Theft
    21. 21. Drivers License Medical FinancialEmployment SSA & IRS Character & Criminal Minor Children Types of Identity TheftTypes of Identity Theft
    22. 22. Types of Identity TheftTypes of Identity Theft “I owe $16,000 on my credit cards, my condo’s in foreclosure and I turn seven on Friday.”
    23. 23. Types of Identity TheftTypes of Identity Theft • Over 3.5 million children have already been victims ofOver 3.5 million children have already been victims of Identity Theft. Of course, this is the number ofIdentity Theft. Of course, this is the number of discovered cases; the actual number may be muchdiscovered cases; the actual number may be much higher.higher. • Unfortunately many cases of Child Identity Theft are not linked to credit. Criminals are using children's identities to commit crimes, apply for Social Security benefits, obtain a driver’s license, and even get medical treatment.
    24. 24. Stealing RFID Data Breaches Methods of Identity TheftMethods of Identity Theft
    25. 25. Conclusion: Our Current Privilege Authorization Systems Are BROKEN Identity TheftIdentity Theft
    26. 26. Protecting Families, Finances, and Your FutureProtecting Families, Finances, and Your Future
    27. 27. Identity Theft Protection TipsIdentity Theft Protection Tips 1. Review a current copy of your credit report. 2. Make sure you shred “junk mail” and unwanted credit card offers! 3. Opt out when you receive Privacy Statements – You must write them to stop companies from sharing your information. 4. Do not carry your Social Security Card – Keep it safe at home. 5. Do not carry extra credit cards. 6. Copy the contents of your wallet and store in a secure place.
    28. 28. Identity Theft Protection TipsIdentity Theft Protection Tips 7. Do not mail bill payments and checks from home. Use locked mailboxes. 8. Do not print your Social Security number or drivers license number on your checks. 9. Order your Social Security Earnings and Benefits statement and check it for accuracy. 10. Examine charges on your credit card statements each month. 11. Never give your credit card number or personal information over the phone unless you initiated the call. 12. Invest in an identity theft protection plan that provides restoration services.
    29. 29. TMTM
    30. 30. • Unfortunately Child Identity Theft is impossible to prevent. Children should not have a credit report, and fraud alerts can not be placed on a report that does not exist. • Parents/Legal Guardians can contact the three credit bureaus and request a credit report. If the response from the credit bureau is “A report does not exist”, then the child does not have a credit file. • All correspondence must be sent certified/return receipt requested to prove you sent the information.
    31. 31. Experian PO Box 9532 Allen, TX 75013 Be sure to include: • A copy of the child’s birth certificate listing the parent as a parent, or documentation showing legal guardianship • A copy of the child's Social Security card • A Cover Letter including the full name of the child, the child’s date of birth, previous addresses for the last five years, and the parent’s name and address • A copy of the parent’s own ID card, such as driver’s license or state/military issued photo id card. • Request the child’s credit report by SSN. Remember thieves may use a different name. Transunion PO Box 6790 Fullerton, CA 92834 Equifax Office of Consumer AffairsOffice of Consumer Affairs P.O. Box 105139P.O. Box 105139 Atlanta, GA 30348Atlanta, GA 30348
    32. 32. It Takes about 60 seconds to find out that you are a victim of identity theft = PANIC Do it Your Self Plan It is an average of 600 hours = 40hrs x 3.75 months to restore a person’s identity Identity Theft PlansIdentity Theft Plans
    33. 33. Identity Theft PlansIdentity Theft Plans • SSN Statement • MIB Group - Medical • Drivers Record Report • Court Records • Credit Reports
    34. 34. Identity Theft PlansIdentity Theft Plans • Monitoring Plans • Reimbursement Plans • Fraud Alert Services • Restoration Plans
    35. 35. Identity Theft PlansIdentity Theft Plans • NO PLAN CAN PREVENT ID THEFT. FLAG-FLAG-FLAG • Monitoring plans are that! Monitors - Smoke Alarm • Some provide for all three Credit Bureaus (Equifax, Experian and TransUnion) • Most only covers financial and not other areas of ID theft • Black Market Surveillance/scanning – monitor known criminal websites – REALLY!! • Reimbursements/1 Million Insurance Plans- not restoration • Must follow explicit instructions to receive – Still have to do the leg work COMPARINGCOMPARING IDID PLANSPLANS
    36. 36. Identity Theft PlansIdentity Theft Plans Restoration Services: • Some restoration sites indicate “ Professional assistance, advocate or specialists” • Meaning Step-by-step instruction • Not Licensed Investigators • Not all offer limited power of attorney COMPARINGCOMPARING IDID PLANSPLANS
    37. 37. Identity Theft BlogsIdentity Theft Blogs • ITAC • FTC • IRS • robtaylorhrm.wordpress.com “Do you Know Where Your Identity Is Today!” • robtaylorid.blogspot.com
    38. 38. Protecting Families, Finances, and Your FutureProtecting Families, Finances, and Your Future

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