Identity Theft and Fraud
Protecting Your Identity

Identity Theft

Identity theft is one of the fastest growing white-collar crimes in the nation. It is becoming more sophisticated and the number of new victims is growing. A consumer’s identity can be stolen by simply stealing information from your mail or garbage or through sophisticated phone and online schemes. Identity thieves need only to obtain your name, address, an account number and/or your social security number to take over your identity.

As a consumer, you can avoid identity theft by being aware of the various schemes and consciously taking basic precautions.

Common Ways Your Identity Can Be Stolen

• On the Internet – through “phishing” or “spam” emails and leaving personal information on unsecured websites.
• “Dumpster Diving” – people that go through your garbage cans or a communal dumpster to obtain copies of your checks, credit card or bank statements.
• Through your mail – be conscience of bank and credit statements and preapproved credit card applications.

Phishing

"Phishing" is a scam that involves identity thieves “fishing” for your personal and financial information. This is how it works:

• A consumer receives an e-mail which appears to originate from a financial institution, government agency, or other well-known/reputable entity.
• The message describes an urgent reason you must "verify" or "re-submit" personal or confidential information by clicking on a link embedded in the message.
• The provided link appears to be the Web site of the financial institution, government agency or other well-known/reputable entity, but in "phishing" scams, the Web site belongs to the fraudster/scammer.
• Once inside the fraudulent Web site, the consumer may be asked to provide Social Security numbers, account numbers, passwords or other information used to identify the consumer, such as the maiden name of the consumer's mother or the consumer's place of birth.

Other phishing scams include text messages, phone calls or recorded messages requesting verification of your credit card or bank account information and emails that are job offers, surveys, prizes & awards, gift certificates, sponsors or charities or money laundering schemes.

Whaling

While normal “phishing” efforts depend on reaching the greatest number of people with one email, “whaling” targets top level executives at organizations with a personalized email.

• Emails appear to be sent from a legitimate business authority (Better Business Bureau or the U.S. Tax Court).
• These emails are in regards to a complaint with the Better Business Bureau, a recruitment company, information about an invoice or a tax matter.
• Links embedded in these emails will ultimately install malware on your computer.
• Bottom line – never open an email or forward it to a staff member unless you are sure of the identity of the sender.

How to protect yourself

• Protect your Social Security Number, credit card and debit card numbers, PINs (personal identification numbers), passwords and other personal information.
• Review bank statements and credit card bills carefully.
• Shred old statements, financial documents, bills, pre-approval credit card offers or other documents with sensitive personal information.
• Financial institutions and government agencies will never ask for personal or account information over the phone or online. Never provide the information unless you have initiated the contact. If you think the contact may be legitimate, contact the institution yourself.
• Disregard "too good to be true" offers.
• Review your credit report annually. AnnualCreditReport.com provides consumers with the secure means to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies in accordance with the Fair and Accurate Credit Transactions Act (FACT Act). You can also contact each credit bureau separately.

  Credit Bureaus

  
  Equifax
  PO Box 740241
  Atlanta, GA 30374
  To report Fraud: (800) 525-6285
  To order a credit report (800) 685-1111
  www.equifax.com
  
  Experian
  PO Box 2002
  Allen, TX 75013
  To report Fraud: (888) 397-3742
  To order a Credit Report: (888) 397-3742
  www.experian.com
  TransUnion
  PO Box 2000
  Chester, PA 19022
  To report fraud: (800) 680-7289
  To order a credit report: (800) 888-4213
  www.transunion.com

If You Become a Victim

If you are a victim of identity theft you should contact the proper authorities immediately.

• Contact creditors or financial institutions for any account that have been tampered with or opened fraudulently.
• Contact the fraud departments of each of the three major credit bureaus.
• File a report with your local police.
• File a complaint with the Federal Trade Commission at www.ftc.com or 1-877-IDTHEFT.

Fraud

In addition to identity theft, consumers should also be aware of other scams that attempt to trick individuals into giving them money. Many of these include counterfeit cashier’s checks.

• Notification you have won a lottery and once you pay a "processing" fee or transfer charge, you will receive the money. The fraudster takes your money and you never get your "winnings".
• Emails from overseas seeking your help to cash a check - You are instructed to cash the check, keep a portion for yourself and send a check to them for the difference.
• An offer to purchase an item you are selling online and sending a check for more than the purchase price. Then you are asked to cash the check and send them the difference.
• After you’ve sent the money, you learn that the check you cashed is counterfeit and the bank has offset the amount of the check against other funds in your account.

How can you avoid these types of fraud?

• If it sounds too good to be true, it’s not true!!
• Be wary of any offer that requires you to wire money or withdraw cash from your account.
• Contact the issuing bank to attempt to verify the validity of the cashier’s check before depositing the item. Do not use a phone number that is listed on the check in question.

Helpful Links

FTC – Take Charge: Fighting Back Against Identity Theft

FTC - Identity Theft Victim’s Statement of Rights

FDIC Video: Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams

FDIC Phishing Brochure

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