Protecting Your Financial Self
Learning Goals/Objectives:
• Identify actions you can take to prevent and avoid identify theft.
• Identify the potential costs of identity theft.
• Suggest how a person should respond if he or she is a victim of identity theft.
Overview:
To victims of identity theft and fraud, the task of correcting incorrect information about their financial or personal status, and trying to restore their good names and reputations, may seem as daunting as trying to solve a puzzle in which some of the pieces are missing and other pieces no longer fit as they once did. Unfortunately, the damage that criminals do in stealing another person's identity and using it to commit fraud often takes far longer to undo than it took the criminal to commit the crimes. You can take steps to prevent identity theft and respond appropriately if you are a victim.
Activities:
1. Ask participants to define “identity theft.”
Identity Theft: Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception, typically for economic gain. Other terms: scams, online fraud, etc.
FAQs about Identity Theft: http://www.justice.gov/criminal/fraud/websites/idtheft.html
1. Review the “What Should I Do To Avoid Becoming A Victim Of Identity Theft?” content handout.
NOTE: The three reading in this lesson are from the Ohio Attorney General’s web page. The links are noted above.
2. Ask participants to look in their pockets, purses or wallets to find information that can potentially be used by identify thieves. Remind them not tot share specific personal information.
Example: Social Security card/number, account numbers, drivers license, personal identification numbers (PIN), checks, bills,
3. Participants can suggest some possible ways others can possibly use someone’s personal information.
• Opening new credit accounts
• Make fraudulent charges or payments
• Apply for a driver’s license.
• Obtain a credit report or use lines of credit
• Apply for a job.
• Rent an apartment.
• Open a phone or other utility account.
• Create counterfeit checks.
• Commit a crime under the stolen name.
• Sell the information to other thieves.
4. Ask the participants to suggest some simple ways to protect your financial identify.
• Don’t carry unnecessary information in a wallet, purse or leave it lying around.
• Don’t lend IDs or other forms of identification.
• Don’t leave mail out for the mail carrier, Use a locked mailbox.
• Remove your name from phone books, reverse directories, other list, etc.
• Be aware of who is given personal information.
• Opt out of mail offers from credit reporting agencies and direct marketing.
• Limit the number of cards you use and cancel unused cards in writing.
• Keep a list of credit cards with the account numbers, expiration dates, and
phone numbers of the customer service departments in a secure place in case
the cards are stolen. This information will help when canceling the cards.
• Never give account information over the phone unless you know it is safe.
• Don’t throw away receipts in public places or leave receipts lying around.
• Don’t use the last four digits of your SSN, DOB, middle name, pet’s name or
consecutive numbers, boyfriend or girlfriend’s name, name spelled
backwards, or anything else easy to guess as a password.
• Don’t carry passwords or PINs in a wallet or purse, or near the computer.
• Add extra protection to accounts with an additional password.
• Shield ATM or other transactions when entering passwords and PIN numbers.
• Do not give SSN out to businesses just because they ask for it. Ask if there is alternate information that can used instead. If the answer doesn’t make sense, don’t do business with the company.
• Request a randomly generated number for student ID numbers.
• Place a piece of removable, non-transparent tape over the SSN on ID cards.
Keep cards secure. If they are lost or stolen, report it immediately.
• Do not carry SSN in a wallet or purse unless necessary. Keep it secure.
• Review all billing and account statements promptly.
• Don’t throw away sensitive material; destroy it. Shred all personal information.
• Beware of sending personal information over the Internet.
• Regularly review credit reports for suspicious activity. Annual reports are free.
5. Review the Handout, ““What Should I Do To Avoid Becoming A Victim Of Identity Theft?” Stress the “SCAM” acronym as a reminder hint.
6. Distribute and review the Handout, “Resources for (Potential) Victims of Identity Theft.”
7. Summarize by asking participants to suggest how being more aware of identity theft and scams can benefit them in the future.
Materials:
Resources for (Potential) Victims of Identity Theft (in download)
What Should I Do If I Become A Victim Of Identity Theft? (in download)“What Should I Do To Avoid Becoming A Victim Of Identity Theft? (in download)
Assessment:
• Identify the potential risk people take when they provide personal financial information
to others in person or online.
• Identify two specific actions a person can take to reduce their risk of identify theft.
• Demonstrate how to report identity theft and access resources in the event of identify theft.
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