Who We Are• Consolidated Credit is

a nationally recognized non-profit organization.

• KOFE is a product of Consolidated Credit’s Financial Education & Wellness Program

What We Do● Financial Education & Wellness

● Financial Counseling

● Online Tools

● Seminars / Webinars / Workshops

● Debt Management Serviceso Credit Cards & Unsecured Debt

● Housing Counselingo Pre-Purchase/ Post-Purchase

o Foreclosure Prevention

o Reverse Mortgages

Preventing Identity Theft

• Identity Theft Facts

• How Identity Theft Happens

• Types of Identity Theft

• Protection from Identity Theft

• What to do if you’re a victim

What is Identity Theft?

• Identity theft occurs when someone steals your personal information to commit fraud or other crimes.

• It can cost you time and money.

• It can negatively impact your credit history.

Identity Theft Facts• Identity fraud cases: over 17.6

million victims

• Consumer fraud cost – $8 billion

• Friendly fraud – 32% family member or friend

• The median total financial loss (victim/creditor) for ID theft = $300

• That’s double the median total loss for physical theft ($150)

Top States for Identity Theft (2017) No. 1: CaliforniaNo. 2: Rhode IslandNo. 3: District of Columbia (DC) No. 4: FloridaNo. 5: GeorgiaNo. 6: MichiganNo. 7: NevadaNo. 8: TexasNo. 9: New YorkNo. 10: Connecticut

Source: https://wallethub.com/edu/states-where-identity-theft-and-fraud-are-worst/17549/and Bureau of Justice Statistics (BJS)

• 4 out of 5 victims of theft don’t know how their information was obtained

• Half of all ID theft cases go unnoticed for at least one month

• 29% of victims spent a month or more resolving a case of theft

• Credit card fraud and theft is common

• Misuse of an existing bank account is involved in many fraud cases

• Most identity theft complaints came from consumers age 40 or older

Identity Theft Facts

• Online

• Your Records

• Mail

• ATMs

• Direct Theft

How Does Identity Theft Happen?

• Rummaging through trash, stealing mail

• Stealing wallets & purses• Phishing emails, stealing

information from unsecured websites

• Phone scams

How Does Identity Theft Happen?

Known Scams• Email scams – Said to net $100+ million annually

• Phishing (email, mail or phone call) – Asked to verify account information & social security numbers

• Credit card scams – An “employee” asks for the code on the back of your credit card

• Unemployment scams – Criminal files for unemployment benefits in your name

• IRS Tax scams - Thief files tax return in your name to receive tax refund

Types of Identity Theft

• Social Security ID theft

• Medical ID theft

• Misuse of personal information

• Misuse of an existing bank account

• Misuse of an existing credit card account

Unemployment Fraud

• A growing trend - Thieves file for unemployment benefits and are awarded government money. This places additional tax burden on all Americans.

• Not to be taken lightly – Thieves may keep victims social security #, address and personal information for future fraud.

• Report it immediately - Call the unemployment office in your state as soon as you find out this is happening.

• Review all of your information

Medical ID Theft

What is Medical Identity Theft?Thief uses your identity or insurance information to obtain medical treatment

Common Warning SignsGetting a bill for services you did not receive

Contact from a debt collector about medical bills

Reaching your benefit limit on your health plan unexpectedly

Preventive Care Keep paper & electronic copies of records in a safe place

Shred health forms, prescription & physician statements & prescription labels before you throw them out

ATM or Debit Card Theft• Act Fast - Your loss is limited to $50 if you notify

the financial institution within 2 business days

• Liabilities - If reported outside of the 2-day window, you are now responsible for up to $500 in damages.

• Great Risk Factor – Possible access to your checking account and potentially your savings if it is with the same bank.

• What to do if your card is lost/stolen

Driver’s License Theft• Most Common Scenario - A criminal racks up traffic violations

on your record

• Identity thief usually is a career criminal which means they may have a record preventing them from getting their own driver’s license

• If a thief successfully represent themselves as you to a member of law enforcement, it can potentially result in criminal identity theft, which is one of the most traumatic types of identity fraud

Steps to Preventing ID Theft1. Keep your personal information

private2. Use strong passwords to lock your

accounts3. Do not click on ads or open emails

from strangers4. Be safe when downloading files5. Beware of phishing scams6. Use firewalls & malware protection7. Understand that public WI-FI may

not be secure

Warning Signs for Fraud

• Denied for applications based on credit

• Errors on your bank or credit card statement

• Errors on your credit report

• Debt collectors are calling

If It Happens to You• File a Police Report

• Place a fraud alert with the 3 major credit bureaus

• Order and review your credit report

• Contact your creditors

• File A complaint with the Federal Trade Commission (FTC) www.FTC.gov/idtheft or

1-877-IDTHEFT

• Notify the Local Postal Inspector

• Contact the Social Security Administration

• Contact the United States Passport Office

• You may need to cancel your checking account

• Inform the Dept. of Motor Vehicles

Fraud Alerts

• Why place a fraud alert?

• How to place a fraud alert?

• Initial alerts (90 days)

• Extended alerts (7 years)

• Credit freeze

Your Rights And Resources

• State laws also regulate and provide extra protections and actions for identity theft and financial fraud.

• Check with your State Attorney General’s website to check for additional consumer protections offered where you live.

Place Fraud Alerts with the Credit Bureaus:Equifax 1-888-766-0008https://www.alerts.equifax.com/AutoFraud_Online/jsp/fraudAlert.jsp

Experian 1-888-397-3742http://www.experian.com/help/identity-theft-victim-assistance.html

TransUnion 1-800-680-7289 http://www.transunion.com/fraud-victim-resource/place-fraud-alert

Request your free annual credit reports:www.annualcreditreport.com or call 877-322-8228 to order mailed copies

Report fraud to the FTChttps://www.identitytheft.gov/Assistant#what-to-do-right-away

Find your State Attorney Generalhttp://www.naag.org/naag/attorneys-general/whos-my-ag.php

Resources

Remember … Life Credit Union can

help you with your financial goals & challenges.

For more information

and additional FREE financial education

visit our website at lifecu.org

Questions?

Contact Anne Wires at anne@lifecu.org

info@kofetime.com

www.kofetime.com

800-901-8304

Please complete the survey after the webinar.