All information was acquired from the
United States Federal Trade Commission

Identity Theft

Don't let identity thieves steal your future!

I’m a student; why do I need to be concerned about identity theft? I don’t have a lot of money or assets, why would I be a target for identity theft?

Being a student does not safeguard you against identity theft, one of the fastest growing consumer crimes in the nation. Identity thieves don’t steal your money; they steal your name and reputation and use them for their own financial gain. They attempt to steal your future! Identity theft literally steals who you are, and it can seriously jeopardize your financial future.

Imagine having thousands of dollars of unauthorized debt and a wrecked credit rating because of identity theft. Also, the unfortunate reality of identity theft is that it is you, the victim, who is responsible for cleaning up the mess and re-establishing your good name and credit. The experience of thousands of identity theft victims is that this frustrating experience often requires months and even years.

In fact as a student, you may even be more vulnerable to identity theft because of the availability of your personal data and the way many students handle this data. A recent national survey of college students found that:

• Almost half of all college students receive credit card applications on a daily or weekly basis. Many of these students throw out card applications without destroying them.
• Nearly a third of students rarely, if ever, reconcile their credit card and checking account balances.
• Almost 50 percent of students have had grades posted by Social Security number.

All of these factors make students potential identity theft victims. In addition, as a student, you may be surprised to learn how many of your daily activities expose you to this crime. For example:

• Do you use your personal computer for online banking transactions?
• Do you use your personal computer to buy merchandise or purchase tickets for travel, concerts, or other services?
• Do you receive credit card offers in the mail? Do you discard these documents before you shred of them?
• Do you store personal information in your computer?
• Do you use a cell phone?
• Do you use your Social Security number for identification?
• Do you have a student loan?

You probably answered yes to at least one of these questions about daily transactions that you routinely perform. Each of these routine actions places you at risk of being a victim of identity theft because each of these transactions require you to share personal information such as your bank and credit card account numbers, your Social Security number, or your name, address, and phone number. This is the same personal information that identity thieves use to commit fraud.

What is identity theft?

Identity theft is one of the fastest growing crimes in the United States, costing victims over $5 billion annually. Identity theft occurs when someone else uses your personally identifying information without your knowledge or permission to obtain credit cards, get wireless or phone products and services, obtain loans and mortgages, get a job, and commit other types of fraudulent or even criminal acts, in your name, leaving you responsible for the consequences.

The identity thief uses key pieces of your information such as Social Security and driver’s license numbers to obtain credit, merchandise and services in your name. An estimated 9.9 million consumers were victims of identity theft in 2003, and unfortunately, that number is growing.

If your identity is stolen, you may spend months or even years clearing up the damage thieves have caused to your reputation and credit record. In the time it takes to resolve these issues, you may lose job opportunities and be refused loans for education, housing, or a car. Although you have not committed a crime, been late with a payment, or abused your credit, you are the one who would suffer severe financial consequences as a result of identity theft. As a student or recent graduate, being a victim of identity theft jeopardizes your financial future just as you are beginning to establish your credit record.

Identity theft is a federal crime. The Identity Theft and Assumption Deterrence Act of 1998 made it a federal crime when anyone “knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of the Federal law, or that constitutes a felony under any applicable State or local law.”

HOW DO IDENTITY THIEVES GET MY INFORMATION?

Identity thieves may use a variety of methods to secure personal information about another individual, both hi- and low-tech, including:

• Stealing wallets and purses containing your identification and credit and bank cards.
• Stealing your mail, including your bank and credit card statements, pre-approved credit offers, telephone calling cards and tax information.
• Completing a "change of address form" to divert your mail to another location.
• Rummaging through your trash, or the trash of businesses, for personal data in a practice known as "dumpster diving."
• They fraudulently obtain your credit report by posing as a landlord, employer or someone else who may have a legitimate need for -- and a legal right to -- the information.
• Obtaining your business or personnel records at work or in your home.
• Using personal information you share on the Internet.
• Buying your personal information from "inside" sources. For example, an identity thief may pay a store employee for information about you that appears on an application for goods, services or credit.

HOW DO IDENTITY THIEVES USE MY INFORMATION?

• They call your credit card issuer and, pretending to be you, ask to change the mailing address on your credit card account. The imposter then runs up charges on your account. Because your bills are being sent to the new address, it may take some time before you realize there's a problem.
• They open a new credit card account, using your name, date of birth and SSN. When they use the credit card and don't pay the bills, the delinquent account is reported on your credit report.
• They establish phone or wireless service in your name.
• They open a bank account in your name and write bad checks on that account.
• They file for bankruptcy under your name to avoid paying debts they've incurred under your name, or to avoid eviction.
• They counterfeit checks or debit cards, and drain your bank account.
• They buy cars by taking out auto loans in your name.
• They give your name to the police during an arrest. If they're released from police custody but don't show up for their court date, an arrest warrant is issued in your name.

WHAT IS THE IMPACT OF IDENTITY THEFT ON THE VICTIM?
Victims could be refused loan (car, housing, education) and employment opportunities, be denied credit cards, or be arrested for crimes they did not commit -- these incidents may be the first clue that you've become a victim.

HOW CAN I PROTECT MYSELF FROM IDENTITY THEFT?
Manage your personal information cautiously and wisely by taking the following steps:

• Order a copy of your credit report from each of the three major credit bureaus once a year. By checking your report on a regular basis you can catch mistakes and fraud before they wreak havoc on your personal finances.
• Pay attention to your billing cycles. Follow up with creditors if your bills don't arrive on time. A missing credit card bill could mean an identity thief has taken over your account and changed your billing address to cover his tracks.
• Don't give out personal information on the phone, through the mail or over the Internet unless you've initiated the contact or are sure you know who you're dealing with. Identity thieves may pose as representatives of banks, Internet service providers (ISPs) and even government agencies to get you to reveal your SSN, mother's maiden name, account numbers and other identifying information.
• Place passwords on your credit card, bank and phone accounts. Avoid using easily available information like your mother's maiden name, your birth date, the last four digits of your SSN or your phone number, or a series of consecutive numbers.
• Secure personal information in your home, especially if you have roommates, employ outside help or are having service work done in your home.
• Carry only the identification information and the number of credit and debit cards that you'll actually need.
• Don't carry your SSN card; leave it in a secure place.
• Ask about information security procedures in your workplace. Find out who has access to your personal information and verify that records are kept in a secure location. Ask about the disposal procedures for those records as well.
• Deposit outgoing mail in post office collection boxes or at your local post office, rather than in an unsecured mailbox. Promptly remove mail from your mailbox. If you're planning to be away from home and can't pick up your mail, call the U.S. Postal Service at 1-800-275-8777 to request a vacation hold.
• To thwart an identity thief who may pick through your trash or recycling bins to capture your personal information, tear or shred your charge receipts, copies of credit applications, insurance forms, physician statements, checks and bank statements, expired charge cards that you're discarding, and credit offers you get in the mail.
• Keep your purse or wallet in a safe place at work.
• Secure your computers and the personal information you store on them.

WHAT CAN I DO IF I SUSPECT I AM A VICTIM OF IDENTITY THEFT?
The U.S. Federal Trade Commission has set out the following steps to take if you suspect you are a victim of identity theft.

1. Contact the fraud departments of each of the three major credit bureaus, report the theft, ask that a "fraud alert" be placed on their file and that no new credit be granted without their approval.
   Equifax: 1.800.525.6285
   Experian: 1.888.397.3742
   Trans Union: 1.800.680.7289
2. For any accounts that have been fraudulently accessed or opened, contact the security departments of the appropriate creditors or financial institutions. Close these accounts. Put passwords (not mother's maiden name or Social Security number) on any new accounts they open.
3. File a report with local police or the police where the identity theft took place. Get the report number or a copy of the report in case the bank, credit card company or others need proof of the crime later.
4. Call the ID Theft Clearinghouse toll-free at 1.877.ID.THEFT (1.877.438.4338) to report the theft. Counselors will take their complaint and advise them on how to deal with the credit-related problems that could result from ID theft. The Identity Theft Hotline and the ID Theft Website give consumers one place to report the theft to the federal government and receive helpful information.

Credit Card Theft

The fraudulent use of credit cards is not limited to the loss or theft of actual credit cards. A capable criminal only needs to know your credit card number to fraudulently make numerous charges, including cash withdrawals, against your account. The following are a number of crime prevention tips or recommendations to guard against the illegal use of credit cards.

• Photocopy both the front and back of all your credit cards and keep the copies in a safe and secure location. This will enable you to cancel your credit card as soon as possible if is lost or stolen.
• Endorse all credit cards as soon as they arrive.
• It is advisable not to carry credit cards in your wallet or purse. Carry them separately if possible.
• Carry only the minimum number of credit cards actually needed and never leave them unattended.
• When you write a check, never allow the salesperson to write down your credit card number on the check. If paying by credit card, never let the salesperson write down your driver's license or social security number.
• Avoid signing a blank receipt, whenever possible. Draw a line through blank spaces above the when you sign card receipts.
• Unless you are absolutely confident you are dealing with a reputable company, never give your credit card account number over the telephone.
• Don't be fooled by a scam where a con artist wants to verify your credit card number because you won a prize. One current scam involves con artists who call at random. The thief informs the victim that if their VISA card begins with the number four, the victim wins a prize. However, all VISA cards begin with the number four, and all MASTERCARDS begin with the number five. The only prize the cardholder gets is the fraudulent use of their credit card.
• Notify credit card companies in advance of a change in address.
• Destroy unused credit card applications such as those received in the mail advising the recipient you have been pre-approved for.
• Open billing statements promptly and reconcile and reconcile your card amounts each month, just as would your checking account.
• If you receive a letter stating you should have received a credit card in the mail, and you have not received it, notify the company or lending institution immediately.
• Beware of vendors calling and attempting to sell merchandise or gifts over the telephone. Don’t give them your credit card number.
• Always check catalogues to be sure your credit card number is not on the cover or mail order form. If it is, contact the company and tell them to immediately remove it.
• When you use a credit card to make a purchase, maintain visual contact with card and make sure not extra imprints of your card are made to other charge slips. Destroy all the carbons so no one can obtain your account number.
• It is a good idea to retain your credit receipts and check them against the monthly billing statement.
• In the event your credit is lost or stolen, immediately notify the credit card company. Most issuing banks or companies can be reached 24 hours a day, 365 days a year. The majority of fraudulent purchases are made within 48 hours of the loss.
• Credit card thieves may sometimes call the victim, inform the person that their credit card has been found and that it is being returned. This ploy gives the thief time to go on a charging spree because the card holder never calls to cancel the card.
• By virtue of the Fair Credit Billing Act (FCBA), if you report the loss of a credit card before it is used, the card issuer cannot hold you responsible for any unauthorized charges. If a thief your credit card before you report it missing, the most you will owe for unauthorized charges on each credit card is $50.00.

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