Financial Identity
Theft
Presented By
THANINA MECHERAK
Pre introduction
• Internet & technology has changed the way we live !!
In recent years, the technological revolution has allowed humans to
simplify their daily life. And that is almost because of the
improvement of uses of internet. In fact, previously, people had to
fulfill a number of tasks to accomplish a particular duty. For
instance, to buy clothes, food, or to book concert tickets, they had to
go to the place of sale to get served, even though the distance was far
away. But today, it’s no longer necessary. With just a simple click, all
our orders can be placed online. Using online payment functions,
financial transactions become easier. People may also receive
important messages from their friends, or from other professional
fields directly .
• so, the internet is an important resource for criminals to obtain any
information they want to steal the identity of a person.
Introduction : • There are many types of id
• Identity theft is simply the theft
crime of obtaining the personal
• Driver's License Identity
or financial information of
another person to use Theft :.
their identity to commit fraud, • Mail Identity Theft
such as making unauthorized
• Debit Card Fraud or Credit
transactions or purchases.
Card Fraud (financial id
theft):
Debit and credit card fraud
occurs when someone uses
your card without your
permission
• IN THIS PRESENTATION WE ARE GOING TO
DEAL WITH FINANCIAL ID THEFT
• SO :
- WHAT IS FINANCIAL ID THEFT?
- HOW DOES IT WORK ?
- WHAT ARE ITS TYPES ?
- HOW CAN YOU AVOID IT ?
- HOW TO REPORT IT ?
•
• What Is Financial Identity Theft?
• Financial identity theft is a type of identity theft
whereby a criminal steals personal or financial
information from a victim without their knowledge
in order to commit financial fraud or other crimes.
Like other forms of identity theft
• How Financial Identity Theft Works ?
• Financial ID theft typically involves a criminal
obtaining a credit or debit card number, bank account number, Social
Security number, driver's license number, or other personal
information . They then use the information they obtain in order to
commit financial fraud or crimes. The outcome can be disastrous for
victims, leaving them with substantial debt, empty financial accounts
and lowbalance fees, poor credit (and a resulting
inability to get a loan or a job
• Let’s demonstrate it:
• For example, let's say that Smith is a college student and receives
a phishing email from criminals saying that your account is limited
for security reasons. The email asks Smith to click a link and verify
some information about his account
• and as it bears the credit union's logo and otherwise looks like a
legitimate email, Smith clicks it and is taken to a fraudulent website
that looks like the real credit union's website
Credit union website
He enters his checking account number and debit card pin through a
form on the website, but little does he know that his personal
information is now in the hands of criminals. With his debit card
number and pin, the thieves drain his checking account, and only
when
Smith checks his balance at an ATM and notices a zero balance does
he find out that he has been a victim of financial identity theft.
Besides , financial identity theft can extend beyond your credit card
being compromised to more serious crimes committed in your name
and for which you could be held criminally liable. It's important for
everyone to take steps to avoid it because it can happen to you
regardless of your income level or creditworthiness
Types of Financial Identity Theft
Thieves may steal information about their victims
through low- or high-tech methods, including:
*Purse-snatching: The boldest of thieves may steal a
wallet, purse, or backpack and then retrieve your
credit card, passport, or driver's license to get their
hands on sensitive information
Creative scammers steal PII (including driver’s
licenses or Social Security numbers) to create “
synthetic identities” that they can use to initiate
fraudulent credit transactions. A competent fraudster
can take a stolen SSN, add a different name,
birthdate, address, and phone number to start a new
and fraudulent credit file. They then use the phony
credential to apply for loans, buy merchandise, or
charge credit or debit cards for a variety of services.
*Dumpster-diving: Criminals pilfer
through trash cans or dumpsters and obtain
bills or other documents with personal
information on it
• Eavesdropping: Thieves may "eavesdrop" on
your communication via the Internet or smart
devices to obtain personal information.
• personation: Thieves posing as legitimate
financial institutions or businesses may call their
victims or use phishing emails that mimic those
of real institutions to extract personal information
from them.
Spyware: Spyware within software or emails may get downloaded
onto your computer or other devices when you visit unknown
websites or download unknown email attachments. It acts as a spy
in the sense that it monitors your activity and may transmit your
data to thieves.1
• Common Symptoms of Spyware
. Unusual slowness of your system. Unusual instability in your
system (computer crashes more than usual)
•
How to avoid
spyware ?
You can install avast mobile security to
check if an application installed in your
phone is spying on you
: Avast Mobile Security
• With that information in hand, criminals commonly carry out
fraudulent transactions such as:
Unauthorized purchases or withdrawals: Thieves can make
fraudulent credit or debit card purchases or write checks against
your checking account.
New account creation: Criminals may establish new checking or
savings accounts or other financial accounts or even take out a
mortgage or other type of loan in your name.
Existing account takeover: This occurs when an identity thief
uses an account over a longer period of time, potentially drawing
down your account balance to zero
• How to Avoid Financial Identity Theft?
• It’s scary to realize that everything that you throw away could put you at risk. You
can protect yourself, though. And it’s easier than you think.
Take these steps to keep thieves from profiting off of you:
Dumpster diving is more a threat than you realize. It’s easy for criminals to get at your
personal information if you just throw it away. So protect Keep a watchful eye on purses and
backpacks containing bank cards and avoid leaving them in your car.
Shred bills and other documents with personal information before you throw them
in the trash.
Regularly review bank and credit card statements to ensure that the only
transactions listed are yours.
Don't give out personal information online; reputable financial institutions typically
won't ask for them after you create your account.
Look for warning signs of identity theft, including calls from financial institutions
about unusual transactions, unauthorized charges on bank
• and credit card statements, unfamiliar accounts listed on your credit reports, calls
from collection agencies.
• How to report a financial id theft
crime
• If you think your identity has been stolen, you
should contact your bank or credit card
company, and the police, as soon as possible to
let them know the situation.
• Keys takeaway :
Financial identity theft is when thieves steal your personal
information in order to use it for financial gain.
Such schemes typically involve thieves taking credit card and bank
account numbers, Social Security numbers, and other information
through impersonation and other tactics and using it to make
unauthorized purchases, open new accounts, or take over existing
ones over a prolonged period.
You can avoid financial identity theft by monitoring credit reports
and card and bank statements and not readily giving out sensitive
information.
If you suspect financial identity theft, directly call the police and let
them know ,
•
• sources :
- Wikipedia
- www.identityforce.com
- www.experian.com
- www.which.co.uk
- www.identitytheft.
----THIS PRESENTATION HAS BEEN PROPOSED BY
---- MRS SAHLI
THANK YOU FOR YOUR ATTENTION
