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					     The Third International Forum on
Financial Consumer Protection & Education
 “Fostering Greater Consumer Protection & Education”


  Preventing Identity Theft and Fraud
      Agenda
                                                               Preventing Identity Theft & Fraud




           1. Our Identity
           2. Definition
           3. How Can Identity Theft Happen
           4. Misuse of Stolen Identities
           5. Warning Signs
           6. Preventing Identity Theft
           7. Tackling the Problem




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      Our Identity
                                                               Preventing Identity Theft & Fraud




                  Our identity is a valuable asset
                  It’s a personal part of who we are
                  Open bank accounts
                  Obtain credit cards
                  Apply for loans, mortgages
                  Purchase goods and services
                  Claim benefits




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      Definition
                                                               Preventing Identity Theft & Fraud




                  Identity Theft: An illegal act in
                  which someone accesses and uses
                  the identifying information of an
                  actual person in some way that
                  involves fraud or deception.

                  Identify Fraud: The use of a
                  misappropriated identity in criminal
                  activity, to obtain goods, services
                  or benefits by deception for
                  economic gain without the victim
                  being aware.


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      How Can Identity Theft Happen?
                                                               Preventing Identity Theft & Fraud




                  Your HOME or VEHICLE is burgled and your
                  personal information and documents may be taken.

                  Your personal information may be stolen and used
                  or sold by employees of legitimate BUSINESS.

                  Information found in the TRASH BIN could provide
                  a thief with an opportunity to steal your identity.

                  Many important documents are posted to you and
                  can be stolen from your MAILBOX.


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      How Can Identity Theft Happen?
                                                               Preventing Identity Theft & Fraud




                  Criminals could request for a “change of address”
                  and have your MAIL DIVERTED to another address.

                  Your WALLET contains personal information such
                  as your licence, credit and ATM cards and other
                  personal documents, that may be stolen.

                  You may be the victim of a scam and be conned into
                  providing personal information over the telephone
                  by an IMPERSONATOR (social engineering).



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      How Can Identity Theft Happen?
                                                               Preventing Identity Theft & Fraud




                  SHOULDER SURFING in public place.

                  Your personal computer could be the weakest link,
                  as it is vulnerable to threats posed by HACKING,
                  PHISHING and MALWARE.

                  Most surprisingly, you could have your identity
                  stolen and used by someone you know and trust -
                  FRIEND, RELATIVE or COLLEAGUE.




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      Misuse of Stolen Identities
                                                               Preventing Identity Theft & Fraud




                  Submit false application for credit cards and loans
                  Take over existing accounts
                  Open bank accounts to write bad cheques
                  Open landline or mobile phone account
                  File for bankruptcy
                  Submit false claims on insurance policies
                  Submit fraudulent tax returns to collect refunds
                  Submit claim for unemployment or social security
                  benefits


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      Misuse of Stolen Identities
                                                               Preventing Identity Theft & Fraud




                  Terrorism financing
                  Money laundering
                  People smuggling (human trafficking)
                  Illegal immigration
                  Drug trade
                  Crimes
                  Abuse of government programmes




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      Misuse of Stolen Identities
                                                               Preventing Identity Theft & Fraud




                  Fastest growing crime
                  US in 2003
                        10 million victims
                        US$1 billion loss by lenders
                  UK in 2003
                        Over 100,000 cases
                        £1.3 billion loss
                  Australia in 2002
                        A$1.1 billion loss




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      Warning Signs
                                                               Preventing Identity Theft & Fraud




            You receive bills, invoices or receipts for goods
             which you have not ordered.

            You receive letters or calls from debt collectors
             relating to debts that aren’t yours.

            You receive bank statements for accounts in your
             name which you have not applied for or opened.

            There are transactions on your account statements
             that you don’t recognize.


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      Warning Signs
                                                               Preventing Identity Theft & Fraud




            Important identification documents are missing.

            You stop receiving regular mails.

            You did not receive any mail at all.

            New accounts on your credit report.

            Searches on your credit bureau report that don’t
             relate to any application made by you.



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      Preventing Identity Theft
                                                               Preventing Identity Theft & Fraud




                  Supply your personal information appropriately
                  Check financial information regularly
                  Ask for credit bureau report periodically
                  Maintain a record of important accounts
                  Destroy personal information before disposal
                  Use passwords for important accounts
                  Report loss or theft immediately
                  Secure your mail and personal information



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      Preventing Identity Theft
                                                               Preventing Identity Theft & Fraud




           Computer & Internet
                  Use passwords for protection
                  Change passwords periodically
                  Use anti-virus software
                  Install personal firewall software for online access
                  Beware of unsolicited e-mails (phishing & malware)
                  Transact at secure websites; avoid spoof websites
                  Wipe before disposing hard drive
                  Be wary of using public computers


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      Tackling the Problem
                                                               Preventing Identity Theft & Fraud




                  Stringent verification process to detect fraudulent
                  applications using stolen identities
                  Using scoring technology & neural networks
                  Robust procedure to prevent account takeover
                  Employee screening & training programme
                  One-time password and two-factor authentication for
                  internet banking
                  Fraud Detection System
                  Customer education
                  Information sharing

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      Tackling the Problem
                                                               Preventing Identity Theft & Fraud




           Victim Assistance Programme
                  Citi Identity Theft Solutions
                  Comprehensive service
                  Close unauthorized accounts
                  Credit bureau checks
                  Contact other creditors/banks
                  Police report
                  Monitor account
                  Update status until close
                  Reclaim identity
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      Tackling the Problem
                                                               Preventing Identity Theft & Fraud




                  ID card system
                  Criminal offence for identity theft and fraud
                  Police investigation
                  Sufficient deterrence to criminals
                  Access to public records




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      The End
                                                               Preventing Identity Theft & Fraud




                       THANK YOU

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                                                               Preventing Identity Theft & Fraud




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                                                               Preventing Identity Theft & Fraud




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                                                               Preventing Identity Theft & Fraud




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                                                               Preventing Identity Theft & Fraud




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