What to Know, What to Do

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Protecting Your Identity:

What to Know, What to Do

BRUMMET & OLSEN, LLP

C tifi d P bli A t t d C lt t Certified Public Accountants and Consultants

Kedra J. Olsen, CPA

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Overview

Identity protectiony p

• Protection from what?

• Warning signs of identity theft

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What is identity theft?

Identity theft:y

• Someone steals your personal information

• Uses it without permission

• Usually for economic gain

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Warning Signs

How do you know if your identity was stolen?

• Mistakes or unusual charges on credit card or bank accounts

• Mistakes or unusual charges on your Explanation of Medical

• Mistakes or unusual charges on your Explanation of Medical Benefits

• Regular bills go missing and are not received in the mailg g g

• Calls from debt collectors for debts that aren’t yours

• Notices from the IRS or problems e-filing your tax returns

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How does identity theft happen?

Identity thieves will:

• steal information from trash, a business, your smart refrigerator or your carg y

• trick you into revealing information on the phone or online

• take your wallet or purse

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How does identity theft happen?

Dumpster Diving at home or business

• “Shoulder Surfing” or listening in public places

• Telephone Scams and “Preapproved Credit Cards”

• Telephone Scams and Preapproved Credit Cards

• Emails scams and “phishing”

• Hacking (ie Target, Neiman Marcus, TJ Maxx, etc)

• Your right to a free credit report every 12 months. To order:

order:

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Reduce Your Risk

Identity protection means treating your personal information y p g y p with care.

Make it a habit.

like buckling your seatbelt or

• like buckling your seatbelt, or

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Reduce Your Risk

Read your bank statements, credit card and account statements, y and Explanation of Medical Benefits.

• Look for charges you didn’t make

• Look for charges you didn t make.

• Be alert for bills that don’t arrive when you expect them.y p

• Follow up if you get account statements you don’t expect.

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Reduce Your Risk

Respond quickly to notices from the Internal Revenue Service p q y that alert you to:

• You filed more than one tax return or one has already been filed using your information

filed using your information

• You owe taxes for a year when you were not legally required to file and did not file

• You were paid wages from an employer where you did not work

• If someone has used your Social Security number on a tax y y return, contact IRS’s Specialized Identity Theft Protection Unit

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Reduce Your Risk

For tax refund

fraud-• File Form 14039 – Identity Theft Affidavit

• File police report with the local police department

R i PIN f IRS f b t fili

• Receive PIN from IRS for subsequent filing

Secure your Social Security Number. If someone asks Secure your Social Security Number. If someone asks

for it, ask:

– Why do you need it? How will it be used?

– How will it be used?

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Reduce Your Risk

Protect Your Personal Information.

• Keep your important papers secure.

• Be careful with your mail.

• Shred sensitive documents.

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Reduce Your Risk

Be alert to online impersonators.p

• Do you know who is getting your personal information?

• Don’t click on links in emails.

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Reduce Your Risk

Protect your computer.y p

• Use anti-virus software, anti-spyware software, and a firewall.

Create strong passwords

• Create strong passwords.

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Reduce Your Risk

• Encrypt your data. There are software programs for this.

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Reduce Your Risk

• Lock up your laptop.

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What to do if someone has

t l

id

tit ?

stolen your identity?

• Act fast to limit the damage.

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If your identity is stolen…

STEP 1: Place an initial fraud alert on your credit report.y p

• Contact any one of the three nationwide credit reporting companies.

• Equifax 1-800-525-6285Equifax 1 800 525 6285

• Experian 1-888-397-3742

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If your identity is stolen…

Step 2: Order your credit reports and notify your credit card p y p y y companies and banks. After this is done, notify other

creditors such as utilities, Internet provider, etc.

• Contact each of the three credit reporting companies.

• ID theft victims get a copy of their reports for free.

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If your identity is stolen…

Step 3: Create an Identity Theft Report.

• Gives you rights that help you to recover more quickly.

• File a complaint with the FTC

• File a complaint with the FTC.

– Ftc.gov/complaint or 1-877-438-4338.

– This will become your FTC Affidavit.

• Contact the Internal Revenue Service

• Contact the Illinois Attorney General’s Office

• Contact the Illinois Attorney General s Office

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Contact the FTC, IRS and Illinois

Att

G

l’ Offi

Attorney General’s Office

• File an identity theft complaint with the FTC:y p

– ftc.gov/complaint

– 1-877-ID-THEFT

– 1-877-438-43381 877 438 4338

• Learn more identity theft:

– ftc.gov/idtheft

C S S

• Contact IRS Identity Protection Specialized Unit

• 1-800-908-4490, ext 245

• www.irs.gov

• Lisa Madigan, Illinois Attorney General, ID Theft Hotline

• 1-866-999-5630