Identity Theft Flashcard

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What is identity theft?

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Identity theft is the act of obtaining and using someone else's personal information, such as their name, Social Security number, or credit card information, without their permission, typically for financial gain.

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What is the maximum liability for unauthorized credit card charges under U.S. law?

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Under U.S. law, the maximum liability for unauthorized credit card charges is $50.

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What is phishing?

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Phishing is a fraudulent practice where attackers send emails that appear to be from reputable sources to trick individuals into providing personal or confidential information.

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What should you do first if you suspect identity theft?

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If you suspect identity theft, the first step is to call one of the three major credit reporting companies (Experian, TransUnion, or Equifax) to place an initial fraud alert on your credit report.

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What are common methods of online scams?

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Common methods of online scams include phishing, tech support scams, and the 'Nigerian' email scam.

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How can you protect your personal information from identity thieves?

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You can protect your personal information by shredding sensitive documents before disposal and being cautious about sharing personal information online.

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What is a fraud alert?

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A fraud alert is a notification placed on your credit report that warns creditors to take extra steps to verify your identity before granting credit.

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What is the purpose of shredding documents?

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Shredding documents helps prevent identity thieves from accessing your personal information by destroying sensitive documents that contain identifiable information.

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What is the difference between phishing and pharming?

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Phishing involves tricking individuals into providing personal information through fraudulent emails, while pharming redirects users from legitimate websites to fraudulent ones without their knowledge.

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What should you do with old bank statements?

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You should shred old bank statements to protect your personal information from identity theft.