Identity Theft and Protection (Course Id 1957)

Business Law - Business Law for Course Id 1957

Identity theft is a common type of fraud. Anyone can be targeted; from a household, business, to a nation. Identity theft impacts not just the victims, but their families, friends, employers, and the organizations involved. There is a need for better education and awareness regarding the threat of identity theft. This course explains what identity theft is and how federal laws protect victims of identity theft. It discusses how criminals steal identity and addresses common schemes they use. It also helps you recognize warning signs and identify methods that secure your identity. Finally, the course discusses how businesses and organizations protect personal information collected and respond to data breaches. Real-life cases and tips to protect yourself against identity theft are included as well.

NASBA QAS - Text - Technical - NASBA Registry - 1957

Course Learning Objectives

1. Recognize legislation that protects identity theft victims
2. Recognize how criminals commit acts of identity fraud
3. Identify ways you can help prevent and detect identity theft
4. Identify actions to take if you become a victim of identity theft
5. Recognize how businesses and organizations protect personal information collected

Chapter 1 - Identity Theft and Protection

Part 1: What is Identity Theft?

I. Facts and Statistics

II. Legal Protections against Identity Theft

A. Identity Theft and Assumption Deterrence Act

B. Fair Credit Reporting Act

C. Fair and Accurate Credit Transactions Act

D. Identity Theft Penalty Enhancement Act

E. Identity Theft Enforcement and Restitution Act

Review Questions - Part 1

Part 2: How Identity Theft Occurs

I. Common Identity Theft Schemes

A. Exploitation of Human Emotions

B. Technological Schemes

C. Non-Technical Schemes

II. Types of Identity Theft

A. Financial Identity Theft

B. Tax-Related Identity Theft

C. Medical Identity Theft

D. Criminal Identity Theft

Review Questions - Part 2

Part 3: How to Protect Yourself from Identity Theft

I. Recognize Warning Signs

II. Secure Your Identity

A. General Rules

B. Credit and ATM or Debit Cards

C. ATM or Debit Cards

III. Minimize Further Damage

A. Preventing the Thief from Opening More Accounts

B. Restoring Your Financial Reputation and Credit Score

C. Limiting Your Losses

Lessons Learned from Victims of Identity Theft

Stolen Debit Card and Tax Return

Stolen Money Market Checkbook

Review Questions - Part 3

Part 4: How Businesses and Organizations Secure Personal Information

I. Comply with the Red Flags Rule

II. Implement a Prevention Program

A. Identify Relevant Red Flags

B. Detect Red Flags

C. Respond to the Detected Red Flags

D. Periodically Update the Program

III. Protect Sensitive Data

A. Conduct an Inventory

B. Develop a Privacy Policy

C. Create Layers of Security

D. Raise Employee Awareness

IV. Respond to Data Breaches

A. Secure the Operation

B. Fix Vulnerabilities

C. Notify Appropriate Parties

Review Questions - Part 4

Appendix A: When Information Is Lost or Exposed

Appendix B: Sample Letters to Dispute Fraudulent Charges

Appendix C: Model Letter to Notify Stakeholders about a Data Breach

Glossary