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CHAPTER 14   Understanding the Financial System, Money, and Banking   491


                 tronic money or physical cards is lost or stolen, money can be remotely and rapidly
                 removed from a person’s account. The security and privacy of electronic money are
                 paramount to its future success.

                 Ethics and Identity Theft.  Unfortunately, identity theft is a growing problem
                 due to the increased use of electronic money. A major ethical and criminal
                 problem, identity thieves steal credit cards, debt and ATM cards, mail, bank
                 accounts, social security numbers, and so on, in an effort to take your money. They
                 can also assume your identity, open new bank and credit card accounts, and even
                 steal borrowed money in your name. How does this happen? Surprisingly, there are
                 many avenues through which thieves obtain important information, including
                 simple everyday transactions such as writing a check, charging tickets to a concert,
                 doing income tax returns on your computer, calling home on your cell phone,
                 charging some purchase for which a carbon copy is created at the point of pur-
                 chase, ordering new checks, applying for a credit card, or giving your social security
                 number to people other than your employer, insurance agents, and others who
                 have a legal right to such personal information. Of course, you can protect yourself
                 by being vigilant with your private information and annually checking your credit
                 rating (see Exhibit 14.2). Shred credit card applications that come in the mail to
                 prevent someone from rummaging through the garbage. Destroy carbon copies
                 that are made in a credit card purchase yourself. Update virus protection on your
                 computer and use a firewall to prevent hackers from getting private information. Be
                 careful in telephone conversations and in mail correspondence to protect impor-
                 tant information. If you do become a victim of identity theft, call the Federal Trade
                 Commission’s (FTC) Identity Theft Hotline toll-free at 1-877-IDTHEFT (438-4338).
                 Counselors will take your complaint and advise you on how to deal with the credit-
                 related problems that could result. In addition, the FTC, in conjunction with banks,
                 credit grantors, and consumer advocates, has developed the ID Theft Affidavit to help



                 EXHIBIT 14.2
                 Credit Bureau Contact Information
                 The FTC recommends that you order a credit report from each of the three major credit
                 bureaus once a year.

                   Equifax: www.equifax.com
                   To order your report, call 800-685-1111.
                   To report fraud, call 800-525-6285
                   TDD 800-255-0056 or write
                   P.O. Box 740241, Atlanta, GA 30374-0241.
                   Experian: www.experian.com
                   To order your report, call 888-EXPERIAN (397-3742).
                   To report fraud, call 888-EXPERIAN (397-3742) or
                   TDD 800-972-0322 or write
                   P.O. Box 9532, Allen, TX 75013.
                   TransUnion: www.transunion.com
                   To order your report, call 800-888-4213.
                   To report fraud, call 800-680-7289 or
                   TDD 877-553-7803; fax 714-447-6034; email fvad@transunion.com; or
                   write Fraud Victim Assistance Department, P.O. Box 6790, Fullerton,
                   CA 92634-6790.




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