Helping you protect your customers against fraud Division of Finance and Corporate Securities

Helping you protect your

customers against fraud

Division of Finance and Corporate Securities

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Identity theft is prolific in the U.S. and in Oregon. It can strike anyone, anywhere.

• Individuals• Businesses and Organizations• Government Agencies

It has become the number one crime in the U.S.

Oregon ranked #13 in identity theft crime.

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The Cost of Identity Theft

• National business price tag: $48 billion • Consumer price tag: $5 billion• Other tolls: time, credibility, emotional

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ID Theft Prevention — Prepare and Plan

The 2007 Oregon Identity Theft Protection Act• Social Security numbers

• Data breach notification

• Safe-keeping of sensitive information

• Security freeze option

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Definitions

“Security Breach”• Inadvertant release or the theft of personal information in

computerized format

“Personal Identifying Information”• Someone’s name in combination with one or any of these:

Social Security number Driver license number or Oregon identification card number Passport number Financial account number, credit or debit number along with

required security code, access code or password

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Protecting Social Security Numbers

Effective October 1

To prevent the theft of SSN: No posting or displaying (ex: Web site)

No printing on materials sent through the mail if not requested unless redacted

No printing a consumer's SSN on a card used by the consumer that is required to access products or services

*Exceptions:

Records required

by state or federal

law and others

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When sensitive data is stolen

Effective October 1

If computerized personal identifying information you own or maintain is stolen you must send your customers notification.

• When

• What

• How

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When

• As soon as possible

• Delay if action by law enforcement

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What

• Describe what happened

• Explain type of information that was stolen

• Provide contact information

• Add information for national credit reporting agencies

• Give advice in reporting suspected identity theft to law enforcement and the Federal Trade Commission

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How

• Notify credit reporting agencies

• Exception: Use statewide major television and newspaper and your Web site if:

• Cost of notification > more than $250,000

• Number of individuals > more than 350,000

• Gramm-Leach-Bliley Act

• Note – Follow Oregon law for your employees

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How to Protect Customer Data Effective January 1, 2008

To safeguard information you own you must develop, implement and maintain reasonable safeguards including proper disposal.

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Easy and Sensible Steps

Assess

• Take inventory

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Easy and Sensible Steps

• Simplest protection

• Encrypt

Protect

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Easy and Sensible Steps

Reduce

• What kind of personal information do you really need?

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Easy and Sensible Steps

• What’s personal identifying information?

• Security program practices and procedures

• www.OnGuardOnline.gov

Train

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Easy and Sensible Steps

• Test

• Investigate

• Have a security plan

Detect

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Easy and Sensible Steps

• Use your retention schedule

• Make the information unreadable — hard copy or electronic

• New recycling law

Destroy

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• Gramm-Leach-Bliley Act

• Health Insurance Portability and Accountability Act (HIPAA)

• Follow Oregon’s law for your employees

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Requirements for Protecting Data

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Prevention Tool for Consumers: Security Freeze

Effective October 1

• All Oregonians can place a freeze

• Contact Experian, TransUnion, Equifax

• $10 fee for each freeze

• Exception to fee — ID theft victims

• “Thawing” the freeze

• Careful consideration: do you need new credit?

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Security Freeze Procedures

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More Information:

www.dfcs.oregon.govClick on Identity Theft

(503) 378-4140(866) 814-9710

Federal TradeCommissionwww.ftc.govSearch for Identity Theft