Module 22 - Identity Theft

Question 1

Steps to take if facing identity theft

Answer 1

1. contact issuer of credit/debit card
2. File a police report - (new FTC rules says if you know the perpetrator)
3. File a. complaint with the FTC identity theft department (done online or call) - follow up in writing

Question 2

Credit Card Liability from fraud

Answer 2

$50 maximum - must notify creditor company

Question 3

Debit Card liability from fraud

Answer 3

$50 maximum - must notify bank within 2 days of learning the card is missing. After that the liability could increase to as much as $500.

Question 4

Debit card liability potential if not given notice on fraud charges on statement

Answer 4

Notice must be given to bank of fraud on statements within 60 days of receipt to avoid liability

Question 5

How do you deal with damaged merchandise?

Answer 5

You most likely need to deal with the merchant

Question 6

Initial duration for a credit fraud report alert

Answer 6

90 days

Question 7

First thing to do if a credit or debit card is lost or stolen

Answer 7

cancel the credit cards

Question 8

How long can a credit card fraud alert be extended

Answer 8

7 years