Identity theft continues to be one of the fastest growing crimes in the United States, and has ranked as one of the top consumer concerns for the past several years. The Federal Deposit Insurance Corporation (FDIC) has produced a multimedia presentation to help consumers protect themselves from identity theft. The presentation provides information on steps consumers should take to secure their computer and protect themselves from identity theft, as well as actions consumers should take if they become a victim of identity theft.

Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams

One common example involves con artists soliciting people who need Jobs to work part-time from home but the end result is that the new "employer" commits identity theft or check fraud. Another involves "mystery shopper" programs for which consumers are supposedly hired to report on their experience doing business at a retailer but instead lose money in a fake check scam.

You can protect yourself from these and other financial scams by being extremely skeptical of unsolicited offers that involve "updating" or "confirming" personal information or requirements that you send a payment or provide bank account information before receiving anything in return.

Also, walk away from any offer from a stranger that would involve a large check to be deposited into your account and instructions to wire any of that money back, perhaps to someone in another country. In this type of scam, victims may end up owing thousands of dollars to the financial institution that wired the money.

For more information, see our tips in the Winter 2008/2009 FDIC Consumer News at the FDIC.

Reprinted with permission from FDIC Consumer News

Notice
The information provided in this guide is presented in a non-technical way and is not intended to be a legal interpretation of the FDIC's laws and regulations on insurance coverage. For greater detail concerning the technical aspects of insurance coverage, depositors or their counsel may wish to consult the Federal Deposit Insurance Act (12 U.S.C.1811 et seq.) and the FDIC's regulations relating to insurance coverage (12 C.F.R. Part 330).

Federal law expressly limits the amount of insurance the FDIC can pay to depositors and no representation made by any person can increase that coverage.