MODULE 11:

Protecting Your Identity and

Other Assets
PARTICIPANT GUIDE

MONEY SMART for Adults

SEPTEMBER 2018
The Federal Deposit Insurance Corporation is an independent agency created by
the Congress to maintain stability and public confidence in the nation’s financial
system. One way we do that is by providing free, non-biased financial education
materials, including this Participant Guide. For more information about our family
of Money Smart products, visit www.fdic.gov/moneysmart.
 PARTICIPANT GUIDE

Contents
Welcome .......................................................................................................................... 2
Module Purpose........................................................................................................... 2
Section 1: Risks to Your Assets ...................................................................................... 3
Assets and Risks .......................................................................................................... 3
Try It: Spotting Risks to Assets .............................................................................. 4
Reducing Risks to Your Assets .................................................................................... 5
Apply It: Risks to My Assets ................................................................................... 5
Section 2: Identity Theft and Fraud ............................................................................... 6
Identity Theft Basics ..................................................................................................... 6
Warning Signs of Identity Theft .................................................................................. 8
Try It: Spotting Warning Signs of Identity Theft ................................................... 9
Steps to Minimize Identity Theft ............................................................................... 10
Apply It: My Action Plan to Reduce Risks of Identity Theft ................................ 11
Reporting Identity Theft and Getting Help ............................................................... 13
Section 3: Insurance and Record-Keeping .................................................................. 15
How Insurance Works ................................................................................................ 15
Types of Insurance ..................................................................................................... 16
Getting Insurance ...................................................................................................... 16
Apply It: Insurance—Do I Have It? Do I Need It? ................................................ 17
Keeping Accurate Records ........................................................................................ 18
Module Closing ............................................................................................................. 19
Remember the Key Takeaways ................................................................................. 19
Take Action ................................................................................................................. 19
Where to Get More Information or Help.................................................................. 20
Pre-Training Survey ...................................................................................................... 21
Post-Training Survey .................................................................................................... 23

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 1
 PARTICIPANT GUIDE

Welcome
Welcome to the FDIC’s Money Smart for Adults!
This is the Participant Guide for Module 11: Protecting Your Identity
and Other Assets. Use it during and after training. Mark it up, write in
it, take notes—it is yours to keep.

Module Purpose
This module covers how to protect your identity and other assets.
This module also:
§ Discusses what to do in the event of identity theft or fraud
§ Explains how insurance can help protect you from financial loss,
and the importance of keeping good records

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 2
 PARTICIPANT GUIDE

Section 1: Risks to Your Assets

We will discuss how to identify risks to your assets and ways you can
reduce those risks.

Key
Takeaway
Being aware of
risks to your assets
prepares you to
take steps to reduce
those risks.

Assets and Risks

An asset is something you own that has value. Risk is the potential for harm. You
can protect the value of your assets by taking steps to reduce risks.

Something you own

Asset = that has value

Risk = Potential for Harm

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 3
SECTION 1: Risks to Your Assets PARTICIPANT GUIDE

Try It: Spotting Risks to Assets

List the risks associated with one of these common assets.

Cash

Home

Car

Job

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 4
SECTION 1: Risks to Your Assets PARTICIPANT GUIDE

Reducing Risks to Your Assets

You cannot eliminate all risks, but you can reduce some of them.
§ Make informed choices that anticipate risks
§ Be careful with personal information
§ Know your rights and responsibilities
§ Get insurance

Apply It: Risks to My Assets

You can complete this worksheet to identify risks to your assets and what
steps you may want to take to reduce those risks.
My Assets Risks to My Assets How I Can Reduce Those Risks

Remember the Key Takeaway

Being aware of risks to your assets prepares you to take steps to
reduce those risks.

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 5
 PARTICIPANT GUIDE

Section 2: Identity Theft and Fraud

We will discuss identity theft and fraud, steps you can take to reduce the
risks of identity theft and fraud, and what to do if it happens to you.

Key
Takeaway
You can reduce your
risk of identity theft.
Help is available if it
happens to you.

Identity Theft Basics

Your identity is an asset.
Identity theft is a crime that happens when someone uses a person’s identifying
information without authority.

What are some examples of documents that have information about identity?

What other pieces of information can thieves use to impersonate someone?

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 6
SECTION 2: Identity Theft and Fraud PARTICIPANT GUIDE

How could you be harmed if someone were able to get some of that information?

Criminals use many techniques to try to trick you into giving them personal
information, including:
§ Phishing: criminals trick you into giving them information, often through email
§ Vishing: phishing by phone
§ Smishing: phishing by text
§ Spear phishing: targeted form of phishing in which criminals try to trick
groups of people that have something in common
§ Pharming: criminals trick you by setting up fake websites that appear
legitimate
§ Skimming: criminals steal your credit or debit card number
§ Social media approaches: criminals trick you into giving them personal
information on social media sites, chat rooms, bulletin boards, mobile apps,
photo sharing sites, and similar places

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 7
SECTION 2: Identity Theft and Fraud PARTICIPANT GUIDE

Warning Signs of Identity Theft

Watch for unexpected transactions or communications that could indicate your
identity has been stolen.
Warning signs of identity theft include:
§ Withdrawals from your bank account that you didn’t make
§ Missing bills and statements
§ Merchants refusing your checks
§ Credit card transactions that don’t go through
§ Letters about accounts you didn’t open
§ Emails about purchases you didn’t make
§ Statements for credit cards you don’t have
§ Debt collectors calling about debts that aren’t yours
§ Passwords or usernames that suddenly don’t work
§ Unfamiliar accounts on your credit reports
§ Medical bills for services you didn’t receive
§ Health records for conditions you don’t have
§ The Internal Revenue Service (IRS) notifies you that more than one tax return
was filed in your name, or that you have income from somewhere you never
worked
§ Notification about a data breach

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SECTION 2: Identity Theft and Fraud PARTICIPANT GUIDE

Try It: Spotting Warning Signs of Identity Theft

Read the scenario and then answer the questions.

Scenario: Kareena Spots Warning Signs of Identity

Theft
On her way home after work, Kareena stops by her
mailbox to pick up her mail. As she walks to her
apartment, she begins reading her mail. She’s happy
to see a letter from her daughter, and a wedding
invitation from her nephew. But she also notices the
following pieces of mail:
§ An envelope from her place of worship
§ An envelope from a dentist’s office
§ An envelope from her bank
§ A thick envelope with coupons
§ An envelope from the county government

Here is more information about each piece of mail Kareena notices. Are there
warning signs of identity theft? Be ready to explain your answers.
Are there
Warning Signs
Piece of Mail of Identity Theft?
An envelope from her place of worship.  Yes  No
On the reverse of the envelope, it says, “Contribute to the
Renovation Fund this month and we will match your donation!”

An envelope from a dentist’s office.  Yes  No

It looks like a bill, yet Kareena doesn't remember going to the
dentist recently.

An envelope from her bank.  Yes  No

It’s marked, “Make the most of your new EasyCard Express!”
Kareena doesn’t remember applying for anything new.

A thick envelope with coupons.  Yes  No

It’s addressed to “Resident.”

An envelope from the county government.  Yes  No

It’s marked “citation notice.” It looks similar to a speeding ticket
she got two years ago.

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 9
SECTION 2: Identity Theft and Fraud PARTICIPANT GUIDE

Steps to Minimize Identity Theft

You can never completely eliminate all risks. However, you can take steps to
minimize some of them:
 Guard your personal information closely. If someone asks for your Social
Security number or other personal information, ask why they need it, how it
will be used, how they will protect it, and what happens if you don’t share it.

 Don’t respond to unsolicited requests. They may be text messages, emails,

or phone calls asking you for sensitive information, such as your Social
Security Number or date of birth.

 Protect your mail. Your mail is often an easy target for an identity thief
because you likely receive and send personal information that way.

 Sign up for direct deposit. This gives thieves less access to your information
because paychecks and checks for public benefits do not go through the mail.

 Clean up your financial trash. Destroy all pieces of paper containing your
personal information before recycling them.

 Review your financial accounts regularly and carefully. Contact your financial
institution immediately if there is a discrepancy in your records or if you
notice something suspicious.

 Beware of identity theft on the Internet. Be cautious about providing bank

account or other personal information online.

 Protect your devices, such as computers, phones, and tablets. Find more
information on staying safe online at www.OnGuardOnline.gov, a Federal
Trade Commission (FTC) resource.

 Review your credit reports at least once every 12 months. Carefully check
your credit reports for activity you don’t recognize. You can request a copy
at www.annualcreditreport.com. Ordering your own credit reports does not
affect your credit scores.

 Keep your important documents secure. This applies to both paper and
electronic documents.

 Beware of disaster-related scams. Con artists take advantage of people after

disasters by claiming to be from legitimate charitable organizations.

 Read scam alerts. The FTC maintains a running list of scams at www.
consumer.ftc.gov/scam-alerts. You can report scams on the FTC site, too.

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SECTION 2: Identity Theft and Fraud PARTICIPANT GUIDE

Apply It: My Action Plan to Reduce Risks of Identity

Theft
You can use this worksheet to list what you want to start doing or do
more of to reduce your risk of identity theft.
Guard my personal information closely

Don’t respond to unsolicited requests

Protect my mail

Sign up for direct deposit

Clean up my financial trash

Review my financial accounts regularly and carefully

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 11
SECTION 2: Identity Theft and Fraud PARTICIPANT GUIDE

Apply It: My Action Plan to Reduce Risks of Identity Theft continued

Beware of identity theft when I use the Internet

Protect my devices, such as computers, phones, and tablets

Review my credit reports at least once every 12 months

Keep my important documents secure

Beware of disaster-related scams

Read scam alerts

Can you think of anything else?

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SECTION 2: Identity Theft and Fraud PARTICIPANT GUIDE

Reporting Identity Theft and Getting Help

The Federal Trade Commission (FTC) is a great source of information on identity
theft and fraud. Visit IdentityTheft.gov.

Create an Identity Theft Report with the FTC

If your identity has been stolen, you are not
alone. One of the best steps you can take
is to create an identity theft report with the
FTC. It proves to businesses that someone
stole your identity and makes it easier to
correct problems caused by identity theft.

Work with Credit Reporting Agencies

Credit reporting agencies, also called credit
bureaus or credit reporting companies, make
credit reports.
You can work with them to:
§ Place a fraud alert on your credit
reports—it's free
§ You can place a one-year initial fraud
alert. You can do this if your identity
has been stolen or if you think it might
be stolen. An identity theft report is not
required. When it expires, you can place
another one.
§ If you have filed an identity theft report, you can place a seven-year extended
fraud alert.

You can contact one of the three nationwide credit reporting agencies at:
§ Experian: www.experian.com/fraudalert, 1-888-397-3742
§ TransUnion: www.transunion.com/fraud, 1-800-680-7289
§ Equifax: www.equifax.com/creditreportassistance, 1-888-766-0008
Whichever one you contact to place the fraud alert must contact the other two.
Dispute inaccurate information on your credit reports.
You can also consider placing a freeze on your credit reports. A credit freeze
makes it less likely an identity thief can open a new account in your name.
To learn more, visit the Federal Trade Commission website at ftc.gov and search
for “fraud alerts” and “credit freeze.”

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 13
SECTION 2: Identity Theft and Fraud PARTICIPANT GUIDE

Communicate with Creditors and Debt Collectors

If your identity has been stolen, the FTC advises that you communicate with your
creditors and debt collectors:
§ Alert them about fraudulent accounts
§ Get copies of documents related to the theft of your identity
§ Ask them to stop contacting you about fraudulent accounts
§ Get written information about fraudulent debts.

Know and Exercise Your Other Rights

You have other federal rights related to identity theft. See IdentityTheft.gov for
more details. In many states, businesses or organizations that lose or misplace
certain types of personal information must tell you if that has happened. To learn
more, go to USA.gov and search for “data breach your-state-name” (for example,
if you lived in Indiana, type "data breach Indiana").

Remember the Key Takeaway

You can reduce your risk of identity theft. Help is available if it
happens to you.

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 14
 PARTICIPANT GUIDE

Section 3: Insurance and Record-Keeping

We will discuss how insurance can reduce the financial impact of a
loss and the importance of keeping accurate records.

Key
Takeaway
Insurance provides
protection from
financial loss. Keep
accurate records
of your assets and
damages to your
property.

How Insurance Works

Insurance can reduce the financial impact of a loss or event covered by the
insurance policy. Insurance is an important way to protect yourself from financial
catastrophe.
Insurance policies provide definitions of terms used and their meanings. Here are
some general definitions of some key terms related to insurance:

Insurance When you take out an insurance policy, you agree to pay this
premium: amount of money on a regular basis to the insurance company.

Covered These are the losses or events that the insurance policy will
loss: cover.

Coverage The maximum amount of money the insurance company will pay.
limit:

Deductible: You agree to pay up to this amount of money per year or per
covered loss.

Copayment: This is the dollar amount you have to pay each time you receive
services or file a claim for a covered loss.

Coinsurance: This is the percentage of each claim you must pay before the
insurance will pay.

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SECTION 3: Insurance and Record-Keeping PARTICIPANT GUIDE

Exceptions or These are limits on insurance coverage or situations the

Exclusions: insurance will not cover. They will be stated in the written
insurance policy.

Claim: This notifies the insurance company you have incurred a loss
that you believe is covered by your insurance policy.

Adjudicate: This means review. The insurance company reviews your claim
and determines if the loss is covered by your insurance policy,
what you owe, and what they will pay.

Types of Insurance
You can review information and tools on various types of insurance from the
National Association of Insurance Commissioners at www.insureuonline.org and
www.naic.org.

Getting Insurance
The types and amounts of insurance you need will depend on your individual
situation. Purchasing insurance is about managing risks to your assets.
Periodically review all your insurance coverages. That way, you will be familiar
with what is and is not covered, see if you need to change your insurance
coverage, and know if you can get a better deal elsewhere.

Shop Around
§ Review state-specific shopping tips at www.naic.org and search for “state
map.”
§ Check out insurance companies. Research a company’s complaint record at
https://eapps.naic.org/cis/. Also, find out what others think about a company’s
customer service by reading online reviews from current customers.
§ Ask for discounts.
§ Compare quotes from several insurance companies.
§ Consider tradeoffs between deductibles, coinsurance, coverage limits and
premiums.

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SECTION 3: Insurance and Record-Keeping PARTICIPANT GUIDE

Apply It: Insurance—Do I Have It? Do I Need It?

Review the list of types of insurance and check if you have it or might
need it.
Do I Have It? Do I Need It?
Don't Don't
Type of Insurance I Might Need Yes No Know Yes No Know
Health insurance
     
Long term care insurance
     
Dental insurance
     
Vision insurance
     
Disability insurance
     
Life insurance
     
Pet insurance
     
Identity theft insurance
     
Vehicle insurance
     
Renter’s insurance
     
Homeowners insurance
     
Flood insurance
     
Other:
     
Other:
     

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 17
SECTION 3: Insurance and Record-Keeping PARTICIPANT GUIDE

Keeping Accurate Records

Keeping accurate records is an important part of making sure insurance
adequately covers your risks.
§ Create and maintain a list your assets:
• See guidance and tools on creating an inventory or list of your
property from the National Association of Insurance Commissioners.
Visit www.insureuonline.org and search for “inventory.”
§ Document any damages and save receipts for related expenses:
• Take videos and/or pictures to record damage to your home, personal
property, or vehicle.
• Save receipts for any expenses you incur as a result of the damage or loss.
• Keep copies for your records and share them with your insurance
company.

§ File claims:
• If you’ve incurred a loss that you believe is covered by your insurance
policy, file a claim as soon as you discover the loss.
• Your policy might include a time limit on when you can file a claim.

Remember the Key Takeaway

Insurance provides protection from financial loss. Keep accurate
records of your assets and damages to your property.

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 18
 PARTICIPANT GUIDE

Module Closing
Remember the Key Takeaways
Section Key Takeaway
1: Risks to Your Assets Being aware of risks to your assets prepares you to
take steps to reduce those risks.
2: Identity Theft and You can reduce your risk of identity theft. Help is
Fraud available if it happens to you.
3: Insurance and Insurance provides protection from financial loss.
Record-Keeping Keep accurate records of your assets and any
damages to your property.

Take Action
You are more likely to take action if you commit to taking action now. One way
to commit is to think about what you plan to do because of what you learned
today. Then write it down.
What will I do?

How will I do it?

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 19
Module Closing PARTICIPANT GUIDE

Will I share my plans with anyone? If so, who?

Where to Get More Information or Help

The Federal Trade Commission (FTC) is a great source of information on
identity theft and fraud. Start to explore the information and tools they have at
IdentityTheft.gov.
Find information and tools on insurance from the National Association of
Insurance Commissioners at www.insureuonline.org and www.naic.org.

If you have a question about a banking product, ask a customer service

representative at the financial institution for help.
If you have a concern, explain to the customer service representative what
happened and what you would like them to do to correct the situation. If that does
not help, consider contacting the federal regulator for that financial institution.
To find out who regulates the financial institution, call the FDIC toll-free at
1-877-ASK-FDIC (1-877-275-3342) or visit www.fdic.gov/consumers/assistance/
filecomplaint.html.

MONEY SMART for ADULTS Module 11: Protecting Your Identity and Other Assets 20
 PARTICIPANT GUIDE

Pre-Training Survey
Your instructor may ask you to complete this pre-training survey before the
training begins.
Please answer these questions:
1. You can eliminate all risks by taking True False
precautions to protect yourself.

2. Both strangers and people you True False

know can steal your identity.

3. Why is insurance important?

a. It can reduce the financial impact of a covered loss
b. It prevents damage from natural disasters
c. It has federally insured deposit protection
d. It allows you to digitally encrypt your information to keep it safe
4. Which of the following are ways to reduce the risk of identity theft?
a. Protect your numbers (Social Security number, credit card numbers, bank
account numbers, etc.)
b. Protect your mail
c. Sign up for direct deposit
d. All of the above

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Post-Training Survey
Your instructor may ask you to complete this post-training survey after the
training ends.
Please answer these questions:
1. You can eliminate all risks by taking True False
precautions to protect yourself.

2. Both strangers and people you True False

know can steal your identity.

3. Why is insurance important?

a. It can reduce the financial impact of a covered loss
b. It prevents damage from natural disasters
c. It has federally insured deposit protection
d. It allows you to digitally encrypt your information to keep it safe
4. Which of the following are ways to reduce the risk of identity theft?
a. Protect your numbers (Social Security number, credit card numbers, bank
account numbers, etc.)
b. Protect your mail
c. Sign up for direct deposit
d. All of the above

About the Training

Check the box that best describes your agreement or disagreement with each of
these statements.
Completely Somewhat Somewhat Completely
agree agree disagree disagree

5. I would recommend this training to others.

6. I plan to apply what was discussed in this
training to my life.
7. The instructor used engaging training
activities that kept me interested.
8. The instructor was knowledgeable and
well prepared.
9. The Participant Guide is clear and helpful.

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 PARTICIPANT GUIDE

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Visit the FDIC’s website at www.fdic.gov/education for more information and
resources on banking-related issues. For example, FDIC Consumer News provides
practical hints and guidance on how to become a smarter, safer user of financial
services. Also, the FDIC’s Consumer Response Center is responsible for:
§ Investigating all types of consumer complaints about FDIC-supervised
institutions
§ Responding to consumer inquiries about consumer laws and regulations
and banking practices

You can also call the FDIC for information and assistance at
877-ASK-FDIC (877-275-3342).

MONEY SMART for Adults

PARTICIPANT GUIDE
Module 11: Protecting Your Identity and Other Assets

September 2018
www.fdic.gov/education