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Identity Theft and Financial Privacy

Exam Questions: 40
Course Level: Basic
Pages: 236 | Content: 192, Supplemental: 44
NASBA Area of Study: Business Law
Not Acceptable for: Enrolled Agents
Version: 5585G

More than ever before, the information explosion has led to the expansion of a crime in the form of identity theft. This course provides an overview of the problems of identity theft, types of identity theft, and remedies available for its victims. In addition, it will look at suggestions for businesses to use to reduce the risk of such crimes. Lastly, the course focuses on several rules mandating practices for financial firms to safeguard client information. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Introduction to Identity Theft
  • Common Schemes in Identity Theft
  • Victims of Identity Theft
  • Other Forms of Identity Theft
  • How to Protect Yourself When Using Technology
  • Social Security Numbers
  • Identity Theft and Business
  • The Financial Privacy Requirements of the Gramm-Leach-Bliley Act
  • Financial Institutions and Customer Data: Complying with the Safeguards Rule
  • The Disposal Rule and the Red Flags Rule
Objectives
  • To identify the most common reasons for identity theft
  • To recognize the requirement of consumer reporting agencies to provide individuals with credit reports
  • To identify common schemes used in perpetrating identity theft
  • To recall the impacts of using fraud alerts
  • To recall an individual's limited responsibility for unauthorized credit card charges
  • To identify common sources for child identity theft
  • To recognize the impact on a victim of criminal identity theft
  • To recognize the security measures that should be taken due to advances in wireless technology
  • To identify the control recommendations for protecting the security of social security numbers
  • To recognize ways businesses can help prevent identity theft
  • To recall the requirements of the Gramm-Leach-Bliley Act
  • To identify what is governed by the Financial Privacy Rule
  • To recognize who is impacted by the Safeguards Rule
  • To recognize the impact of the federal Disposal Rule
  • To recall who must comply with the Red Flags Rule

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.