San Diego, CA. - "Risk Management in Today's
Environment: Assisting Your Clients to Reduce Their Risk
of Identity Theft and Fraud" was the title of the
presentation made before Certified Financial Planners (CFP)
at the 2006 annual meeting of the Certified Financial
Planner Board of Standards, Inc., by the ICFEs'
executive director, Paul S. Richard, who is also a
Certified Identity Theft Risk Management Specialist. The
presentation was made on August 4th at the Los Angeles
The one hour session, attended by approximately 150 CFPs
focused on the growing threat of credit and identity
theft to clients and also the procedures Practices CFP's
must now employ to ensure their clients personal and
private information doesn't fall into the wrong hands
and place the CFP's at risk for legal and financial
liability. Those CFPs who attended earned one Continuing
Education (CE) credit hour.
About one quarter of the CFP's attending the session
indicated they had been the victim of credit and
identity theft and about the same number said they
clients who were victims.
The session began with an identity theft quiz, on a
PowerPoint presentation, from the U.S. Justice
Department. It was followed by another PowerPoint show
which helped the certificants understand the different
types of identity theft such as financial, criminal,
identity cloning and business/commercial identity theft.
The presentation covered credit reports and the free
annual disclosures required by the new Fair and Accurate
Credit Transactions Act (FACTA) law. Attendees were also
warned about all the imposter web sites touting "free
credit reports." Included in the free annual disclosures
are specialty reports from such organizations as
ChoicePoint which reports on insurance matters and check
systems, which reports on non-sufficient funds checks
written by business and consumers. Also covered were new
consumer protections written into FACTA which included
fraud alerts, active duty alerts, and credit freezes.
The presentation included a summary of the Fair Credit
Reporting Act and enhancements to the disputing of
credit reports, an explanation of the seven year clock
which covers how long a negative item can remain on a
The principal areas of vulnerability for businesses,
including financial planning firms, were explained. This
included employees of businesses who are victims, the
customers who are victims and the businesses who are
holders of protected information. The responsibilities
of businesses as holders of protected information were
explained and what the legal and financial liabilities
were to those who violated the FACTA law.
The limitations of credit monitoring, which is often
offered as a feel good solution to victims, were
presented and why it gives victims a false sense of
security. Other identity theft services and insurances
were also discussed. The session ended with numerous
questions and answers.
Two ICFE programs are accepted by the CFP Board of
Standards for CEUs. They are ICFE Certified Credit Report
Reviewer (5 CEUs) and ICFE Certified Identity Theft Risk
Management Specialist (30 CEUs).
For more information about the ICFE's certification
programs or how to have an identity theft presentation
made for your group or organization, please contact the
ICFE @ 619-239-1401.
About the ICFE:
The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation). The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely.
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.
The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org). CASDRAP disbanded in 2010, shortly after the web site project was completed. In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.
The ICFE is also an on-line help for consumers who spend too much. ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.
Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org. Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G, a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.