How Should You Respond to the Theft of Your Identity?

by
Cybercriminal in hoodie stealing a password.

Table of Contents

Introduction

Dr Credit Image for Quick Personal Loan even with Bad Credit

Identity theft is a serious crime that can affect your finances, credit, and reputation. Identity theft occurs when someone uses your personal information, such as your name, Social Security number, bank account number, or credit card number, without your permission to commit fraud or other crimes. Thieves can use your information to open new accounts, make purchases, apply for loans, file taxes, or get medical services in your name.

Identity theft can cause many problems, like losing money, lowering your credit score, and facing legal issues. To protect yourself and respond to identity theft, follow these best practices and use reliable resources. For more information on preventing identity theft, check out this article – Identify Theft Hacks: Your Easy Prevention Plan.

Whether you suspect or confirm that your identity has been stolen, here are some things you should do:

Step 1 – Contact the Companies Where Fraud Occurred

Contact the companies involved immediately if you see suspicious activity on your accounts. Call their customer service or fraud department to inform them that your identity has been stolen.

Ask them to close or freeze your accounts, stop any transactions, and send you a confirmation letter. Have them remove any charges or fees that resulted from the fraud.

Be sure to record all your communications with the companies, such as the date, time, name, and phone number of the person you spoke with and any reference number or confirmation code they gave you.

Finally, please keep copies of any letters or emails you sent or received from them.

Review this article that discusses the Warning Signs of Identity Theft on the Federal Trade Commission website for more information on knowing if you have been impacted by identity theft.

Step 2 – Place a Fraud Alert on Your Credit Reports

If you think someone stole your identity, take these steps:

  1. Contact the credit bureaus to place a fraud alert.
  2. The fraud alert tells lenders to verify your identity before opening or changing accounts.
  3. This can help stop identity thieves from using your name for new accounts.

You can place a fraud alert on your credit reports by contacting one of the three major credit bureaus: Equifax, Experian, or TransUnion. Contact one of them; they will share your request with the other two. Place an initial fraud alert that lasts for one year. If you have a police report or the Federal Trade Commission identity theft report, the extended alert lasts seven years.

Next, watch your credit health and request free copies of your credit reports from the three credit bureaus once a year.

Look for errors or signs of fraud. You can get your free reports at annualcreditreport.com.

For more information on How to Set Up a Fraud Alert on your credit report, check out this article at BusinessInsider.com.

Step 3 – Report the Identity Theft to the Authorities

The third thing you should do if you confirm that your identity has been stolen is to report the identity theft to the authorities. Reporting identity theft can help you recover from the damage, protect your rights, and prevent further fraud.

Report Identity Theft to Authorities

  • The Federal Trade Commission (FTC). The FTC is the federal agency that handles consumer protection and identity theft complaints. You can report the identity theft to the FTC online at IdentityTheft.gov or by calling 1-877-ID-THEFT (1-877-438-4338). The FTC will help you create an identity theft report, which is a document that proves that your identity has been stolen and that you are working to resolve the issue. The identity theft report can help you remove fraudulent information from your credit reports, stop collection calls, and limit your liability for unauthorized charges.
  • The local police. You should also report the identity theft to your local police department and file a police report. The police report can help you support your identity theft claim and provide evidence for any legal action. You should bring a copy of your FTC identity theft report, a government-issued ID, proof of address, and any other documents that show the fraud to the police station. You should also request a copy of the police report and keep it for your records.
  • The Internal Revenue Service (IRS). If you suspect or confirm that someone has used your Social Security number to file taxes, get a refund, or get a job, you should report the identity theft to the IRS. You can report the identity theft to the IRS online at IRS.gov/identitytheft or by calling 1-800-908-4490. The IRS will help you protect your tax account, verify your identity, and resolve any tax issues related to identity theft.

Taxpayer Guide to Identity Theft

For more information about how to report identity theft to the authorities, you can visit this website or read this article on the IRS website – Taxpayer Guide to Identity Theft. The IRS offers a free informational publication – Identity Theft Information for Taxpayers – with essential information and contact points for reporting identity theft.

Step 4 – Change Your Passwords and PINs

The fourth thing you should do if you confirm that your identity has been stolen is to change your passwords and PINs for all your online accounts and devices. Changing your passwords and PINs can help you prevent further access to your personal and financial information by identity thieves. You should also enable two-factor or multi-factor authentication for any account that offers it, as it adds an extra layer of security to your login process.

Create Strong and Unique Passwords

Using strong and unique passwords for all your accounts and devices is essential. Avoid using easily guessable information like your name or birthdate. Try using a password manager to keep track of your passwords securely.

Step 5 – Monitor Your Accounts and Credit Reports

After confirming identity theft, one crucial step is regularly checking your accounts and credit reports for any signs of fraud. This helps you spot any unauthorized activity or errors. Monitor your transactions, balances, and personal information for any unusual changes. Use alerts or notifications from your bank, credit card company, or credit bureau to keep track of your financial activity.

Review Your Statements and Bills

Make sure to review your statements and bills carefully. If you notice any errors or mistakes, contact the companies right away. It’s also a good idea to check your credit reports annually from the three major credit bureaus. If you find any incorrect or fraudulent information, dispute it immediately. Another option is to place a credit freeze on your reports to prevent unauthorized accounts from being opened in your name.

I use Aura to monitor all my accounts for Identity Theft. In addition to the basic protections, I also use Aura’s Virtual Private Network, Antivirus, and Financial Fraud Protection features. One of the best features of Aura’s plans is that all plans are backed by a $1,000,000 insurance policy to cover eligible losses and fees due to identity theft and 24/7 customer support.

Conclusion

Identity theft can cause various issues, such as financial losses, credit score drops, and legal problems. It is crucial to take appropriate measures to respond to and protect against identity theft. This article provides best practices, resources, and actionable steps to address identity theft effectively.

  • Contact the companies where the fraud occurred
  • Place a fraud alert on your credit reports
  • Report the identity theft to the authorities
  • Change your passwords and PINs
  • Monitor your accounts and credit reports

Consult professionals and stay updated to protect yourself from identity theft.

I hope this article has been helpful and informative for you. If you want to learn more about identity theft and other related topics, you can check out some of the following resources:

Thank you for reading, and stay safe!

About Mike Greco MBA

Dr Credit Image for Quick Personal Loan even with Bad Credit

Mike Greco MBA is a business, finance, and technology website.

Learn more about site founder Mike Greco and his recent eBook – The Debt Free Journey.

Mike is an AI enthusiast and publisher of AI Insights, a LinkedIn Newsletter.

Contact Mike using the form below.