The first step of your recovery plan is to call the credit bureaus. Ask the credit bureau for an initial fraud alert. It is free and lasts for 90 days. The fraud alert makes it harder for thieves to open accounts in your name.
Most of us know the importance of making our passwords and PINs secure and keeping them out of fraudsters' hands. But even simple details such as your full name, date of birth and address can be used to commit identity fraud. Often criminals don't need to look very hard to find out where you live or when you were born.
The wide-range of identity theft-related crimes makes it hard to put a clear timeframe on recovery. However, on average, it can take over six months and 100–200 hours of your time to discover, resolve, and recover from the effects of identity theft [*].
Identity theft generally occurs in three stages: acquisition, use, and discovery. The crime may begin with a lost or stolen wallet, credit card information stolen during a transaction, a data breach, a computer virus, phishing, or a scam.
What should you do if you are a victim of identity theft or fraud? You should immediately notify the police, the bank, and the credit card holders.
Identity thieves will use your personal information, including your name, birthdate and Social Security number, to masquerade as you. Be cautious about anyone who asks for your personal information. Make sure you check your credit report each year to ensure nothing suspicious happens to you behind the scenes.
Contact your bank or financial institution immediately if you suspect an account has been fraudulently opened in your name. Ask them information about the account and explain that you suspect you may be a victim of fraud. Ask your bank or credit card issuer to either close or freeze the account.
Defend against iD theft as soon as you suspect it. Placing a fraud alert entitles you to free copies of your credit reports. Look for inquiries from companies you haven't contacted, accounts you didn't open and debts on your accounts that you can't explain.
Keeping Social Security cards at home, getting a locked mailbox and being careful what you share on social media are a few easy ways to help better protect yourself from identity theft.
Here are the most common dangers of identity theft: Fraudsters can open new accounts, credit cards, and loans in your name. You can lose your health care benefits (i.e., medical identity theft). Hackers can “own” your email and other accounts (account takeovers).
Physical Theft: examples of this would be dumpster diving, mail theft, skimming, change of address, reshipping, government records, identity consolidation. Technology-Based: examples of this are phishing, pharming, DNS Cache Poisoning, wardriving, spyware, malware and viruses.
Highlights: There are a number of ways identity thieves may obtain your personal information. Fraudsters may dig through mail or trash in search of credit card or bank statements. Unsecured web sites or public Wi-Fi may allow identity thieves to access your information electronically.
To get information related to your identity theft, send your request in writing to the company where the fraud took place. They have 30 days to give you those records, free of charge.
It is entirely possible to recover from credit card fraud and identity theft, especially if you catch it immediately. But you have to address it quickly and get in touch with the right providers to take corrective measures. Here's how to handle identity theft and credit card fraud if you are a victim.
How to report ID theft. To report identity theft, contact: The Federal Trade Commission (FTC) online at IdentityTheft.gov or call 1-877-438-4338.
These are some signs to look out for: Unusual bills or charges that you don't recognise appear on your bank statement. Mail that you're expecting doesn't arrive. You get calls or texts about products and services you've never used.
The easiest way to become a victim of a bank scam is to share your banking info — e.g., account numbers, PIN codes, social security number — with someone you don't know well and trust. If someone asks for sensitive banking details, proceed with caution.