The great thing about the Internet is that it connects us all. But of course, the opposite is also true. The Internet connects us all—regular consumers and scammers alike. That’s why, earlier this week, the Federal Trade Commission launched Identity Theft Awareness Week to spread the word about the multibillion-dollar problem. But if you’ve already been a victim of identity theft (or have noticed suspicious activity on your accounts), it’s a different story. So, here’s a simple guide to help you recover:
1. Contact Companies Where Fraud Occurred
Take Immediate Action: As soon as you notice unauthorized activity, contact the fraud department of your bank, credit union, and credit card company. Explain that your identity has been stolen and ask them to freeze or close any fraudulent accounts.
2. Place a Fraud Alert on Your Credit Reports
Notify Credit Bureaus: Contact one of the three major credit bureaus—Equifax, Experian, or TransUnion—to place a fraud alert on your credit report. This alert warns creditors to verify your identity before opening new accounts. You don’t need to contact all three. The bureau you contact will inform the other two.
3. Report the Identity Theft to the Federal Trade Commission (FTC)
File a Report: Visit IdentityTheft.gov to report the theft. After providing details, you’ll receive a personalized recovery plan and an Identity Theft Affidavit, which can be useful when dealing with creditors and other institutions.
4. File a Police Report
Contact Local Authorities: Take your FTC Identity Theft Affidavit to your local police department. File a report and keep a copy with the rest of your financial records. This can help when disputing fraudulent accounts.
5. Freeze Your Credit
Prevent New Fraudulent Accounts: Place a credit freeze with each of the three major credit bureaus. This prevents new accounts from being opened in your name without your consent.
6. Regularly Monitor Your Financial Accounts
Stay Vigilant: Monitor your bank statements, credit card bills, and other financial accounts closely. Look for unfamiliar transactions and report them immediately. You can also set up alerts in online banking (through your Maps mobile app) to alert you when transactions occur or when your balance falls below a certain threshold.
7. Secure Your Personal Information
Protect Your Data: Be cautious about sharing personal information. Use strong, unique passwords for your accounts, enable multi-factor authentication, and be wary of unsolicited communications asking for your details.
RELATED: How Safe is Your Data? Take This Quiz and Find Out
8. Consider Identity Theft Protection Services
Employ Additional Safeguards: Identity protection services offer a variety of features to help safeguard your personal information and detect suspicious activity. While not mandatory, they can provide extra peace of mind. Each service has unique features and pricing, so it’s worth comparing your options to find the one that fits best. Examples include:
- LifeLock by Norton, which offers credit monitoring, dark web surveillance, and up to $1 million in stolen funds reimbursement.
- IdentityForce, which includes Social Security monitoring, medical ID fraud protection, and alerts for address changes.
- Experian Identity Works, which monitors credit reports and provides FICO score tracking.
- Aura, which combines identity theft protection with antivirus software and VPN.
- PrivacyGuard, which offers detailed credit report monitoring and fraud resolution support.
Recovering from identity theft may feel overwhelming, but swift action and patience are key. And while the process may take time, every step brings you closer to regaining control. Act quickly, stay informed, and lean on available resources, like those highlighted by the FTC during Identity Theft Awareness Week. By addressing the issue head-on and putting safeguards in place, you can regain control and reduce the risk of future fraud. Remember, while identity theft is a serious challenge, you have the tools and support to protect yourself and move forward. If you need help, reach out to us. We’ll be happy to walk you through the recovery process and help you get your life back on track.
Want more fraud prevention tips?
- Learn about the most common scams in Oregon.
- Find out how to secure your Alexa, Google Assistant, or Siri device.
- Get tips on how to spot (and avoid) contractor scams.