What to do if You Become a Victim of Fraud

In today's digital presence, the likelihood of your identity being stolen is prevalent. Most consumers do not know what to do when they suspect or fall victim to identity theft.

Signs of Identity Theft

Here are signs your identity has been stolen:

• Unexpected bills for services you don’t use

• Unauthorized charges on debit or credit cards

• Debt collection calls for accounts you don’t recognize

• Decline in credit health

What to Do if Your Identity is Stolen

One of the most important concerns during an identity theft incident is to protect your financial assets. Here are a few easy procedures to follow if you unfortunately become a victim.

Report Fraudulent Transactions

From the moment you suspect identity theft, you should begin monitoring debit and credit card activity. Most importantly, determine if new credit accounts have been opened on your behalf. If so, contact the Federal Trade Commission when accounts are being opened without authorization.

You can monitor transactions through online and mobile banking, and even set up alerts to receive “real-time” information.

Initiate a Credit Freeze

The primary account holder can initiate credit freezes. When a credit freeze is activated, it acts as an anti-fraud security measure in response to identity theft. The three main credit bureaus decline to share consumer credit reports with third-party sources. When the corrupted information is used to create new credit accounts, the bureaus will not respond to the inquiry, essentially blocking the ability to open new lines of credit.

It's important to note: credit cards, social security numbers, and other personal information can still be stolen and misused. Accounts opened and authorized by you will remain open and will not be affected by a credit freeze. Monitor financial statements and other sensitive accounts for at least a few weeks before lifting the credit freeze.

File a Police Report

Once you have identified a legitimate claim for identity theft, file a report with your local police department and request copies. This documentation can help prove innocence if crimes were to be committed using your information.

File an Insurance Claim

If you have identity theft insurance, we recommend filing a claim once you have completed and received the police reports for your documentation. Identity theft insurance coverage will help reimburse expenses incurred during the recovery process.

Notify the Federal Trade Commission

The Federal Trade Commission (FTC) is a government agency that stores information on identity theft complaints. The FTC does not have jurisdiction to pursue criminal charges. However, the gathered data is distributed to law enforcement agencies to help find the perpetrator(s).

The Federal Trade Commission also provides additional resources, including pre-filled documents for credit bureaus, businesses, and debt collectors to dispute fraudulent activity. Identity theft victims can also access recovery plans and step-by-step guides for further assistance.

The Best Action Is Prevention

Please share this information with your friends and family to help prevent identity theft before it even starts. Let's all do our part to help create a safer digital environment for our community.