What to do if your identity has been stolen

How does someone steal your identity?

A stolen identity can spell trouble for your financial health and emotional well-being. When someone steals your identity, they gain access to your personal and financial information. They can take your information and use it for their own financial benefit while damaging your financial health. People can steal your identity through the following sources:

• Debit and credit card theft: A thief can snag your wallet and use your debit and credit card. They can also skim your debit and credit card information for your card number, pin, and security code to buy items online.
• Mail theft: An identity theft may start with lost or stolen mail. Mail, like bank or financial statements, can contain sensitive information that someone may exploit. They can gain access to your account information and may be able to conduct transactions.
• Account takeover: If your bank account information is stolen, perpetrators can wreak havoc on your financial health. They can withdraw money, damage your credit score, and even gain access to other accounts.
• Social Security number theft: A criminal can steal your Social Security information to open lines of credit in your name and gain access to other personal information.

How to fix identity theft

Once you suspect someone has stolen your identity, it’s important to take action to recover and prevent additional fraud.

1. Check accounts and credit reports for signs of fraud

The first step to complete when your identity has been stolen is to check your accounts for signs of fraud. Review your accounts for unauthorized charges and alert your bank account. Make a list of all unauthorized charges and withdrawals to send to your creditor later. After reviewing your accounts, request copies of all three credit reports for signs of fraud. Check if there any open account you did not authorize, review credit inquiries, and any other suspicious activity you discover. These details are important to track when it’s time to repair your credit.

2. Initiate fraud alerts or credit freezes on your credit reports

A fraud alert makes it hard for identity thieves to abuse compromised accounts. When identity thieves attempt to take out a loan or credit card, lenders must confirm your identity before they open a new account. Fraud alerts are free and usually last one year; once you notify a credit bureau, they must contact the other two credit bureaus. So, once you contact one, fraud alerts are active on all credit reports.

If you are still concerned about identity thieves accessing your accounts, you can initiate a credit freeze. Credit freezes block access to your credit report, preventing new accounts from being opened in your name.

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3. File a claim with identity theft insurance

If you’ve prepared for potential identity theft, you may have purchased an identity theft protection plan. You may also have a plan through an insurer or an employer. Notify the identity theft insurance company and they can offer resolution services for incurred damages, depending on your plan.

4. Notify companies of your stolen identity

Once you know where fraudulent transactions have occurred, contact the relevant company. If your credit card has been compromised, contact your card issuer. They may be able to prevent others from gaining access to your personal information. Swift action can help prevent additional damage.

Identity thieves can gain access to your account through several avenues. To mitigate damage, it’s important to act swiftly when your identity has been stolen to secure your financial and personal information. Learn more privacy and safety tips to keep your personal and financial information secure.