8 Things To Do When Your Identity is Stolen

Identity theft is a serious crime that can cause significant financial and emotional harm as we discussed in another article on How to avoid identity theft . Identity theft occurs when someone steals your personal information and uses it for fraudulent purposes, such as making online purchases or opening new accounts with credit information. It can be a daunting experience for anyone to have their identity stolen. Unluckily if you are in a situation like this, it is important to know what to do to reduce the damage.

In this article, we will discuss the signs of identity theft and the immediate actions to take when you suspect your identity has been stolen.

Read: Can Someone Hack My Phone from My Number ?

How to check if someone is using my identity

Identity theft is a serious crime that can cause a lot of damage to your financial and personal life. It can be challenging to know if your identity has been stolen, but there are some signs to look out for.

Here are the most common ones:

• Unusual activity in bank and credit card statements: Check your bank and credit card statements regularly for any transactions you don't recognize. Thieves often start with small purchases, hoping you won't notice, and then escalate to larger ones.
• Notices from the IRS about taxes: If you receive a notice from the IRS about taxes owed for jobs you didn't have, it's a sign that someone else may be using your social security number to work.
• Receiving unfamiliar bills or notices: If you start receiving bills or notices from companies you don't recognize, it could be a sign that someone has opened accounts in your name.
• Unexpected denial of credit or loan applications: If you are denied credit or a loan unexpectedly, even though you have a good credit history, it could be a sign that your credit report has been affected by identity theft.
• Notification from data breaches: If you receive a notification that your personal information has been involved in a public data breach, it's important to take action. Thieves can use this information to open accounts in your name or steal your identity in other ways.

8 Things to Do When Your Identity Is Stolen

If you discover that your identity has been stolen, then you should take immediate action to mitigate the damage. Here are the 8 essential steps you should take:

Step 1: Contact your bank and credit card issuers

Call your bank and credit card companies as soon as possible. Let them know that you have become a victim of identity theft and ask them to monitor your accounts for any unauthorized transactions and to flag any suspicious activity.

Step 2: Freeze or close affected accounts

Consider freezing or closing any accounts that you suspect may have been compromised. This can help prevent further fraudulent activity and limit your liability. Contact the financial institution or credit card issuer to request a freeze or closure.

Step 3: Place a fraud alert on your credit reports

Place a fraud alert on your credit reports: If you suspect that your identity has been stolen, place a fraud alert on your credit reports. This will notify lenders and other financial institutions that you may be a victim of identity theft, and they should take extra precautions before granting credit in your name. You only need to contact one of the three major credit reporting agencies (Equifax, Experian, or TransUnion) to place a fraud alert, and they will notify the other two.

Step 4: File a report to the local police

Report the identity theft to your local police department. They may ask you to provide them with a copy of your credit report, any proof of fraudulent activity, and a copy of your FTC Identity Theft Affidavit (see step F).

Step 5: Submit a report to identity theft insurance

If you have identity theft insurance, contact your provider and submit a report of the incident. They may be able to help you recover any losses or provide assistance with other aspects of the recovery process. Some of the well known identity theft insurance providers such as Aura, Lifelock, and Allstate.

Step 6: File a report with the Federal Trade Commission (FTC)

The FTC is the federal agency responsible for consumer protection, and they maintain a database of identity theft incidents. File a report with the FTC at www.identitytheft.gov or by calling 1-877-438-4338.

Step 7: Change your passwords

As a precaution, change the passwords on any accounts that may have been affected by identity theft. Choose strong, unique passwords that are not easy to guess or crack.

Step 8: Consider an Identity Theft Protection Service

To further protect yourself from identity theft, consider using an identity theft protection service . These services can provide ongoing monitoring of your credit reports and accounts, as well as additional features such as credit score tracking and identity theft insurance. They can also help you with the recovery process if your identity is stolen. Some reputable identity theft protection services include Identity Guard, LifeLock, and Experian IdentityForce.

Final Thoughts

Identity theft can happen to anyone, and the consequences can be devastating. However, by taking the steps outlined in this guide, you can help protect yourself against identity theft and minimize the damage if it does occur. Don't wait until it's too late - take action today to protect yourself and your financial well-being.