Identity Theft: What to Do If You are a Victim

(ProsperNews.net) – Identity theft and fraud accounted for $20 billion USD and victimized around 15.4 million people in the United States in 2022, according to a study from Javelin Strategy & Research. Whether it is old-school ID theft to new sophisticated technology-bound fraud from phishing scams and such, identity theft is still a major problem.

Many people ask, “What can I do if I’m a victim of identity theft?”, and we’re here to give you tips on what to do if you find yourself a victim. From what identity theft is to what to do to take back control, here’s everything you need to know about identity fraud.

What is Identity Theft?

Identity theft is when your personal information is used by someone else to open accounts, make medical claims, or do other financial-related things in your name or with your information. If someone uses your social security number or your identifying information such as name, address, phone number, etc. that is identity theft.

Keep in mind that data breaches, like if your information was accidentally leaked by a third party, aren’t classified as identity theft. However, it can become it if someone gets ahold of that leaked information and then uses it for their own financial gain by impersonating you online or in person.

What to Do If You Are a Victim of Identity Theft

Contact Your Identity Theft Insurance Plan – If you have insurance against identity theft, you’ll need to contact them. Some employers and other insurance companies have this in policies as well as being offered in separate policies by companies. Contact them at the first sign of identity theft.
Contact Your Accounts – Contacting your credit card companies, as well as government agencies like the IRS, is second. Let them know your social security number and information has been compromised. You may need to have a freeze implemented or have a complete change of account number.
Get with the FTC – The Federal Trade Commission will want a report filed for identity theft, and you can get letters and forms there to help file police records and help you in charge disputes.
Contact the Police Department – Your local police can file a report so that you have the start of a paper trail. Documenting identity theft can help you get the matter resolved.
Freeze Your Credit Reports – For all three of the major credit reporting agencies you will want to file a fraud alert. Experian, TransUnion, and Equifax will need to have a credit report fraud alert filed to help any credit pull flag as potential fraud. It will stay on for a year. To add a layer of protection, you can also freeze your credit so that it cannot be used at all.
Secure Your Accounts Further – If you have the means, getting credit monitoring services can help show suspicious activity and keep you abreast of any credit changes. If you were involved in a data breach, most companies offer complementary monitoring that you can sign up for. Secure all accounts with new passwords and two-factor authentication. With two-factor authentication, you’ll need the password and a code that will be sent to you to access accounts. It is another layer of protection against identity theft fraud.

Identity theft rehab will mean months, if not years, of scanning your credit card bills and pulling yearly credit reports to see if the matter has been resolved. There are no quick fixes, unfortunately. With the above tips on what to do as soon as you’re aware of the problem, you’re able to stop it from becoming widespread and help control the issue.