There are many ways that you can first become aware that you have become a victim of Identity Theft. No matter how it happens, you’re probably going to be angry, alarmed, frightened, confused and concerned.
Most people’s first questions are, “How did this happen to me?” and “Why did this happen to me?”
If the Identity Theft was committed by a stranger, you’ll probably never be able to discover precisely how they got your information or why they chose you. In fact, they didn’t “choose” you specifically – you were just a name and some numbers on a list.
(If you are sure or if you believe that the Identity Theft was committed by a person known to you – a family member, acquaintance or someone who was working in your home – that’s a different situation and you may want to change the way you store and secure your financial information.)
There is something you can do right now – before you’re a victim – that can make all the difference in protecting yourself against the fallout of Identity Theft.
Go online to each of the three credit reporting agencies – Equifax, Experian and Transunion – and put a Credit Freeze on your credit reports.
After all, no one wants to receive “Could not access your credit report” denial letters for credit accounts they never applied for. But that’s much, much better than getting approval letters! And that’s the protection a Credit Freeze gives you.
Putting on a Credit Freeze is free and it basically prevents anyone from getting access to your credit report. It’s a primary line of defense and it’s very easy for you to unfreeze if you are actually applying for credit.
If one day you do learn that you have become a victim of Identity Theft, your bank can help you calm down and they can also be a resource for next steps to take in your particular situation. In addition, they can make sure your accounts with them are okay.
The police should be your next stop. They are also a tremendous resource for dealing with Identity Theft. They can help you file a police report that will establish the date when you knew you had a problem, in case you need to prove that later down the line. And with that police report number, you can also file an Identity Theft report with the FTC which will allow you to request free extended 7-Year Fraud Alerts from the credit reporting agencies.
After that, you’ll want to make a list of all the companies you have financial relationships with and alert them that you have been a victim of Identity Theft. Ask if they have any extra protections – like two-factor authentication – that can be added to your account. (Suddenly you may find yourself really appreciating all the identification questions that have to be answered correctly before those companies will get into any account details with you.)
Also, you’ll need to respond to any correspondence you receive from companies where the identity thief has applied for accounts in your name. Call and ask for their Fraud unit.
Take it one step at a time and be sure to get away from it all and take breaks too. Some things will be able to wait a day or even a few days, especially once you have your most important bases covered.
Reach out to friends and family and you’ll discover you are far from being alone in being a victim of Identity Theft. Their stories of getting through it will give you reassurance that you will get through this too.
Nick Maffeo is the President & CEO of Canton Co-operative Bank in Canton. “Smart About Money” is a regular column he writes for the Canton Citizen. Have a financial question you’d like to ask? Email to info@cantoncoopbank.com.