November 3, 2021 – There are many resources available to help you if this situation occurs; one of the few resulting positives from its prevalence. Knowing what to do when it occurs can help you cope with a stressful situation. Here are fundamental principles to get started.
- If you suspect fraud, place a fraud alert on your credit account with any one of the three credit bureaus and they will tell the other two. A fraud alert, which lasts one year, makes it harder for someone to open a new credit account in your name as the business must verify your identity.
- File a police report and notify all appropriate authorities, which depending on what information was compromised, should include the Social Security Administration, local Dept. of Motor Vehicles, and US State Dept. (passport).
- Immediately, change any passwords linked to accounts that were or could be affected by the identity theft.
- If you are notified of a data hack or breach, start paying extra attention. Sign up for credit monitoring services if offered.
- If you have identity theft insurance, file a claim, and your provider will walk you through many of these steps. Certain homeowner insurance policies can provide coverage.
Being vigilant with your information can significantly reduce your odds of being stressed in the first place. We will cover prevention tips in next week’s mailbag. Please contact us with any questions, and feel free to pass along this information to family or friends who may be interested.