Identity theft can happen to anyone at any age. In fact, 1/3rd of Americans reported that they have been victims of Identity Theft. The most common age demographic is those in their 30’s, however senior citizens report the largest financial loss. While it feels unimaginable, even children can become victims of identity theft. For those who have their identity stolen, repercussions range from frustrating to costly. With this type of crime being so common, how can you protect yourself from falling victim?
Be Aware of the Signs
Unfamiliar Transactions – Be aware of your account activity. Look at your bank history and credit card statements. Follow up on anything that doesn’t look familiar. Report and dispute activity that does not belong to you. Immediately lock down lost or misplaced cards.
Unexpected Mail – While it is easy ignore and cast junk mail aside, do open all your mail. For some victims, finding a bill or otherwise unfamiliar mail is the first indication that identity theft has occurred. Victims of identity theft may receive notices from unfamiliar employers, collection agencies, tax notices or even information from unknown medical providers. If you notice an unexpected decrease in the amount of mail you are getting, be aware that someone could have forwarded your mail to an alternate address.
Be Diligent – Be aware of your own spending patterns. Use tools provided by your credit cards and monitor your credit regularly. Check your statements and follow up on unfamiliar charges. Be sure to securely shred or otherwise destroy documents with personal information printed on them. Consider opting out of pre-screened offers by visiting optoutprescreen.com or calling 888-5-optout
Creditor/Collection Calls – If you get bills or collection calls that don’t seem familiar, don’t just ignore them. This could be a sign that someone has used your good name to run up a bill.
Help for Victims
If you find yourself a victim of identity fraud, don’t panic. While it is possible that someone could assume your identity and make a whole series of transactions, most incidences are small and isolated. The Federal Trade Commission reports that the median loss is $650. The longer a perpetrator uses your identity or the higher the financial theft, the more likely they are to be caught. Most make a purchase or two on a stolen account and move on to the next victim.
There are actions you can take to fix the situation. First, contact the three major credit reporting agencies (Equifax, Experian and TransUnion) by phone or web. Request that a fraud alert and credit freeze be put on your credit immediately. Obtain a copy of your credit report and determine if there are any accounts that do not belong to you. You are entitled to a free copy annually. Dispute anything that does not belong to you directly with the credit reporting agency. Contact any creditor that you do not recognize as soon as possible and report the fraudulent account.
What will this cost me? In most cases, you will not be held responsible for financial losses due to identity theft. You will need to prove to the creditor that you did not make the transaction. That is why acting quickly is the most important thing to do if you are a victim of identity theft. Anything reported to your credit report that is inaccurate, incomplete or unverifiable must be removed within 30 days. While most people can clean up identity theft quickly, those victims of extensive or sophisticated crime may spend weeks or months fighting to recover from identity theft and may spend a lifetime trying to prove they are who they say they are.
File an Identity Theft Affidavit with the Federal Trade Commission at Identitytheft.gov or by calling 1-877-FTC-HELP.
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Rebecca AgamaiteInvestment Advisor Representative Rebecca joined the firm in 2011 as an Investment Advisor Representative. In this role, she works with clients to manage their investment assets and help them obtain their financial objectives. Rebecca brings a great deal of experience to the team having worked for several years at Marshall & IIsley Bank and MetLife. She earned a Masters of Business Administration degree (with an emphasis on finance) from Concordia University. |
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