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ID Theft: What to do if it happens

ID Theft: What to do if it happens

Identity theft is on the rise so it's important to have a plan in place.

According to the Identity Fraud Study from Javelin Strategy and Research, identity fraud resulted in $56 billion in losses in 2021. Most identity theft occurs through cyberattacks, such as phishing emails, text messages and malware.

The Federal Trade Commission estimates that once your identity is stolen, it will take 6 months, 200 hours and $1,500 to restore. If you suspect you may be a victim of identity theft, you need to act immediately.

Here are 11 steps to take in order to minimize the damage.

  1. Freeze your credit.
  2. Place a fraud alert on your credit report.
  3. File a report with your local police department.
  4. File a report with the Federal Trade Commission.
  5. Notify the agency or company that issued your stolen credentials.
  6. Contact other companies where your stolen credentials might be used.
  7. Change all passwords.
  8. Review your credit reports and correct errors.
  9. Scan credit card and bank statements for unauthorized charges.
  10. If you have identity theft insurance, file a claim.
  11. Sign up for a credit monitoring service.

While identity theft can be scary, having strategies in place to reduce the risk not only helps to keep your financial information safe, but also gives you peace of mind.

For an additional layer of protection, we have teamed up with Kroll Fraud Solutions to provide top of the line identity theft and fraud investigation services. With our IDTheftSmart account, not only will you receive full service identity restoration from a licensed investigator, but you will also have a resource to help answer questions and provide guidance on fraud related concerns. For additional information or to open an account, reach out to your local office.