Identity theft occurs when someone steals your personal or financial information, generally with the intent to sell it on the dark web or use it to commit identity fraud. Identity thieves may empty your bank accounts, apply for loans and credit in your name, receive medical treatment under your insurance, or even commit crimes using your identity. These actions can cause serious financial, legal, and psychological impacts that may be difficult to recover from.
Fortunately, there are steps you can take to reclaim your identity and be reimbursed for your losses, but it’s crucial to act quickly because the process can be extensive, and immediate action improves your chances of minimizing the damage and fully restoring your identity, credit, and peace of mind.
How should you respond to the theft of your identity? Keep reading to learn about the signs of identity theft, what to do if you become a victim, and how to stay safe in the future with the help of Robokiller.
Identity thieves are typically after your money, but they may use your identity in various ways. The sooner you recognize the warning signs of identity theft, the sooner you can take action.
If you notice any of these warning signs, someone may be using your identity:
It’s often difficult to detect identity theft right away, and the longer the criminal is allowed to use your information, the more severe the consequences may be. It’s vital to take action as soon as you realize (or suspect) you’ve become a victim of identity theft.
If you notice suspicious activity or unauthorized use of your financial accounts, contact your financial institutions right away. They can close your compromised accounts or cards and set you up with new ones. Use different login credentials for new accounts, and change your existing usernames, passwords, and PIN codes for all of your online accounts. It can be challenging to verify the full scope of what’s been stolen, so it’s best to change your information across the board.
Banks, credit card companies, and payment platforms such as PayPal and Venmo typically offer fraud protection services like mobile alerts. Registering for mobile alerts allows you to receive real-time account updates that may notify you about suspicious or fraudulent activity as it happens, giving you the opportunity to quickly take action. Take these alerts seriously, but be careful; as mentioned above, scammers often send fake mobile alerts to steal your information.
Knowing how to report identity theft quickly is pivotal to making a full recovery, and there are several agencies you should contact.
If you reach out promptly, your local law enforcement agency and financial institutions may help you mitigate damages from identity theft, remove fraudulent information from your credit file, and recover your losses.
Credit bureaus are responsible for compiling your credit report, which lenders can purchase and review before deciding whether or not to accept your application for credit. Identity theft can tarnish your reputation as a borrower and cause an inaccurate report, so you should contact the three major bureaus (Equifax, Experian, and TransUnion) to place a fraud alert and freeze your file. This prevents identity thieves from opening new accounts in your name.
Visit the three major credit reporting agencies online or call them at the phone numbers listed below to request a fraud alert and credit freeze.
If you’ve noticed a red flag and suspect you might be a victim of identity theft, investigate immediately. You may need to prove that your identity was stolen in order to reverse charges (financial or criminal), restore your credit, and reclaim your identity.
Identity theft is a serious crime that can cause lasting consequences, but with the right identity fraud protection plan, you can stop the damage from spreading and safeguard your future.
Identity theft recovery is generally thought to take about 200 hours over the course of six months, but the actual time frame varies by case. Recovery time depends on the type(s) of identity fraud committed with the stolen information, the extent of the illegal activity, and how long it goes on before it’s discovered. If the thief is especially cunning, they may misuse your identity for years.
Unfortunately, the extensive process of recovering from identity theft might keep you from focusing on your career, causing you to lose wages or even your job. This compounds the problem and creates additional financial and psychological stress. However, by following the right steps and knowing how to recover from identity theft as efficiently as possible, you can prevent it from disrupting your life any further.
Regularly checking your bank and credit card statements can help you catch unauthorized charges, and monitoring your credit reports can alert you to fraudulent use of your credit. A soft credit inquiry (or a “soft pull”) does not impact your credit, so you can routinely check your credit report for suspicious activity without the fear of lowering your score. This type of proactive monitoring allows you to take action quickly and prevent further damage due to identity theft.
Securing your personal information and accounts is critical to avoiding additional cases of identity theft in the future.
By quickly recognizing the signs of fraud, closing compromised accounts, and contacting the FTC and major credit bureaus, you can begin to recover from identity theft and regain your security. With the help of an award-winning scam-blocking app like Robokiller, you can add an important layer of defense that blocks identity thieves and other fraudsters from reaching you.
Robokiller prevents 99% of dangerous spam calls and scam texts from getting through to your phone, leaving scammers unable to target you with their ploys. Our unique algorithm, customizable features, and active user feedback have helped us prevent $740 million in consumer losses to phone scams to date.
Protecting your identity requires ongoing vigilance and proactive measures. Secure your privacy, identity, and peace of mind when you sign up for your free 7-day trial of Robokiller.
As soon as you find out your identity has been stolen, alert the three major credit bureaus (Equifax, Experian, and TransUnion) and place a fraud alert on your credit report. You should also close any compromised accounts or cards, report the identity theft to the Federal Trade Commission (FTC), and file a police report with your local law enforcement agency.
If you’ve become a victim of identity theft, report the crime to the police, the FTC, the three major credit reporting agencies, and any financial institutions you use.
Many victims are unsure of what to do about identity theft, but there are ways to minimize the damage and regain stability. Start by requesting a fraud alert and credit freeze from the major credit bureaus, closing compromised bank accounts and credit cards, and changing your login credentials for all of your online accounts.
Although the general estimation of an identity theft recovery timeline is about 200 hours of work over six months, the actual amount of time can vary significantly by case. Factors that impact your recovery timeline include the types of identity fraud committed, the amount of fraudulent activity engaged in by the criminal, and the length of time the thief has been using your identity.
Victims of identity theft are extended certain legal protections, such as the right to sue for damages and the eligibility for restitution, among many others. As an identity theft victim, you also have the right to create an identity theft report, place a fraud alert on your credit report, and dispute fraudulent charges.
You can prevent additional cases of identity theft by changing your login credentials, monitoring your financial and credit reports, and using Robokiller to help protect your personal data online.
