ID Theft Recovery: Basic Steps

When identity thieves attack: Are you prepared for the worst?

Worst case scenario, an identity thief steals your money. Or maybe some tricky fraudster is using your identity across the nation. That doesn’t mean you should panic. Luckily, there are steps you can take toward a quick recovery. Don’t wait on the bank.

Self-detection, along with proactive identity theft protection, is the key to a quick recovery. If you wait for a bank or credit agency to notify you of a problem, the damage is already done.

It’s important to frequently review your accounts and records for misuse or fraud. Victims who discovered fraud on their own experienced less damage than those who had been notified by a financial institution or government agency.1

It’s also recommended to monitor accounts electronically. In fact, victims who discovered fraud through electronic monitoring detect the misuse 18 days sooner than when monitoring by paper.1
Act fast. Recover fast.

In the unfortunate circumstance that you are a victim of identity theft, you’ve got to take the proper steps quickly.

* Contact one of the three credit bureaus. Whichever bureau you contact is required by law to contact the other two.
o Equifax: 1-800-525-6285
o Experian: 1-888-397-3742
o TransUnion: 1-800-680-7289
* Report the crime to the Federal Trade Commission (FTC). You can do this by going to www.ftc.gov or by calling 1-877-ID-THEFT.
* Contact any other government agencies affected. Agencies to consider:
o Postal Inspection Services if you believe an identity thief has used a change of address form.
o The Social Security Administration if an identity thief may be using your Social Security number.
o The Internal Revenue Service if you think you may be a victim of tax or employment fraud.
* Contact any businesses or accounts that may be involved: the location your items were stolen, accounts with fraudulent charges, businesses that leaked your information, etc.
* File a police report. You can turn to your local police department or file in the community where your identity was stolen.

What Consumers Can Do if Their Financial Data is Compromised

In this day and age, possible data breaches can unfold at any turn you take. In the recent past, we’ve seen them at retail stores like Home Depot, restaurants like Chick-fil-A and even top financial institutions like Morgan Stanley. Although we’d all like to turn a blind eye and pretend there are no risks involved, the truth is, there are risks for every consumer.

In the event that you believe your financial data might be compromised, there are some immediate steps you can take to minimize the impact. Consider these top moves to make whether you know your data has been compromised or if you just suspect that it might have been.

1. Monitor Your Transactions

Always keep an eye on credit card statements, financial statements and online accounts to track activity and ensure it matches with your own. If you see any suspicious charges, promptly investigate the matter. Your Social Security statements are also important to monitor, since an inflated reported income can be a major tip-off.

2. Report Suspicious Activity Immediately

If you see a card transaction that doesn’t look accurate, contact the card issuer by calling the number on the back of your card. Don’t wait until you’re positive the activity is fraudulent. You should always call even if you’re just slightly suspicious. Even if the activity turns out to be your own, which is always the best-case scenario, it’s better to be safe than sorry.

3. Whenever in Doubt, Order a New Debit or Credit Card

Requesting a new debit or credit card will limit the window that a fraudster has to cause damage to your account. Whenever in doubt, order a new card. While some inconvenience comes with having to reset any auto-payments you may have, this pales in comparison to the inconvenience and months (or years) of hassle that come with someone wreaking havoc on your account and potentially stealing your identity.

4. Use Credit Rather Than Debit

It’s better to pay with a credit card, rather than a debit card, should a data breach occur. Credit cards provide more protection and less risk since funds are not directly withdrawn from your bank account as they are with a debit card. In addition, most credit card companies allow 90 days for a victim to report an unauthorized transaction, but usually allow only two days to report unauthorized debit card purchases. 5. Follow Identity Theft in the News

Paying attention to recent data breaches in the news is a good habit to get into. If a major retailer that you usually shop at, for example, is affected by a breach, you will know to be extra mindful of your accounts and be on the look out for signs that reveal you may have been a victim.

6. Enlist the Help of an Identity Theft Protection Service

An identity theft protection service like LifeLock can provide you with more protection than credit monitoring, and watches out for you in ways banks and credit card companies cannot. By enlisting an extra set of eyes and ears, you’ll be ahead of the game in the event of possible data breaches.

Lost and Stolen Items

Big things can come in small packages, and when in comes to packages as small as your purse or wallet, it doesn’t take much imagination to realize how their contents can quickly become a goldmine for identity thieves.

Why Steal Your Wallet or Purse?

Besides the obvious benefit of finding immediate cash, when a thief steals your wallet or purse, they gain immediate access to the information necessary to steal your identity. It may seem a low-tech method for obtaining your personal information, but the fact is, stealing your wallet or purse is still a major source of identity theft.

What Is the Cost of Stolen Wallet Identity Theft?

Of identity theft victims who knew how their information was stolen, 20% indicated it stemmed from a lost or stolen wallet. Further, this number skewed higher for those who were victims of existing bank account theft (26%) and multiple kinds of theft (29%). 1

Information thieves can collect:

* Driver’s license number * Address * Social Security number * Credit and Bank account information

What thieves can do with this information:

* Identity theft * Employment-related fraud * Loan fraud/payday loan fraud * Bank fraud * Benefits fraud * Tax fraud * Other identity fraud

Stolen Wallet Statistics:

* 20% of identity theft victims who knew how their information was stolen said it was from a lost or stolen wallet.2
* 26% of victims who experienced theft from their existing bank account said it was due to a lost or stolen wallet.2
* 29% of victims who had multiple kinds of theft (bank, credit, other) indicated it was from a lost or stolen wallet.2

Use LifeLock to prevent ID Theft http://www.lifelock.com/refer/63745217/LongJohnSilver/ they'll spend $1,000,000 to set it right...

John Silva is the Owner of http://InstantComputerBiz.com. Check us out anytime for marketing tips and a free subscription to our cutting edge newsletter. Check out Automated Traffic -> http://www.InstantComputerBiz.com/?rd=oj8VT7Uq

1 Javelin Strategy & Research. “2012 Identity Fraud Report: Social Media and Mobile Forming the New Fraud Frontier.” February 2012.

2 http://bjs.ojp.usdoj.gov/content/pub/pdf/vit08.pdf † Federal Trade Commission. “Consumer Sentinel Network Data Book For January – December 2011.” February 2012. † Javelin Strategy & Research. "2012 Identity Fraud Report: Social Media and Mobile Forming the New Fraud Frontier." February 2012. † Federal Trade Commission. “Consumer Sentinel Network Data Book For January – December 2011.” February 2012.

† Javelin Strategy & Research. "2012 Identity Fraud Report: Social Media and Mobile Forming the New Fraud Frontier." February 2012.