What’s the Deal with Identity Theft?
According to an article posted on Identitytheft.info, more than 9 million cases of identity theft are reported every year across the globe. The new technology that cyber criminals are using to achieve this heinous objective is one of the main reasons why most people are caught unaware.
Here are wise facts on how to deal with identity theft.
Notify your Bank or Creditor
If your bank or credit card has being affected, it is imperative to shut it down immediately by contacting the respective financial institutions. This will save you money by preventing the hackers from accessing your account and using it to make purchases online and offline. Most credit card companies have a zero-liability policy.
It is important to note that electronic transfers from a bank account and debit card transactions are encompassed in the Electronic Fund Transfer Act that requires all victims of identity theft to report incidents of stolen ATM or fraudulent electronic transfers to the respective institutions as quickly as possible.
Report a Fraud Alert on Your Credit Report
A fraud alert is set to last for 90 days after you have filed an ID theft complaint form and a police report. It is possible to extend the fraud alert linked to your credit for up to seven years. In an article posted on Bankrate.com, the former director of TransUnion TrueCredit.com advice people to request a fraud alert on all credit cards that they suspect have being tampered with by hackers to curtail and fraudulent transactions.
Credit Freeze Your Reports
According to Consumer.ft.gov, if you suspect that you are a victim of identity theft, putting a credit freeze on all your reports will secure all your credit information. This freeze will prevent the credit reporting agencies from generating and submitting your credit report to new creditors.
Provide a Copy of the ID Theft Report to Creditors
Sending a copy of the ID theft report to all creditors indicating that you are a victim of fraud will further preventing them from present your credit information to the various credit agencies. This step will ensure that no fraudulent transactions appear in your report. Go an extra mile and request the creditor to furnish you with documents that show the fraudulent transactions to assist the police and other relevant authorities in their investigations.
The above four steps will help you to recover from identity theft fast. Be sure to monitor your monthly bank statements to identify any unauthorized transactions early enough.