According to an article published on Identitytheft.info, over 9 million instances of identity theft are recorded worldwide each year. The new technologies that cyber thieves are using to accomplish this terrible goal are one of the primary reasons why the majority of people are ignorant.
Here are some prudent facts about dealing with identity theft.
Notify your financial institution or creditor
If your bank or credit card has been compromised, it is critical to quickly shut it off by notifying the relevant financial institutions. This saves you money by stopping hackers from gaining access to your account and using it to make online and offline transactions. The majority of credit card firms operate on a zero-liability philosophy.
It is critical to understand that electronic transfers from bank accounts and debit card transactions are covered by the Electronic Fund Transfer Act, which requires all victims of identity theft to immediately report stolen ATMs or fraudulent electronic transfer incidents to the appropriate institutions.
Report a fraud alert on your credit report
A fraud alert is activated for 90 days after the filing of an identity theft complaint form and police report. You may extend the fraud alert associated with your credit for up to seven years. According to an article published on Bankrate.com, the former director of TransUnion TrueCredit.com advises consumers to file a fraud alert on any credit cards they believe have been compromised by hackers to prevent fraudulent purchases.
Freeze your credit reports
According to Consumer.ft.gov, if you believe you have been a victim of identity theft, freezing all of your credit reports can protect your credit information. Credit reporting agencies will be unable to generate and send your credit report to new creditors during this time period.
Provide creditors with copies of the identity theft report
Sending a copy of the identity theft report to all creditors, stating that you have been a victim of fraud, may further deter them from submitting your credit information to the different credit bureaus. This step ensures that your report contains no fraudulent transactions. Please take it a step further and request that the creditor provide you with documentation demonstrating the fraudulent transactions to aid the police and other appropriate authorities in their investigations.
The four actions outlined above will help you quickly recover from identity theft. Maintain a close eye on your monthly bank statements to catch any illegal activities early.