Identify theft happens when someone uses your personal, sensitive information without your permission. It can be frightening if your identity is stolen because it can happen without warning and may go undetected if you’re not actively monitoring your information. Luckily, there are steps you may be able to take to stay on top of your identity’s security and prevent fraud.
Let’s discuss how you can monitor your personal information and what to do if you discover that it has been compromised.
How do you know if your identity has been stolen?
There may be a few different signs that your identity has been compromised, such as:
- Unexpected charges or withdrawals: Scammers may steal your identity to access your bank accounts using your personal information. If you start noticing sudden withdrawals that you didn’t authorize, your identity may have been stolen.
- New accounts in your name: Your personal information may be used for loans and credit cards that you did not request.
- Denial of credit accounts: Scammers may hurt your credit by opening accounts or overusing your lines of credit, making it more difficult for you to qualify for new loans or credit cards.
How to check for identity theft
There are a few different ways to check for potential identity theft, including:
- Reviewing credit reports from all three major bureaus: Federal law entitles you to a free copy of your credit report each year from each of the three major credit reporting bureaus. Additionally, consumers are currently allowed a free credit report once per week at annualcreditreport.com. You can request a credit report from one of these credit bureaus to see if there’s unusual activity on your lines of credit
- Checking bank and credit card statements for suspicious activity: If you start seeing charges on your statements that you didn’t make, then a scammer may have access to your accounts
- Looking for unfamiliar inquiries or accounts: Credit monitoring services can help identify when a new account has been opened in your name or when a debt collector says a payment is late
- Setting up credit monitoring or fraud alerts: Your financial institution and credit card issuers may help warn you of potential fraud by sending you emails, text messages or alerts on their app.
Steps to take if your identity is stolen
Once you realize your identity has been stolen, there are steps you may take to prevent further damage, like:
- Contact affected companies or financial institutions: Card issuers and financial institutions may be able to help by freezing your accounts and letting you change your PINs and passwords
- File a report with the FTC: Visit the FTC’s website to report identity theft and receive detailed instructions about how you should proceed
- Consider filing a police report: The police may be able to assist you with finding the perpetrator of your identity theft, potentially returning your stolen funds and preventing the criminal from acting again
- Place a credit freeze with all major bureaus: A credit freeze prevents new accounts from opening in your name, which could further damage your credit score
- Update passwords and secure compromised accounts: Updating all of your passwords for your accounts and creating a two-factor authentication system may prevent scammers from stealing from you in future
How to reduce your risk of identity theft
There are some precautionary measures you can take to help ensure that you don’t fall victim to identity theft. Some best practices include:
- Using strong, unique passwords: Your identity can be stolen through digital accounts you make, so consider creating a strong and unique password to prevent hackers from accessing your sensitive information online.
- Monitoring your credit regularly: Reviewing credit reports for unusual activity might allow you to catch an identity thief early, preventing more damage from occurring in the future.
- Verifying public Wi-Fi for sensitive transactions: If you’re using a public Wi-Fi connection, check that it’s encrypted. You can look for a lock symbol in your browser or check that your URL starts with “https.” If it’s not encrypted, your sensitive data might be at risk.
- Limiting how and where you share personal information: It might be best to not carry around your Social Security card or view other personal data in public. You never know when someone might be looking to start an identity theft scheme.
Protecting your identity and taking the next steps
Although identity theft is a frightening possibility, there are ways to prevent it and mitigate it if it happens to you. Taking necessary steps like protecting your accounts with strong and unique passwords and keeping sensitive data private may help prevent identity theft. If you do suspect your identity has been stolen, reporting it to the authorities and credit bureaus may be able to stop scammers from causing more harm.
If you think you could be a victim of identity theft, report it to the FTC and contact a financial expert for more help protecting your accounts.
Disclosure: This article is for general educational purposes. It is not intended to provide financial advice. It also is not intended to completely describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products.
