Discovering that you are a victim of identity theft can be overwhelming, but taking quick action can help minimize the damage and protect your financial future. Whether someone has opened accounts in your name, made unauthorized purchases, or stolen personal information, following these five steps can help you regain control and prevent further harm.
Contact companies affected by fraudulent transactions
Notify any financial institutions that you have accounts with. By taking this step, the financial institution can take the necessary actions to protect your bank accounts. Reach out to any businesses where fraudulent accounts were opened or unauthorized charges occurred. Ask them to close or freeze the accounts and provide documentation proving you were a victim of identity theft. Many companies have fraud departments specifically to manage these situations. If someone has misused your Social Security number, contact the Social Security Administration and the IRS to prevent tax fraud.
Place a fraud alert on your credit report
As soon as you suspect identity theft, contact one of the three major credit bureaus—Equifax, Experian, or TransUnion—and request a fraud alert on your credit file. This alert warns creditors to take extra steps in verifying your identity before opening new accounts in your name. The bureau you contact will notify the other two, and the alert will remain active for at least a year. For additional protection, consider freezing your credit, which prevents anyone from opening new accounts under your name until you lift the freeze.
Report the identity theft to the authorities
If the identity theft involves financial fraud, stolen government benefits, or criminal activity under your name, file a police report. While not always required, some creditors and agencies may ask for a police report to support your claims.
File a report with the Federal Trade Commission (FTC) at IdentityTheft.gov. The FTC provides a recovery plan and documentation that can help you resolve identity theft issues with creditors.
Secure your personal information
Change passwords and enable two-factor authentication on important accounts, including banking, email, and social media. Overall, a proactive approach will prove most effective in keeping your information secure. This means monitoring your financial activity regularly to catch suspicious behavior early and remain cautious with sharing personal information online and over the phone, especially with unsolicited requests.
Review your credit reports and financial statements
Obtain free copies of your credit report from AnnualCreditReport.com and carefully review them for accounts or inquiries you don’t recognize. Also, check your bank and credit card statements for unauthorized transactions. If you find fraudulent activity, report it immediately to your financial institution to dispute charges and possibly close compromised accounts.
Your partner in the fight against fraud
If you ever suspect your identity has been stolen, contact us immediately. Your vigilance is a powerful tool in the fight against fraud and we are here to assist you with every step of the way. At Minnwest Bank, we are partners in your financial journey, and we are committed to helping to keep you and your accounts safe. If you have any questions or concerns, please do not hesitate to reach out.
