Identity theft 101: What it is and what to do next.
Key takeaways:
- Call your bank. If your identity has been stolen, immediately call your financial institution. If you bank with Commerce, call us at 800-453-2265.
- Identity theft is common and can happen to anyone. Thieves can use small pieces of information to steal your money, open accounts, or file fake tax returns.
- Monitoring your accounts is your best protection. Review your bank accounts and credit card transactions regularly and you’ll be able to catch suspicious activity quickly.
- If your identity is stolen, act fast. Contact your financial institution immediately and file reports with authorities.
- Stay vigilant so you can prevent it from happening again. Monitor your credit, use identity theft protection services, and consider freezing your credit.
Identity theft is more prevalent than ever. According to the Federal Trade Commission, more than 1.1 million reports of identity theft were filed last year. That’s roughly one in every 300 people in the United States.
If you’ve had your identity stolen, you can minimize the damage by acting fast and taking regular steps to monitor your accounts, as well as prepare yourself in case it happens to you again in the future.
Tip:
What is identity theft?
The FTC says opens in a new window that when a fraudster is able to gather your name and address, numbers of credit cards or bank accounts, Social Security number, or account numbers for medical insurance, they can use the information to open and max out credit cards, open utility services accounts, steal money from your bank account, file fraudulent tax returns and steal your refund, or even pretend to be you if they commit another crime. This is called identity theft.
Protecting your personal information is very important to avoid having your identity stolen. It’s also important to pay attention to your accounts because that’s how you’re most likely to discover that your identity has been compromised.
For example, if someone has your bank account or credit card information, you may be able to discover it quickly if you routinely review your transaction history. By pulling your credit report opens in a new window, you can see if other accounts or cards have been opened in your name.
What to do if your identity has been stolen.
Sometimes identity theft happens regardless of how hard you’ve tried to protect yourself. So, what do you do?
“Letting fear take over when you find identity theft robs you of thinking power,” says Catherine Riebschlager, systems support and data analyst at Commerce Bank. “Stay in the moment and first focus on contacting your bank. They can safeguard your accounts as well as become your ally in the fight and point you to the next steps you’ll need to take.”
If you bank with Commerce and your identity has been stolen, call us immediately at 800-453-2265. Financial institutions understand fraud and what the next best steps are to help their customers.
Riebschlager says your next step is to find out whether any new accounts have been opened or whether anyone has compromised your existing accounts. You can do this by checking your credit report.
“You can run a free credit report at AnnualCreditReport.com opens in a new window or use one of many apps available on your phone,” says Riebschlager. “Scan the report for any new credit or balances that seem off and contact those financial institutions to report your concern.”
Next, you’ll want to file a report with the FTC opens in a new window and the call police to file a local report.
You’ll then want to place a fraud alert on your credit report. The Consumer Financial Protection Bureau recommends opens in a new window doing this by contacting the three main credit reporting companies: Equifax, Experian and Transunion. By setting up a fraud alert, additional identity verification steps will be implemented before new financial accounts or cards can be opened, making it much more difficult for a fraudster to impersonate you.
The Internal Revenue Service opens in a new window has some steps to take, including:
- Updating passwords to all online financial accounts with unique and complex passwords.
- Keeping records of all phone calls, letters and emails.
- Checking in with your state tax agency for any additional recommended steps.
Continue to be vigilant long-term.
After taking the initial steps to recover your stolen identity, there are still a few things to consider doing in case the fraudster is still impersonating you.
Monitor your credit report for unusual activity.
Riebschlager says the best way to find suspicious activity is by monitoring your credit score. This can also help you find mistakes that could hurt your credit score. She also says it’s worth running credit reports on your children’s Social Security numbers to make sure their identities aren’t stolen either.
Consider freezing your credit.
According to Riebschlager, freezing your credit is the best way to prevent new credit from being opened with your Social Security number.
Use identity theft protection services.
There are a variety of products on the market designed to help protect consumers from becoming victims of identity theft. Commerce Bank offers two different services that can help give peace of mind and immediate notification of suspicious activity.
Keep yourself from becoming a victim of identity theft again.
The IRS offers an identity protection PIN opens in a new window to consumers who file tax returns, which is known only by the person making the request and the IRS. The IP PIN is then required to file federal tax returns, and it changes each year. You can register for an IP PIN online opens in a new window.
The most important thing to do to prevent yourself from becoming a victim of identity theft again is to keep your personal information personal.
Riebschlager says to remember to never give any personal information to anyone over the internet or through text messages.
“You may think you’re talking to your lifelong friend, but you could be talking to the thief who just took over their social media,” she says.
If a business contacts you and asks for personal information, Riebschlager recommends contacting the business directly using the phone number posted on the business’s website to ensure you’re speaking with someone from the company.
“Tell them that you were asked for personal information and wanted to be sure that the situation is legitimate,” says Riebschlager. “I take many calls from people who are double-checking, and I’m always happy that they call.”
Commerce Bank offers identity theft services that support you and can help you recover quickly if identity theft occurs. If you’re ever worried that your Commerce Bank accounts have been compromised, or if you’re curious about how Commerce helps keep accountholder information safe, contact us any time.
