Identity Theft: Essential Tips to Protect Your Data

What would you do if you discovered identity theft?

Do you know what is on your credit report?  Think about how often you receive a letter reporting a data breach.  The Identity Theft Resource Center (ITRC) reports that the U.S. experiences a couple thousand data breaches every year (Chin, 2024.)  A couple thousand!  Even if you are being careful, your data could be ‘out there.’  Being vigilant and prioritizing security is key for all individuals, but especially for elder Americans who are the primary target for online scams and identity theft.  Continue reading to learn more, and stay ahead of this growing issue.

If you have ever been a victim of online data theft, you know that finding out is just the beginning.  Before you can close that chapter and move on, you have to face a long and grueling process.

The initial steps to take upon discovering identity theft will not make you feel better!  But they are important steps to take:

• You may need to file a police report
• Generate paperwork to document the theft, noting all actions taken by the thief and all actions taken by you
• Phone calls, phone calls, and more phone calls

There is no shortage of companies offering data protection as a paid service – something many individuals opt to include in their budget for an added layer of security.  And if suspicious activity appears on your credit report, then your credit card company, bank, and even services such as LifeLock and Identity Guard should notify you of this.  If your accounts are on a family plan, there may even be options to create profiles for each family member, creating a great first layer of protection for each individual in your household.  But, even putting together all of these precautionary measures may not be enough for complete data security.

I am a victim of online identity theft – What do I do?

One way for scammers to prevent you from ‘catching’ them as they break into your system, or inhibit your ability to find that you are in the midst of an online attack, is through a tactic called subscription bombing.  This is a distraction tactic and is meant to take your eyes away from a legitimate request, such as an email or notification that asks, “do you recognize this login?” or “is this charge valid?”  The scammers hope you will be so distracted by the thousands of new subscription ‘welcome’ emails, in all different languages, that you you will miss or overlook the fraudulent actions taking place, giving them more time to comb through your data before being discovered.

When you receive notice of your data being compromised, call the vendor from your affected account/s immediately to dispute!  Then be sure to get your credit report summary.  You are entitled to one free credit report each year.  One way to access your free credit report is by visiting www.AnnualCreditReport.com.  You can also request a copy directly from credit reporting agencies, if you create a login.  Your credit report can reveal which of your accounts have been compromised, identify any new or unfamiliar accounts that have been setup, and help you keep track of inquiries that you know to be false.  Armed with this knowledge, you will be able to identify the accounts and inquiries that should be closed and/or reported as fraudulent.

To report fraudulent accounts and inquiries, keep in mind these three major credit reporting agencies:  Experian, Transunion, and Equifax.  Log into all three reporting agencies and place a freeze on your credit – this is known as a security freeze.  This type of freeze is valid for one year, and will prevent all creditors from trying to open a new account for the duration of the freeze.  While this freeze is active, creditors will be required to call you directly to verify whether the request to open a new account is valid.  If needed, during this freeze you can place a temporary lift on your credit to allow lenders to access your credit report.  There is also what is known as an extended freeze, which, when placed on your account, lasts for a duration of 7 years.  These options come to consumers free of charge – but you must contact each credit reporting agency separately to complete the setup of your security or extended freeze.

Record keeping is very important when it comes to an identity or data theft event.  A great next step is to create a login with www.IdentityTheft.gov, the website for the division of the Federal Trade Commission which specifically handles identity theft.  Be prepared to document what happened, upload any proof that you have, and identify the method by which you would like to receive report updates.

If your situation entails unfamiliar accounts that were opened by someone other than you, you can call the vendor and ask to speak with the fraud department.  They will advise, and send you an acknowledgement of the reported fraud.  This provides written record that you are not being held financially responsible for any charges due to the fraudulent nature of the account setup and spending.

ATLAS understands the risks that identity theft pose to consumers, and we are here to help.  With the information included in this article, we hope you are a little better equipped to not only combat fraudulent activity, but resolve it efficiently.  Our mission is to listen and serve your needs as fully as possible.  Having an identity theft issue and would like to speak with a professional?  Reach out to ATLAS here for more information.

 

This article includes information gathered from ITRC, linked here.