Unfamiliar charges on your credit card. An unexpected bill in the mail. A surprise drop in your credit score. These are all frightening signs that your personal and/or financial details may have been stolen — and for each, quick action is essential to prevent further damage. Here’s what to do if you suspect identity theft.
Identity Theft Is a Prominent Problem for U.S. Consumers
According to Federal Trade Commission (FTC) data, identity theft was the most common issue consumers said they encountered in the U.S. marketplace in 2023. Complaints related to credit card misuse — either fraudulent use of an existing card or using stolen personal information to apply for a new card — topped the list of ID-theft types reported to the agency. Incidents related to “other identity theft,” loans or leases, bank accounts, and government documents or benefits rounded out the top five.
Steps To Take If You Think Your Identity Has Been Stolen
Identity theft is a type of fraud that happens when criminals wrongfully obtain your personal or financial details, and then attempt to use this information in a fraudulent or deceptive manner, usually in an effort to make money. Discovering you may have fallen victim to identity theft can be startling and overwhelming — but by avoiding panic and taking the right next steps, you can limit the damage of the crime and simplify your recovery process.
If you suspect you may have been targeted by an identity theft scheme, act fast and take the steps outlined in our list of what to do:
Step 1: File a Fraud Alert
Place a “fraud alert” with one of the three major, nationwide U.S. credit-reporting agencies — Equifax, Experian, or TransUnion. The alert is free of charge, and when you file one, the agencies alert potential creditors to take extra identity-verification steps before extending any lines of credit in your name. This makes it substantially more challenging for criminals to open new accounts using your stolen personal information.
Step 2: Notify Your Bank, Credit Card Issuer(s), and Other Creditors
Reach out to the financial institutions where you hold accounts to let them know you may have fallen victim to identity theft. Start with the creditor behind the account you suspect has been compromised, but it’s never a bad idea to let other banks, credit card issuers, and any additional creditors know about your concerns, too. Once you’ve provided the information, they’ll know to keep a closer eye on your account(s) for suspicious activities. And in some cases, they may recommend putting a hold on your account(s) and/or issuing new credit or debit cards. (If you’re an Arthur State Bank customer, call us toll-free at 888-825-2265.
Step 3: Let Law Enforcement Know
Next, alert the authorities about the incident of concern. Start by visiting identitytheft.gov to file a report with the FTC. The agency will collect your information and create a personalized identity theft recovery plan for you. In addition, the FTC will share details from your report with relevant local authorities. (Because of this, it’s not critical to file a report with your local police department. But if you choose to do so, providing your local police a copy of your FTC identity theft report can be helpful and save time.)
Step 4: Check Your Credit Report — and Consider Freezing Your Credit
Each of the three U.S. credit-reporting bureaus (Equifax, Experian, and TransUnion) are required by law to provide you a free copy of your credit report once a year. And exceeding that requirement, all of them offer free access to an online version of your report once a week. Visit annualcreditreport.com to obtain and view a copy of your current credit report, and then check for any unfamiliar credit lines that may have been opened in your name — plus look for suspicious activities on the accounts you do recognize. For an added layer of security against identity theft, choose to place a credit freeze (also known as a security freeze) with each of the agencies, which prevents any new credit accounts from being opened in your name. To take this step or to learn more about why you might want to consider it, visit the credit-freeze pages on the Equifax, Experian, and TransUnion websites.
Step 5: Keep Your Social Security Number Safe
If there’s a chance your Social Security number may have fallen into the wrong hands, consider contacting the Social Security Administration (800-772-1213) and the Internal Revenue Service (800-829-0433) to let them know. This can help prevent criminals from filing a false claim for your tax refund or applying for employment under your name.
Step 6: Change Your Passwords — and Take Other ID Safety-Focused Steps
To protect yourself against identity theft, it’s important to change the passwords for your online accounts (especially those for your email and any finance-related accounts) regularly. And when you suspect your personal information has been compromised, this step becomes even more important, as it can help keep any criminal(s) with your personal details from inflicting additional damage. It’s also a good idea to know how criminals steal your personal information and always to follow the best practices for ID theft prevention. We offer tips on some of the leading ways you can keep your personal information safe, how to elevate your digital-banking security, and how to better secure your smartphone.
Proudly serving South Carolina since 1933, Arthur State Bank offers accounts and services to meet a variety of financial needs. To help you achieve all your financial goals, the bank offers in-person service as well as a range of convenient digital solutions. To learn how Arthur State Bank can help you with banking needs ranging from checking and savings to retirement accounts, mortgages, other personal loans and more, visit arthurstatebank.com.