How to report identity theft | blog.firstffcu.com

In today’s digital world, where personal information is frequently shared online, the threat of identity theft looms large. First Financial is committed to helping you recognize the warning signs of identity theft and take appropriate action. Understanding these signs is crucial for protecting your financial well-being and ensuring peace of mind.

Spotting the Warning Signs

Recognizing identity theft requires vigilance and an understanding of several key indicators. Unrecognized transactions on your bank or credit card statements are often the first hint of identity theft. These transactions might be small at first, but they can quickly escalate. Equally important is keeping an eye on your credit report for any inquiries that you don’t recall initiating. This could indicate someone attempting to open accounts in your name. You can check your credit report for free once a year at annualcreditreport.com.

Another sign to be wary of is receiving unfamiliar bills or statements, or conversely – not receiving the bills or statements you are expecting. This can suggest that someone has gained access to your account information and is redirecting your mail. A sudden, unexplained drop in your credit score is another red flag. It can indicate that fraudulent activities are negatively impacting your credit history.

Unexpected denials of credit or loan applications can also signal identity theft. If your applications are being denied and you don’t know why it could be due to a compromised credit history. Additionally, receiving calls from debt collectors about debt that you don’t recognize is a classic symptom of identity theft. Lastly, unusual activity on your Social Security account – such as unfamiliar earnings reports, should also raise concern.

Confirming and Responding to Identity Theft

If you suspect you’ve been a victim of identity theft, there are several steps you should take to confirm and address the issue. Begin by thoroughly reviewing all of your financial statements and accounts for any unauthorized transactions. This includes checking your credit report from the major bureaus for any unfamiliar activities or discrepancies.

If you find evidence of identity theft, it’s important to report it immediately. Contact your financial institution, credit card companies, and the credit bureaus to inform them of the suspected theft. You should also file a report with the Federal Trade Commission (FTC), which will provide you with a recovery plan.

Taking preventative measures like placing a fraud alert or a credit freeze on your accounts can help prevent further damage. This restricts access to your credit report, making it more difficult for identity thieves to open new accounts in your name. Finally, updating the security of your accounts – such as changing passwords and PINs, is crucial in safeguarding your financial information.

At First Financial, we understand the importance of protecting your personal and financial information. Being aware of the signs of identity theft and knowing how to effectively respond is essential in safeguarding yourself against these risks. By recognizing the signs early and taking prompt action, you can significantly mitigate the effects of identity theft. Stay informed and protected, talk to a representative at 732.312.1500 or visit any of our branches today.

This week is Identity Theft Awareness Week, the perfect time to refresh your knowledge of what to do if your identity is stolen – since fraudsters are getting so creative these days. While it may seem like time to panic, there are plenty of stops in place to not only report the theft – but also return anything that’s been stolen. Here’s a step-by-step guide to help you act quickly, should you ever need to.

Know the scope

Not every security breach classifies as identity theft. Identity theft is specifically when someone uses your personal information to file a tax return, open a bank account, or make fabricated medical claims.

There is no one correct way to verify if you’ve been a victim of identity theft. There are both paid and free credit monitoring programs that can scan your history and alert you to any signs of theft. These sites monitor the dark web and credit reports to look for suspicious activity involving your personal information.

Notify agencies

Once you’ve confirmed your identity has in fact been stolen, you should report it to the Federal Trade Commission (FTC). You can report over the phone at 1-877-438-4338, or online through IdentityTheft.gov. However, you should know that in the case that you need to go to the police for stolen property or report charges to your credit card, they may request an official report. You will only receive an ID Theft Report if you file your case online, not by phone.

Ensure that you also notify any additional agencies such as Medicare’s fraud office if they are your provider and medical fraud has occurred, the IRS if a false tax return has been filed under your identity, or your state’s labor department if your information was used to file a fake unemployment claim.

Alert other relevant companies or agencies

Outside of government entities, you’ll want to alert any relevant companies that could be affected by this event. Notify your health insurance provider if your identity was used for a false medical claim. Contact the fraud department at companies where the thief tried to open an account or apply for a job. In the event that you know the person behind the crime, your name was used in a police interaction, or another company such as a credit agency requires it – file a report through your local police.

It’s also a good idea to notify your credit card company to shut down affected accounts and freeze your credit report too. This means that anyone attempting to access your credit report will be blocked, and credit bureaus won’t share it with anyone who requests it. Additionally, you’ll want to put a fraud alert on your credit reports with the main three credit reporting agencies: Experian, Equifax, and TransUnion.

Take steps to prevent future theft

Now that you know your information is accessible, you’ll want to take extra precautions to prevent repeated ID theft.

Sign up for your free annual free credit report and if you are a First Financial member, you can also register your debit and credit cards within our mobile app to receive purchase alerts for all transactions or easily turn off one of you cards in an instant if you need to. You may be offered a free account with a credit monitoring service when you report a stolen identity, which you should definitely utilize. If that’s not the case, both free and paid accounts are available through various companies like Credit Karma or CreditWise.

You’ll also want to keep a tighter lock on any accounts with personal information stored. Start using a password manager to ensure your passwords are difficult to crack and enable two-factor authorization whenever it’s offered. Additionally, begin monitoring your identity more closely by making a habit of reviewing your credit report and bank statements.

Identity theft is not a joke! Stolen information gives criminals the ability to strap you with long-term damage, if not taken care of quickly. This Identity Theft Awareness Week and every week, stay on top of your security, be alert for phishing scams, shred documents with sensitive information, and be smart about where you share your personal details. For more information on what to look out for or if you suspect your identity has been stolen, contact Member Services at 732-312-1500 or visit one of our branches.

Take further identity theft precautions and stay in the know about ID theft scams by subscribing to First Financial’s monthly newsletter.