Steps to Recover From Identity Theft: A Guide from First Western Trust

October 7, 2024

In today’s digital world, identity theft is a growing concern. In fact, the Federal Trade Commission (FTC) reported an alarming 5.7 million fraud and identity theft cases last year, with 1.4 million classified as identity theft. If you find yourself among those affected, don’t panic. Here’s a step-by-step guide to help you recover and protect yourself moving forward.

Step 1: Contact the Companies Involved

The first and most critical step is to reach out to the companies where you know fraud has occurred. This typically includes your bank and any other service providers. When you contact them:

• Explain the Situation: Make sure they understand that your identity has been compromised.
• Close or Freeze Accounts: Request that they close or freeze your accounts to prevent any unauthorized charges.
• Change Your Credentials: Immediately update your logins, passwords, and PINs for added security.

Taking these actions swiftly can significantly mitigate further damage.

Step 2: Place a Fraud Alert and Review Your Credit Reports

Next, it’s essential to place a fraud alert on your credit report. This measure ensures that businesses must verify your identity before opening new accounts in your name. A fraud alert lasts for one year but can be renewed as needed. You can place a free fraud alert by contacting any one of the three major credit bureaus:

• Experian: Experian.com/help | 888-EXPERIAN (888-397-3742)
• TransUnion: TransUnion.com/credit-help | 888-909-8872
• Equifax: Equifax.com/personal/credit-report-services | 800-685-1111

Additionally, check your credit reports for any unauthorized accounts. You are entitled to one free credit report every 12 months from each of the three bureaus. For a free report, visit AnnualCreditReport.com or call 877-322-8228. Review your reports carefully for any unfamiliar transactions.

Step 3: Report Identity Theft to the FTC

It’s important to report the identity theft to the FTC. Doing so will provide you with a personal recovery plan tailored to your situation. You can report identity theft in English at IdentityTheft.gov or in Spanish at RobodeIdentidad.gov. If you prefer to report in another language, call 877-438-4338 for assistance.

Stay Vigilant: Tips for Ongoing Protection

To minimize the risk of future identity theft, keep these tips in mind:

• Be Cautious with Personal Information: Never share personal or financial details via text or email. Avoid responding to unsolicited requests for such information.
• Beware of Links: Don’t click on links in unsolicited messages; they may lead to phishing sites created by cybercriminals.
• Secure Your Online Transactions: Always ensure that websites are secure (look for URLs that start with “https”) before entering sensitive information.

If you suspect that your information has been compromised, act quickly by changing any passwords that may have been exposed. Consider filing a report with the Internet Crime Complaint Center at IC3.gov and your local police department, in addition to the FTC.

Get Help If You Need It

If you notice suspicious activity involving your financial institution, reach out to them immediately. Timely communication can help protect your assets and prevent further fraud.

At First Western Trust, we understand that identity theft can be a distressing experience. We’re here to provide support and guidance as you navigate this challenging situation. Stay informed, stay vigilant, and know that you can take control of your identity and financial well-being.