In 2021, more than 2 million cases of identity theft were reported to authorities. It is more important than ever that users remain vigilant and secure about protecting their identity. In this article, Bitdefender’s Alina Bizga explains eight immediate steps to take if your identity has been stolen.

In 2021 alone, users filed over 2 million fraud reports. With this in mind, it has become crucial for users to remain vigilant and take measures to avoid loss of sensitive data, severe financial loss and lengthy legal issues. The rise in data breaches shows that cybercriminals are focusing on stealing consumers’ exposed personal information to commit identity theft, which inflicts billions of dollars in damages each year.

In most cases, identity theft is not only costly in financial terms. Each case of identity theft is unique and results in a labor-intensive financial and psychological burden on victims and their families. It can take up to six months or more for victims to repair the damage, recoup the costs and repair their identity. If your personally identifiable information is sold on the dark web, the chances of your identity being used over and over are extremely high, creating a cycle of stress and uncertainty. Users should not only be equipped with warning signs and preventive measures to avoid being victims of identity theft, but also know what to do immediately after such an attack.

Steps to take in case of identity theft

If you are the victim of a data breach or suspect that your data may be used for fraudulent purposes, follow these seven steps to minimize the fallout and make the identity recovery process easier.

1. Check for “leaks”

To avoid becoming a victim of identity theft, the FTC recommends that consumers keep their Social Security numbers safe, shred payment receipts and copies, and regularly review transaction records. By developing a base of activity, it will be easier to trace the origin of fraud and the assets most at risk.

2. Confirm the type of information exposed in the data breach

In 2020, most stolen identities were used to apply for government documents and benefits. Credit card details and social media profiles were also popular sources of identity theft. Once you discover that your identity has been compromised, perform a thorough check to determine what types of sensitive data has been stolen. This will ensure that your recovery process is extensive and comprehensive.

3. Secure any compromised accounts by changing your passwords and enabling two-factor authentication if possible

It is basic cybersecurity hygiene to change your passwords regularly. Whether the organization has suffered a data breach or not, large organizations are often targeted by cybercriminals, and it is important that users do their due diligence to protect themselves against these criminals. If your identity has been stolen and you haven’t yet tracked down the source of the theft, be sure to change your passwords on social profiles, bank accounts, and all e-commerce sites. Differentiate your passwords for each and make sure it’s not just a variation of your previous password.

4. Check your credit report, credit card and health insurance statements for anything suspicious

Many consumers simply keep a close eye on credit reports and transaction records. In the event of identity theft, be sure to review all bank statements, debit transactions, and health insurance claims to ensure you understand the extent of the theft. This makes it easier to appeal and recover in the future. Identity theft Cost Americans $56 billion in 2020 alone, and it’s important to take the necessary precautions to make sure your money doesn’t contribute to that figure.

5. Freeze your credit to prevent fraudsters from opening new accounts in your name

With most modern banks, freezing your cards and accounts is as easy as pressing a button. This avoids the risk of a secondary attack – fraud when opening a new account. In the event of new account fraud, criminals will use every avenue available to open a new line of funding in your name, using stolen or fake identities. While it may be the fault of the thief, any liability in these situations will be yours – a timely and stressful situation. This can be difficult, as most victims don’t even know that these new accounts exist. Freezing your accounts will not affect your credit score, but will protect you until you recover your identity information.

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6. Avoid fraudulent lines of credit by placing a fraud alert on all your credit cards

Beyond simply freezing your accounts, it is essential to go further by notifying your bank that there has been an incident of fraud associated with your credentials. They can connect you with specialists, help you sift through transaction data, and offer you new secure credentials if needed. If you are a customer of more than one financial institution, contact each of them to report fraudulent or suspicious transactions.

7. File a report with the Federal Trade Commission (FTC) and keep paper trails and evidence of fraud

Of the millions of fraud reports filed each year, identity theft often tops the list, not only through the FTC, but most law enforcement agencies. Although the FTC does not retain criminal jurisdiction, the agency can serve as a support system and “clearinghouse for identity theft reports, part of the FTC’s Consumer Sentinel reporting database. “. In order to have the full extent of knowledge and support to recover from identity theft, it is crucial to report the incident to the FTC.

8. Report identity thefts to local law enforcement

Many local police departments have begun to develop online task forces to combat fraud and identity theft. Additionally, if the offender has used your personal information in local businesses, law enforcement agencies may be able to access surveillance and transaction information that the normal consumer would not have.

Better protect your identity

Identity theft is an arduous and exhausting process to recover from, even though it happens to millions of people every year. While the “good guys” are constantly improving the ways to protect your information, the “bad guys” are also getting smarter. If you are unlucky enough to find your identity compromised, you can minimize the fallout and speed recovery by following the steps listed above.

Ultimately, there is no guaranteed way to ensure that your identity will never be stolen. However, if you are prepared with the knowledge and proper response protocols, the recovery process will be less stressful, less costly, and less time-consuming if you are prepared with the proper knowledge and response protocols.

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