Deal with Financial Fraud and Identity Theft 

Step 1: Place a "Fraud Alert" on your credit reports
Step 2: Call your financial institution
Step 3: Follow up on all telephone reports of fraud
Step 4: Change your account passwords and PIN numbers
Step 5: Report the fraud or identity theft to the appropriate authorities

ACT NOW:
 
Report Identity Theft
 
The FTC defines as “identity theft” as when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes. There are important steps that you can take if your identity has been stolen.

1. File a report with the Internet Crime Complaint Center.
2. File a complaint with the Federal Trade Commission (FTC).

If you suspect that you are a victim of a cybercrime that has resulted in financial fraud, it is important to act quickly. The Federal Trade Commission recommends that you take the following five steps to resolve the problem:

1. Place a fraud alert on your credit report by calling any one of these credit reporting agencies:
Equifax: 1-800-525-6285
Experian: 1-888-EXPERIAN (397-3742)
TransUnion: 1-800-680-7289

2. Call your financial institution where you suspect an unauthorized account was opened and immediately close any account that has been tampered with or established fraudulently.
3. Follow up on all telephone reports of fraud to your financial institution in writing.
4. Protect yourself from future fraud by changing your account passwords and PIN numbers. Avoid using easily attained information for your password.
5. Report the fraud or identity theft to the appropriate authorities. For more information, see the Reporting Cybercrime section on this site.

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Protect Yourself

Online identity theft is usually facilitated by malware and social engineering tactics. Criminals take possession of your personally identifiable information (PII), sometimes including credit card information, bank account information, and/or Social Security number and use it for fraudulent purposes. Identity theft can also occur when you conduct transactions in the physical world and someone steals personal information such as name, address, phone number and Social Security number. Criminals can also steal your wallet, raid your mailbox or rummage through your trash to get your personal information. Knowledge of the tricks and scams that thieves use to try to obtain your personal information can go a long way toward preventing identity theft. Be vigilant about sharing your personal details, and try to stay up to date on the latest scams and tactics used by criminals. Below is a list of ways you can educate yourself:

• Discover if you are putting yourself at risk with McAfee’s Identity Theft Risk Assessment Tool
• Watch the McAfee video on identity theft
• Read articles about identity theft on McAfee’s Security Advice Center
• Learn more about identity theft at the following resources:
• FTC's Identity Theft Site
• BITS/Financial Services Roundtable Identity Theft Assistance Center
• Identity Theft Resource Center
• Identity Theft Victims Guide from the Privacy Rights Clearinghouse

Equifax: 1-800-525-6285
Experian: 1-888-EXPERIAN (397-3742)
TransUnion: 1-800-680-7289

Placing a fraud alert also entitles you to a free copy of your credit report. Review the report carefully and look for any other incorrect or suspicious information, such as accounts you didn't open, unexplained charges on current accounts, or inquiries from companies you have not contacted personally. Please note that detailed checking account information does not appear on your credit report, so if you suspect that someone has tampered with your checking account or ATM card, you should immediately contact your financial institution. In addition, while a fraud alert will help avoid new unauthorized accounts from being opened in your name, it is not likely to catch unauthorized charges or changes to existing accounts, so it is important to contact your financial institutions directly, as described in step 2.
 
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Step 2: To rectify the situation and immediately close any account that has been tampered with or established fraudulently, call your financial institution or any financial institution where you suspect an unauthorized account was opened in your name by someone else.

Before you call, make sure you have a pen and paper handy so that you can take notes on the conversation, including the person you spoke with and any next steps. This record could be important in future correspondence with the financial institution and/or law enforcement. The Identity Theft Assistance Center offers a free worksheet that can help you document your conversations and follow-up actions.

Before ending the conversation, ask that the financial institution(s) send you a written letter to verify that the fraud was reported and the appropriate accounts were closed and/or charges discharged. Please note that some financial institutions may ask you to sign an affidavit as part of their fraud investigation process. This is to protect them from dishonest fraud claims.

Most large financial institutions have dedicated fraud departments that you can contact directly. We've provided numbers for some of the larger institutions here:

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Step 3: It is important to follow up on all telephone reports of fraud to your financial institution in writing. Send copies (not originals) of relevant documents, along with a summary of your discussion and next steps via certified mail (with a return receipt requested), so that you can document the fact that the company received your correspondence. Keep all your notes on conversations and originals of any related written correspondence you receive from the credit bureaus, financial institutions, and/or creditors in a file. You should hold onto this file even after you believe your case has been resolved in case any future problems arise.
 
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Step 4: Protect yourself from future fraud by changing your account passwords and PIN numbers. Avoid using easily attained information like your mother's maiden name or the last four digits of your social security number.
 
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Step 5: Report the fraud or identity theft to the appropriate authorities. For more information, see the Reporting Cybercrime section on this site.
 
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