Although few believe it will ever happen to them, rising identity theft statistics show that there are many people out there who have been victims.

Although legislation is taking a while to come to grips with the legal aspects of identity fraud, there are institutions and protocols for those who find themselves in the unfortunate position of having discovered the unpleasant fact.

1. Stop affected credit cards or service agreements immediately

All banks and similar financial institutions will have a hotline that you can phone to immediately stop your cards and any additional, related accounts that you suspect may have been targeted by the criminal. This is done first because it is something that can be done quickly over the telephone. It also minimises your financial loss by putting an immediate stop to it.

2. Notify credit monitoring agencies

Once again, this can be done quickly over the phone. A “fraud alert” can be put on your credit record. This is very important as your financial reputation may have been put in question. The agency will require a brief statement which can be added to at a later stage. The most important thing is to make contact and tell them what’s going on.

3. File a Police Report

Because there are some fraudsters who may abuse their own finances and then claim identity theft to try and get out of their obligations, some policemen may be sceptical. A police report is extremely important though and must coincide with the dates of your other notifications. To avoid frustration, take time off work and concentrate on getting it all done properly. It’s not fair, but since you are in the situation, get a cup of coffee, stand in the queue and go through the motions.

4. Create new PINS and Passwords

As soon as you are back home, go online and start changing every possible password and PIN code you can think of. This is particularly important if you are unclear of how the thief may have obtained your information. Update your PC security software.

5. Contact the Federal Trade Commission

Write an e-mail and then send the hard-copy to the Federal Trade Commission. This is important because, along with the police report, stopping of accounts and fraud alert, you are building a case that will be consistent and tractable. It will go a long way to repairing your damaged credit record.

6. Check Everything

Draw statements from every possible account and loan agreement and make sure that you have caught all of the relevant accounts affected. There may be an unfortunate few months where you will begin to discover additional loans, made by this person, but by then, you will have prepared yourself and gone through all of the necessary steps.