Some shocking recent statistics have shown that up to 19% of identity theft victims only discover the criminal activities 4 years after it began. It may seem impossible to those of us who have not experienced this horrible and invasive form of crime, but it cannot always be prevented. For this reason, there are a lot of people out there who believe that they have covered their bases with good security measures, only to find that strange things are starting to happen.

Mail:

One of the major forms of identity theft starts with mail. Either mail stops arriving completely, strange mail arrives (i.e. credit cards you didn’t order or bills and statements that aren’t yours). This is usually because somebody who is claiming to be you is re-directing your mail or using an old address of yours to purchase goods on your name.

Credit Card and Bank Statements:

If you start noticing strange charges on your bank accounts and an unusually high amount of balance queries you should get suspicious. Banks will have records of exactly where and when these requests and transactions took place.

You are denied simple loans or credit extensions:

If you have kept a good credit record and for no reason, you suddenly find it impossible to open an account or get any kind of credit, this may be a sign of identity theft.

Strange Comments

Statistics show that up to 42% of identity theft is perpetrated by somebody the victim knew or knows. If somebody you know starts paying an unhealthy interest in your financial status or asking probing questions about your banking institutions and habits, it may be worthwhile to double check your balances and make sure all is in order.

Corporate Breech

There are more clear-cut situations. When a company makes a public statement that some of its account information has been breeched, you will probably be notified directly. This does not necessarily mean that it has been used yet, as this information is often sold a few times after being stolen so as to avoid detection.

Employ the help of a credit monitoring service

There are several companies that can aid in keeping you posted whenever any kind of activity happens in your financial accounts or personal name including applications for credit, address changes and even mail misdirection.

There are times when a person needs to look at the abovementioned factors more diligently, if your car has recently been broken into or you have lost a wallet or even an identity document, drivers licence or passport. As a matter of course though, it is a good idea to keep a close eye on these factors regularly. Make it a point of habit to do a thorough check of your banking statements, the names on unsolicited “junk mail” and strange “misunderstandings” like bad credit terms on new accounts. This may not always be enough to stop identity theft, but it may at the very least give you a head start if you suddenly discover that you may be a victim.

The prospect of a stolen identity is a daunting one. There are many shocking statistics out there and just as many real-life stories of people who have fallen victim to identity theft. For those of us who have been lucky enough not to have the experience, it might not be a bad idea to make sure we’re really in the clear. The reason for this is that many people may go several years without ever knowing that their credit records and reputations are being slowly destroyed by an unknown imposter.

There are several warning signs which should raise your suspicions on the subject. If you start receiving less mail, less regularly or strange mail addressed to you that you did not ask for (i.e. credit cards etc.) you should worry. Re-directing mail to an old address in order to make use of mail-order services or simply keep your bank statements away from you is a classic trick used by identity thieves. Similarly, if you stop receiving certain bills and statements completely it may be time to launch an investigation. Many people make use of credit monitoring services. These nifty companies provide a service that notifies you whenever there is activity on any of your accounts or changes of personal information. Remember that if criminals engaged in identity theft intend to make long term use of your name, they will need to lay certain groundwork. For example, they will need to change your official address to theirs. They are generally not stupid enough to make it a home address where they can be physically traced but they will almost certainly make use of a rented post box in order to receive ordered goods. Another thing to remember is that the criminal will need to obtain additional information about you in order to continue impersonating you successfully. If you get strange phone calls from people claiming to be from one of your banks and asking to “confirm personal information” DO NOT SUPPLY IT. Banks will never expect you to supply information randomly on the phone.

Even though the prospect of being an identity theft victim leaves one feeling helpless and out of control, there are many ways to regain that control. The criminal is in a constant state of stress and fear as he/she risks discovery every time they use your information. You on the other hand can spend time getting to know the exact bank charges and systems that will aid you in minimising the chance of long term victimization and immediately recognising questionable situations. A quick and easy way to get an overview of how much information you have lying around may be to Google your own name. It is absolutely surprising how many people have highly sensitive information posted on social networking or blogging websites.

The credit bureau also has a handy service known as “fraud alert”. If you suspect that your identity or finances have been tampered with, a fraud alert basically means that you will be contacted personally whenever a new account or credit request is made in your name.

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.