Cybersecurity Best Practices: My Identity Was Stolen – Now What?

Authored by Erin Goss, Chief Operating Officer, and Antone Lamerato, Operations Manager

If you suspect that your identity was stolen, it's essential to act quickly to mitigate potential damage and to prevent further harm. When you discover your identity has been stolen, here are some things you should do as soon as possible:

1. Contact Your Financial Institution: Notify your bank, credit card companies, and any other financial institutions where you have accounts, including insurance companies. Inform them of the identity theft and ask them to freeze or close the affected accounts to prevent unauthorized transactions. Please immediately contact your Blue Chip Partners advisor.
2. Update Passwords, Passphrases, and PINs: Change passwords, passphrases, and PINs for your online accounts, e-mail, and financial accounts. Use strong, unique passwords or passphrases for each account and enable multi factor authentication.
3. Place a Fraud Alert on Your Credit Report: Contact all three major credit bureaus (Equifax, Experian, and TransUnion) to place a fraud alert on your credit reports. A fraud alert requires the bureaus to go through additional identity verification before releasing information about your credit report to lenders.
4. Consider a Credit Freeze: While you’re contacting the three major credit bureaus, you may consider placing a credit freeze on your credit reports. A freeze will further limit a lender’s ability to access your credit report, but it will also restrict your access. However, you can lift the freeze at any time.
5. Contact the Affected Companies: Reach out to any companies or organizations with whom you believe personal information was fraudulently used. Ask them to close or freeze accounts and investigate the activity.
6. Report to the Federal Trade Commission (FTC): Visit the FTC's IdentityTheft.gov website to report the identity theft and create a personal recovery plan. The FTC provides valuable resources to guide you through the recovery process, including the Identity Theft Affidavit.
7. Contact Law Enforcement: Report the identity theft to your local law enforcement agency. File a police report and keep a copy of it. While they may not be able to resolve the issue, having an official report will be helpful if you need to dispute the legitimacy of any new accounts or lines of credit opened in your name.
8. Notify the Social Security Administration: If your Social Security number has been compromised, contact the Social Security Administration to report the identity theft and discuss steps to secure your SSN.

The steps above are intended to be the first response to an emergent identity theft incident. Unfortunately, the risk of further harm is not completely neutralized, as sensitive personal information may be bought and sold by cybercriminals well after the initial breach. Ongoing vigilance is required on your part to continuously check for new incidents of fraud. Below are some steps that are a best practice for everyone, but especially those that have been the victim of identity theft:

1. Monitor Your Credit and Accounts: Continuously monitor your credit reports and financial accounts for suspicious activity.
2. Document Everything: Keep records of all communications, correspondence, and actions you take regarding identity theft. This documentation can be crucial in resolving the situation.
3. Secure Your Personal Information: Safeguard your personal documents, such as your passport, driver's license, and Social Security card. Consider a home safe or a safety deposit box at your bank for further security.
4. Seek Legal and Financial Advice: If you have been a victim of identity theft, consult with an attorney or financial advisor to understand the legal and financial implications of identity theft, especially if it leads to significant financial losses.

Identity theft can be a lengthy and challenging process to resolve. By promptly taking these steps and those referenced in part 2 of this series, you can minimize damage and work towards reclaiming and protecting your identity and financial security.

Click here to read part 1 of our cybersecurity series, ‘How to Protect Yourself Against Phishing Attacks’.

Click here to read part 2 of our cybersecurity series, ‘Fortify Your Online Presence’.