We often get asked, “How would I even know that I’ve been scammed?” It’s a good question and an important one.
When we begin a financial planning engagement, we always ask for a credit report. You can download all three reports (Experian, Equifax, and TransUnion) at www.annualcreditreport.com . The only source for your free credit reports, authorized by Federal Law. These reports show what you owe and how you use credit, but it also helps spot potential identity theft and fraud. Some early warning signs that something may be wrong include unusual activity on your bank statements or credit card reports, receiving bills for items you didn’t buy, having trouble or difficulty obtaining credit, or calls from debt collectors for accounts you didn’t open. You might also have trouble getting a credit card or loan, or notice that your mail has gone missing, or see unfamiliar charges on your credit card. Sometimes people only find out there’s a problem when they’re denied a loan because of a low credit score.
Six simple ways to check for identity theft:
- Review your credit reports at least once a year
- Check your bank statements.
- Pay attention to strange mail and emails.
- Stay on top of your tax returns.
- Check your medical statements.
- Review your Social Security statements.
What if you see something suspicious? If anything seems off, talk to a trusted friend or family member – or give us a call. If it turns out to be a scam or fraud, here are some actions you can do, while keeping written records of all your correspondence and phone calls about it:
1) FREEZE your credit right away.
This stops anyone from opening new accounts in your name. You call one of the three credit bureaus (Experian, Equifax, and TransUnion) and ask for a credit freeze. You’ll have to unfreeze it if you want to apply for a loan or credit card, and then you can freeze it again when you’re done.
2) Place a fraud alert on your account.
When you call the credit bureau you can also ask to place a fraud alert. This requires companies to check
with you before opening a new account in your name.
3) Contact your bank, credit card company, or any other financial institution you have.
Let them know you were the victim of identity theft, even if their accounts weren’t affected. This way they will be extra vigilant and will ensure taking steps to verify your identity. Many companies use two‐step verification, which helps protect your money—even if it feels like a hassle sometimes.
A few more tips:
- Guard your identity as carefully as you guard your home and car.
- Use secure, not recognizable passwords, and don’t share them. Write them down in a secure place or use a password manager.
- Lock financial paperwork, passports and credit cards in a secure place, preferably a good fireproof safe.
- Only shop online on trusted websites.
- Never share personal info like your Social Security number, credit card info, or birthday over the phone or by email. Real companies and government agencies won’t ask for that.
Please be careful and if you’re worried, you can always ask us.
