Identity theft is thriving because it’s good business. For people engaged in such nefarious activities, the likelihood of getting caught is, more often than not, next to impossible.
Simply put, identity fraud leads to billions of dollars in losses and serves as a safe zone for criminals that run off with the big bucks.
According to internet security specialist McAfee, at least one identity is compromised every three seconds worldwide and some 42 percent of these cases were committed by persons related or known to the victim. That makes each one of us vulnerable. The more mobile you are, the higher the chances are you’ll be part of the statistics.
A recent USA Today report said that business travelers are more likely to experience stolen identity incidents, because these road warriors’ normal activities act as a natural magnet for the bad guys. They connect to unsecured computer networks at hotels, restaurants and airports—leaving them with a very low personal security firewall.
Fraud alerts, however, are easily absorbed by first admitting that the threat is for real which means that your identity can be pilfered anytime. By adapting the mindset that predators are out there, determined to pounce on every opening, you’ll stay alert and avoid becoming an identity theft victim.
The first step of being alert is assuming that your identity is open to compromise. This way, your natural vigilance will spike in levels unseen before. People with this mentality will scrutinize every minute detail of financial reports and doing so leads to early detection of errors, which for the most part point to fraudulent transactions conducted using your name.
This entails tedious tasks of sifting through billing statements and poring over reports you requested from banks. But of course holes will remain unplugged and when the unwanted happens it’s important to keep your composure.
The next thing to do is send fraud alert notices immediately in order to mitigate the damages that ID thieves will inflict on your finances and reputation. It is strongly advised to get in touch with the concerned agencies and credit bureaus for formal filing of your loss. This will prod the raising of so-called red flags that will serve as your shield. Consider it a security measure that no purchases or any form of financial transactions will be completed without you first getting a phone call from creditors.
And in the event that criminals were able to get something through your next recourse is to seek the help of law enforcement authorities.
Go to the nearest police precinct and file your detailed report. The same move is also necessary in making the trade commission aware of your situation. While it is quite difficult to recoup your entire losses or put the culprits behind bars, it is important that multiple copies of these reports are in your possession. They will be of great use to you for further investigation of the fraud plus the information could also be utilized as your future ID theft protection.
But for maximum safeguard against any further losses, close the infected accounts to start afresh, much like reformatting a PC that went through a severe virus attack.
Then you can proceed in correcting and erasing the damages inflicted by the ID theft to your financial standings. According to Investopedia.com, obtaining letters of clearance from credit bureaus is a good start. These documents are your solid proof that you were once a victim. And since they will be filed, these letters will facilitate quicker identity theft detection in the future. They will erect a wall between you and the crooks while fending off unwarranted bad credit at the same time.
Part of the process is keeping a vigil on your credit dossier, setting up email or SMS alerts that spring you into action each time transactions are being initiated under your name.
Finally, if these undertakings seem daunting, get legal and expert help. This action should make things much easier for you as lawyers will take all the troubles from you in terms of having to “deal with debt collectors, credit bureaus and creditors.”
Also, dealing with cases like compromised identity is greatly alleviated by allowing the experts or the so-called ‘identity restoration specialists’ to step in. You can search online for their contact information and read up on the services they offer. This will help you determine which ones will best address your particular situation.
In the end, panic and fear are your biggest enemies, next to the culprit who stole your personal data, in a pressure-cooker moment like this. Do you see yourself keeping your cool and making the right moves once bitten by the snare set up by ID thieves?
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