My Personal Data Was Stolen. What Should I Do?‍

There are few things more alarming and worrisome than realizing you've been a victim of cyber theft. Cyberthieves fraudulently access your information and use it to buy properties and make other expensive purchases. Furthermore, they can access your medical insurance, file taxes, and other private data, and this can have a harsh impact on your credit and financial reputation.

The damage can be substantial and may include working with the IRS to clear up tax fraud, closing compromised bank accounts, and repairing your credit. All of these time-consuming, expensive, and emotionally draining processes can be avoided with the right protection.

Why Do Criminals Want My Data?

It may be unclear to a layman why criminals would want their data. What would this do for them? Well, the answer is quite simple. Criminals want your data because they can sell it to other criminals. Data breaches are a profitable business for criminals, and they will utilize the dark web to mass distribute your data. Millions of innocent individuals' stolen records appear on the dark web.

Once this information is stolen, they will use it for identity theft purposes. This shows up most when criminals are filling out fraudulent applications for loans and credit. However, these are not the only purpose for data theft- login credentials are also taken advantage of. This is known as "account takeover." To make matters worse, stolen information is used to target other victims through phishing and extortion criminally. Victims can be lured into providing credit card details and tricked into believing it's legitimate.

How Do Personal & Payment Data End Up on the Network?

Stolen data ends up on the dark web from data breaches. For example, the Equifax data breach was a haul of 143 million identities. Typically, the price for a social security number is $1. While this seems low and insignificant, criminals are receiving them in bulk with many others' data. In fact, a single passport is known to go for $2,000.

Thankfully, there is a way to protect yourself from these ruthless scams. Identity theft protection is the most effective way to combat criminals. Oftentimes when people wait until after the fact, it's simply too late. The damage is done, and it will be costly.

To put this into perspective, the number of identity theft victims from 2019 to 2020 doubled in the United States alone, and this means more people are at risk than ever before. As one would expect, the number of identity theft crime complaints skyrocketed by 269% in 2020.

What Should I Do If My Account Has Been Stolen?

If you have recently been a victim of identity theft, you can take a few steps to combat the issue and reduce your financial impact.

1. Determine The Extent Of The Damage And File A Police Report.

To begin, contact law enforcement agencies and file a report. A written statement from your sheriff's department may be required to persuade your bank as well as other finance companies to reverse false charges. A formal report verifies that you've been the victim of identity theft and that it is not a scam.

Verify your expenses on all your accounts before heading to the cops and note which accounts have been hacked. Other accounts may be involved, so examine the charges carefully and double-check their legitimacy.

Gather any crucial details about what occurred. This may contain data such as the date/time of the fraudulent activity, as well as any banking information involved. It's a great idea to come with photocopies of your account statements. Make a note of any unusual activities that might be relevant as well. For instance, have you recently misplaced your credit card, or is your email address compromised in any way? The cops will be interested to know.

2. Put A Security Restriction On Your Financial Report And Alert The Credit Bureaus.

Suppose you suspect your personal data has been hijacked. In that case, you should place a security fraud freeze on your financial report, which prevents a credit agency from publishing any information on your credit statement without your explicit approval. A security freeze stops potential creditors from acquiring access to your credit report, adding a second layer of security by preventing a CRA [credit reporting agency] from granting new loans, credit, or other essential banking transactions without your permission.

You must call one of the three key CRA [credit reporting agencies]: Experian, Equifax, or TransUnion. The agency you call is obligated to notify the other remaining two and exchange information. However, it may be wise to contact each CRA [credit reporting agency] separately to ensure that they are aware of your identity theft as quickly as possible. The CRAs gather information on you and how you have been using your credit, and if any businesses have turned your bills over to a collection company or if you've declared bankruptcy.

It would be most reasonable to put in a request for a one-year fraud alert. It will be more difficult for someone to register a new bank account using your personal information as a result of this. A firm must verify your unique ID before granting credit to the individual who requested it once a scam warning has been posted.

If you have been a cybercrime victim, you can also request a seven-year extended fraud notification making it harder for the fraudsters to use your information anywhere.

3. Examined and Review Your financial Report

Examine all of your accounts for any strange activity. This applies to both bank and credit accounts. Each financial reporting organization can also provide you with a free digital copy of your financial report. Because each agency's report may differ, it's critical to review all three financial reports to ensure you don't miss anything significant. Examine the information for any transactions you don't recognize and proceed with the appropriate step.

As per the law, you will receive two free financial reports from each credit bureau within one year of placing a fraud alert.

4. Change The Passwords And Usernames On All Your Accounts.

Passwords that have been leaked or hacked are frequently connected to identity theft. It's wise to be safe even if you're unsure if your username and password have indeed been hacked. Change the username and passwords on any\all accounts that are affected. Use a stronger password that includes a combination of letters, numbers, and symbols. Furthermore, if you have the option to enable two-factor verification\authentication on all your accounts, do it. This can give added security in the future.

5. Submit A Complaint To The Federal Trade Committee.

The FTC [Federal Trade Committee] is a federal agency tasked with safeguarding consumer interests. IdentityTheft.gov is the appropriate website where you may report identity fraud. They'll then utilize the information you offer to construct a recovery plan that includes things like contacting the notable credit bureaus and notifying the IRS [Internal Revenue Service's Theft department]. You can file a report on the website or call the number 1-877-438-4338.

6. Inform The Organization Where The Fraud Took Place.

Any businesses connected to your identity fraud case should also be notified. This may include bank institutions, credit card businesses, medical clinics, eCommerce stores, health insurers, etc., based on the sort of identity fraud. For instance, if your bank card was used to buy stuff on Amazon, notify the vendor.

Another good example is medical identity fraud. In this situation, a con artist may use your identity to acquire access to healthcare services, including physical examinations, prescription medications, or expensive medical equipment such as wheelchairs. If anybody uses your medical insurance to obtain prescription medications from a drugstore, for example, notify the drugstore as well as your insurance company.

Summing It All Up: How to Avoid Identify Theft

Avoiding identity theft is key to reducing stress, financial burden, and overall chaos. Make sure to review your credit statements and bank statements regularly. Use different passwords for each account. Utilize antivirus software. Make sure to review your credit reports on an annual basis. Utilize two-factor authentication on all your accounts and devices. Lastly, sign up for identity theft protection to keep your personal information safe and secure.

Author's Bio

Kartin Deres is an experienced blog writer. She is interested in content marketing and search engine optimization. In addition, Katrin is a big fan of photography and traveling.