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Understanding Identity Theft and Fraud

Is identity theft really that big of a problem?

Government officials call identity theft "the fastest growing crime in the nation," with over 400,000 people affected last year alone. The average financial loss to an identity fraud victim is estimated at $36,000.

Thieves obtain personal information such as, social security numbers, driver's license numbers, credit card numbers and even birth certificates and passports. Accounts are then opened in the victim's name for credit cards and loans with the main diverted to a different address.

This tactic can sometimes take months or years to become apparent to the victim. It's important that you take active steps to prevent it from happening.

What if you become a victim of Identity Theft?

If you feel you're personal information has been jeopardized, or if your personal information is lost or stolen, act quickly. These few steps can really help.

  1. Contact your credit card company and your financial institution and close your accounts. The FBI suggests that you put passwords (not your mother's maiden name) on any new accounts your open.
  2. Call the three major credit bureaus (numbers shown below) to tell that your identity has been stolen. Request that a “fraud alert” be placed on your file and that no new credit be granted without your approval.
    • Equifax: 800-685-1111
    • Experian: 800-682-7654
    • Trans Union: 800-916-8800
  3. Call the Social Security Fraud Hotline:
    • 800-269-0271
  4. Contact the Federal Trade Commission (FTC) theft hotline: 1-877-438-4338
  5. You should not only file a report with the police, but also get a copy of the report in case you need proof of the crime later for credit card companies, etc.