Immediate Steps to Take if Your Identity Has Been Stolen

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Finding out that your personal information has been stolen can be pretty surprising and overwhelming, and in a state of shock, it's not unusual to freeze up and forget what you should do next. But since identity theft is an issue that needs to be addressed immediately, it's important that you know how to act so that you stop your attacker before things get out of hand.

Below, learn five crucial steps to take if you suspect that your identity has been stolen:

1. Contact your bank and/or creditors.
Ultimately, you must contact any financial institution that you have ties to. If it's your credit card that has been affected by the attack, contact that specific creditor to have your account frozen or shut down completely. Similarly, if it's your bank account that has been compromised, contact the bank for information about unauthorized withdrawals and what steps can be taken next to prevent future suspicious acts, such as closing the account altogether.

2. Request that a fraud alert be placed on your credit report.
There are three credit reporting companies that have information about your credit history - Equifax, Experian and TransUnion. To place a fraud alert on your credit report, contact one of these companies with your request - they should let the other two companies know on your behalf, but confirm that they will relay the message just in case. This is extremely important to do because it can make it much more difficult for your attacker to open additional accounts using your name. Note: it does not cost anything to put a fraud alert on your credit report, and it will last for 90 days.

3. Review your credit reports.
By placing a request for a fraud alert, you are entitled to receive a free copy of your credit report from each of the three credit reporting companies. Once you have it, check it over for any remarks that look unusual, such as hard inquires you did not authorize or accounts that you did not open. Should you notice any of these, your next step is to reach out to the appropriate company/organization based on the information you see.

4. Freeze your credit reports.
When the credit reporting companies place a credit freeze on your file, it means that creditors cannot pull your credit report. This is helpful because, similar to what we mentioned in point #2, it prevents your attacker from opening any accounts in your name that require a credit pull. 

5. Make an identity theft report.
To file an identity theft report, the first step is to submit the theft to the FTC. The copy that you print out for yourself will serve as your Identity Theft Affidavit. Next, contact your local police department to file a police report - make sure to bring your Identity Theft Affidavit with you, and don't forget to ask the police for a copy of your report. Your final identity theft report is complete once you attach your Identity Theft Affidavit to the police report you obtained/filed.

For more information about the steps to take after learning you are a victim of identity theft, check out this guideline from the Federal Trade Commission.

American Investment Planners LLC is an independent financial planning firm that offers services such as retirement planning, estate planning, portfolio and asset management, and taxes and accounting. To learn more, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Warning Signs That Your Identity Has Been Stolen

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Would you be able to tell if your identity has been compromised? Considering just how damaging an identity theft attack can be to your current personal and financial situations, being able to recognize if your identity has been stolen is key.

To help you out with this, below we're sharing some of the most common warning signs that suggest someone has taken off with your identity:

1. Your bank account is/was compromised. If you notice a withdrawal that you know you didn't make, or if there are remarks on your bank statement that you can't explain, someone is likely using your account. Since you'll want to report unusual findings on bank statements immediately, it's important that you check in on actions taken (checks cashed, withdrawals, payments made, etc) regularly.
2. Your credit report has errors on it. When we say errors here, we are referring to remarks that you know don't apply to you - for example, a credit check or an added account that you know you did not authorize. The good news here is that you can request a copy of your credit report once per year or use websites like Credit Karma to keep an eye on things.
3. Suspicious charges are applied to your credit card. Suspicious transactions on your credit card are an obvious sign that someone has specifically stolen your credit card information. If this happens on one of your credit cards, check your other credit card's activity to see if your information was taken for all of your current accounts. Should you notice transactions being posted that you did not make, contact your credit card company immediately to dispute the charge.
4. You're being held responsible for unusual debts. Receiving phone calls or notices from debt collectors about debts that are not yours are also surefire signs that someone has used your personal information to make purchases, take out a loan or perform a similar act.
5. You aren't receiving your mail. Unless you have signed up to go paperless or are in another program where you won't receive paper bills, statements and notices, you should be receiving documents like these in the mail for any applicable accounts - credit cards, bank accounts, etc. If you suddenly stop receiving these out of the blue, chances are someone has messed with your information. 

Should you ever experience any of the above, the most important thing to do is to notify the appropriate person/institution right away - for example, if it's your credit card that has suspicious transactions, get in touch with the company immediately to let them know of your concern. Communication in situations like this is critical, and you always want to be sure that you reach out to someone about your concerns sooner rather than later.

For more information about identity theft, be sure to check out our other blog posts and connect with us on Facebook, Twitter, LinkedIn and Google+. More information is also available by contacting our advisors at (516) 932-5130 or via email at info@americaninvestmentplanners.com.

Different Types of Identity Theft Attacks

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

According to myFICO, someone becomes a victim of identity theft every 2 seconds - pretty alarming, isn't it? Identity theft refers to when someone steals your personal information and uses it without having been granted permission by you, and it can seriously hurt your current financial state. That said, we feel it is extremely important to provide you with the tips and information you need to keep yourself from becoming a victim of identity theft, starting by sharing insight into the different types of identity theft attacks:

Dumpster Diving
Dumpster diving refers to the act of going through both your trash cans and maybe even public dumpsters in search of documents that include your personal information. Common documents that these people seek are bills (credit card bills, utility bills, etc) and bank statements. 

Shoulder Surfing
Shoulder surfing refers to the act of someone watching you while you complete certain tasks that offer up your personal information. For example, they may watch you put in your PIN number at the ATM or listen to phone conversations where you give your credit card information. If you ever feel that someone is standing too close to you while you're at the bank, paying for something via credit card or when talking on the phone in public, either walk away, ask them to move back, or ask them to go first (if you're both at the ATM, for example).

Hacking
Technology may have changed our lives for the better, but it also makes it easier for people to access our information - specifically hackers. These kinds of people can install certain programs and softwares on your computers, smartphones and tablets in order to get the information you store. That said, you must be careful if you bank or shop online.

Phishing
Sending emails that seem legitimate is a common strategy used by identity thieves - they'll send you an email pretending to be someone else (such as a business or institute that you already trust) and ask for more information. Email isn't the only way people do this, though - they may also call, text or send mail that encourages you to share personal information.

Stealing
Stealing your wallet and/or purse for the purpose of getting your credit cards, driver's license and other personal documents is one way of getting your information, but there's something else people may steal - your mail. If you haven't gone paperless, you need to be checking your mail every day to make sure important paperwork isn't left outside for anyone to grab. Additionally, be smart about what you keep in your wallet/purse - no social security cards!

As you can see, there are multiple ways that people go about stealing identities, so you must be extremely cautious with how you handle your personal information. One of the best tips we can offer? Shred everything. When you're ready to discard financial documents you no longer need, your best bet is to shred it so that the information is no longer legible.

For more tips and information on identity theft, please give us a call at (516) 932-5130 or email info@americaninvestmentplanners.com.