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Identity Theft: The fastest growing crime in America
The MMI Online Articles are designed to inform, assist, educate and alert consumers.
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What to do when your wallet is stolen.
If you find that your wallet is missing, do not assume that it will turn up quickly. According to the Federal Trade Commission, nearly one quarter of identity theft victims said their information was lost or stolen. Acting quickly and thoroughly can help limit the potentially far-reaching impact of identity theft. Time is of the essence. As soon as you realize your information is missing, contact your creditors.
Fortunately, when your credit card has been stolen, your liability for unauthorized charges is only $50. If you are able to report your credit cards as lost or stolen before any charges are made, then you should not be liable for any unauthorized charges. If your debit card is stolen, reporting the loss within two days of the theft will limit your liability to $50. If you do not report in this timeframe, you could be out hundreds of dollars, due to an unauthorized transfer. The FTC warns that you risk unlimited loss if you do not report the fraud within 60 days after your bank statement containing unauthorized use is mailed to you. In addition to alerting your creditors, the experts at Consumer Credit Counseling Services, a division of Money Management International, suggest that you:
- Report the crime. Identity theft is a crime punishable by law. File a police report and keep a copy to help dispute unwanted charges. It will also help the police to identify crime trends.
- Add a Fraud Alert. Contact the fraud department of each of the credit reporting agencies to place a temporary 90-day fraud alert on your file. Then, write to those agencies requesting a 7-year victim statement be added to your file. This will ask a creditor to contact you by telephone before opening any new accounts or changing existing accounts.
- Stay informed. All consumers are entitled to one free copy of their credit file each year. It is wise to monitor your credit on a regular basis, and know how many lines of credit are open in your name.
- Get help. Contact your local state Attorney General’s office, the Better Business Bureau and the Federal Trade Commission (877-IDTHEFT).
Identity theft is recognized as a serious social issue by agencies such as the Federal Trade Commission, the Department of Justice, the FBI and the United States Secret Service. For more information about protecting your good name, visit www.usdoj.gov or www.consumer.gov.
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