Identity Theft: Before, During, and After

What would you do if you received an email from yourself without sending it? If you logged into your bank account and saw that your money was gone and your credit cards were over-limit?  If you were told that your passwords had been changed without your knowledge? Identity theft is a real threat and affects all age groups, races, and income levels.

Based on recent experience, here are some things that have helped, did help, or would've helped in an identity theft situation. This certainly isn't a comprehensive list, but feel free to print it out and keep it handy in an emergency.

Before

• Maintain a list of important phone numbers.
  At a minimum, this list should include contact information for all of your bank and credit card accounts. Assuming your wallet is stolen, I bet you'd have a hard time remembering each 800 number. Every major bank and credit company will have a designated fraud line that is available to you 24/7. In your list, you should not include account details (credit card number, expiration, etc.) as the telephone representatives can look all of this up with your social security number. 
• Keep some spare cash around the house.
  We're not talking thousands of dollars, but some spare bills can help in the event that you cannot immediately access your bank account. Re-issuing a debit card does not happen instantly. Think about what you'd need to pay cash for everything for a week or two.
  
• Identify potential threats to your security.
  There is certainly a lot of physical fraud (stealing wallets/purses) that happens, but there is also a scary digital world to be aware of. Keep anti-virus software up to date, properly configure a firewall, and be suspicious of uncharted waters when surfing the 'net. Always err on the side of caution and don't enter passwords on non-secure websites (look for the secure logo or https:// URL).
  
• Enlist the help of two-factor authentication.
  This is relatively new in the digital world, but it adds an extra layer of protection to your security. At a high-level, two-factor authentication requires your password and something else (phone call, text message security code, etc.) to gain access to accounts. USA Today did a nice article that provides more information.

During (Step by Step)

• Act quickly, but stay calm.
  It is imperative that you remain calm. Although time is certainly important, taking deep breaths and allowing yourself a few seconds to re-focus is equally important. You will accomplish very little in a manic frenzy, and you'll be much more likely to overlook something in a big rush.
  
• If available, enlist the help of a friend or colleague.
  Your identity is already at risk, and finding someone to help you can lessen both the workload and recovery time. Give a close friend or someone you trust a few account credentials and ask them to change passwords, report fraudulent activity, and provide information to representatives. Even smaller, less-critical items (like utility accounts, Internet, phone service, etc.) should be examined, and these are easier for a close friend to contact without verifying bank transactions, etc.
  
• Take the time you need.
  If necessary, let your employer know that you're dealing with identity theft. They may be willing to work with your schedule to help give you the time you need for resolution.
  
• Document everything as you go.
  This is a stressful time, and it will be difficult to remember which accounts you've taken care of, who you spoke with, and what was said. Keep chronological notes in a notebook that include (at a minimum) the date, time, person you spoke with, and summary of the conversation.
  
• Go account by account.
  Start by re-issuing credit/debit cards and verifying all contact information (phone, address, recent transactions). If anything is not accurate, correct the information immediately. Change account passwords as you go, focusing on the highest risk areas first: bank accounts, email accounts, social media, utilities, and ancillary Internet services (Dropbox, Tumblr, Flickr, et al.). Many banks will work to expedite these requests in the event of suspected fraud. If your email has been compromised, changing these credentials first -- in my opinion -- is the most important. If someone is actively watching your email, they will see your progress as you go and may be able to work ahead of you.
• Issue a fraud alert to the three main consumer reporting agencies.
  Equifax, Experian, and TransUnion are the three main credit bureaus. You should contact each by phone and issue a fraud alert. These phone numbers should be in your list from earlier :). These messages will require future credit providers to verify additional information (which could include a personal phone call to a registered number) before granting credit.
  
• File a police report.
  No matter how small the identity theft may seem, you should file a police report. This can be done over the phone or in person and can wait until your accounts are secure. By contacting your local police department, you gain additional documentation and create an incredibly important legal document that can be used later to prove critical information.
  

After

• Update any changed information with billing providers.
  If you have automatic bill payment, you may need to update your bank account information or credit card for payments. Think through everything -- recurring billing accounts can easily go delinquent after identity theft. Don't forget about toll services, loan providers, and smaller merchant services.
  

Your mileage may vary. Stay safe out there.
/j