How to Recover from Identity Theft: A Step-by-Step Guide

In 2021, more than 9.3 million Americans– about 1 in 10– had their identities stolen, and 22%– more than 1 in 5–  will have their identities stolen at some point in their life. Anybody can experience identity theft, even if they think they’re being careful. If this has happened to you, take a deep breath. While recovering from identity theft is a challenging situation, staying calm and learning what to do will help. At Casey State Bank, we understand how concerning identity theft can be. The good news is that there are clear steps you can take to recognize, address, and prevent identity theft.

Spotting The Signs of Identity Theft

The first step in combating identity theft is knowing how to recognize it. Identity theft is sneaky, but there are warning signs. These include: 

• Unusual account activity: You may notice transactions on your bank or credit card statements you don’t recognize.
• Unexpected bills or collections notices: Receiving a bill or collections notice for a service or product you never purchased can be a red flag.
• Changes in your credit score: If your score drops unexpectedly, it could be due to fraudulent activity.
• Missing mail or new accounts in your name: If important mail goes missing or you’re alerted to a new account you never opened, someone may be using your identity.

By keeping a close eye on these indicators, you can take action before the situation worsens.

Taking Immediate Action

If you think you may have experienced identity theft, it’s extremely important that you act quickly. The first thing you need to do is freeze your credit. There are three major credit reporting bureaus: Equifax, Experian, and TransUnion, and you need to contact all three. You also need to contact Casey State Bank, as one of our customers. Our team can help you secure your accounts, issue new cards, and investigate fraudulent activity. Quick action minimizes potential losses and restores your financial stability.

You also need to file a federal identity theft report. The FTC’s reporting process is straightforward and can be done entirely online at identitytheft.gov, and they’ll help you through anything confusing. When you file this report, it creates documentation for disputing fraudulent charges and working with creditors to repair your financial standing.

Protecting Your Accounts

When your identity is stolen, you need to lock down all of your accounts. Even accounts that aren’t directly tied to your financial information can be a risk if they repeat passwords. Choose strong, unique passwords, and consider using a password manager to keep your complex passwords safe across multiple accounts.

As a financial institution, we offer account alerts that can let you know if you’re at risk. We offer transaction notifications and security alerts to help you stay informed about account activity. Set up these alerts to detect unauthorized transactions immediately, reducing the chances of financial loss. 

Also, pay attention to your financial account activity. Even if an account is a rainy-day fund or savings account with limited activity, you should monitor it. Regularly reviewing your bank statements and credit reports ensures that you catch any suspicious activity early. Consider signing up for free credit monitoring services that can alert you to changes in your credit file. These provide an extra layer of protection and peace of mind.

Setting Up Steps For Long-Term Recovery

If identity theft has impacted your financial standing, don’t worry; there are steps you can take to recover. The first thing you need to do is dispute fraudulent transactions. Go through your statements and flag anything that’s out of the ordinary. Many credit card companies have policies in place to assist victims of identity theft, so don’t hesitate to reach out and report unauthorized charges. 

The next important step is rebuilding your credit. If fraudulent accounts have been opened in your name, you’ll need to work with the credit bureaus to have them removed. This process may take time, but persistence is key to restoring your creditworthiness. Remember, credit bureaus have processes in place to help you with this. But you can’t get help if you don’t ask.

Unfortunately, identity thieves may target the same person more than once. Continue monitoring your credit and be cautious of scams that attempt to trick you into providing personal information.

Preventing Future Identity Theft

Prevention is always better than dealing with the aftermath of identity theft. You should always take measures like shredding sensitive documents before disposing of them and being cautious online and over the phone. There are lots of tools out there to help you avoid scams, like Casey State Bank’s SAFE security topics library, ID TheftSmart, and the American Bankers Association’s “Banks Never Ask That” website. You can also print our ID TheftSmart Enrollment Documents and drop them off at your nearest CSB location.

Another important safety measure that many people don’t think about? Unsecured public wi-fi. Never conduct financial transactions on public wi-fi, since hackers can intercept your information.

Stay Secure with Casey State Bank

Recovering from identity theft may feel overwhelming, but with the right steps, you can regain control of your financial well-being. If you need help securing your accounts, contact Casey State Bank today. Our team is here to support you every step of the way. You can also visit our security resource center and read our security blog posts for additional tips on safeguarding your financial future.