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Welcome to the ProtectMyID Blog

Lessons and stories from the front lines of fighting identity theft.

 

Working with Your Bank If You’re an Identity Theft Victim

Sep 02

Many of the largest banks are frequently targeted by identity thieves and in this day and age no one is immune to the possibility of becoming a victim.  I recently read where an identity thief pretended to be his recent victim and got approved for a new debit card which he then activated over the phone. Within a few days, the thief wiped out the victim’s checking account stealing $8,000.00 before the victim realized what happened. For six months, the thief continued to steal an overall amount of $22,000.00.

As we all know, it’s very important to safeguard your identity.  But what do you do when you’re in situation like this?  Not only is it important to protect your identity, but it’s also important to know what to do if you happen to be an identity theft victim.

Here are important tips for working with your bank if you’re an identity theft victim:

Tip #1 Immediately close all compromised accounts 
If your bank recommends you don’t need a new account number, work with your bank that they do so.  In order to get any money reimbursed, you will need an account number that has not been compromised.

Tip #2 Get protection on all accounts
Work with your bank to place an “Identity Theft Warning” message and password protection on all your accounts.

Tip #3 Ask questions
Knowledge is power so if you don’t understand the bank’s identity theft protocol, ask questions about it. It’s important to know what the bank is requesting of you and to understand their procedures.

Tip #5 Monitor your accounts regularly
Keep an eye on your bank accounts and call your bank immediately if you notice a discrepancy no matter how small as you may have a limited period of time to file a complaint.

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