Imagine one day discovering that someone else is pretending to be you, spending your money, or even compromising your personal reputation. In today’s world of digital transactions and online activities, the risk of identity theft is higher than ever, and it can happen to you – despite your best efforts to protect yourself!

More and more, fraudsters are posing as your bank or credit union to deceive you, and they’re getting increasingly creative in their tactics. They may engage in “spoofing,” with Caller ID showing your financial institution’s phone number to fool you into sharing personal information. These bad actors might also phish (send a fraudulent email) or smish (send a fraudulent text) that appears to be legitimate, but which contains links or files that will steal your identity if you click on or download them.

Identity theft is more than just a nuisance – it can be a major disruption to your life and financial wellbeing. That's why we're committed to providing you with the knowledge you need to stay safe as well as simple steps you can take to fight fraudsters and protect your finances if this scary situation happens to you.

With unprecedented attacks happening across the entire financial industry, it's now more important than ever to be vigilant. So, let’s roll up our sleeves and dive into our step-by-step guide to the fraud recovery process:

Step 1: Act Quickly to Secure Your Accounts

Report the Theft: The first thing you'll want to do is report the theft to the Federal Trade Commission (FTC) at www.IdentityTheft.gov or by calling (877) 438-4338. They'll help you create a personalized recovery plan, guiding you through each step to secure your identity.

It's also a good idea to file a complaint with the Internet Crime Complaint Center (IC3) at www.ic3.gov if your case involves online fraud or cybercrime. The IC3 is a partnership between the FBI and the National White Collar Crime Center dedicated to handling internet-related criminal activities.

Contact Your Financial Institutions: Let your credit union, bank, credit card companies, and any other financial institutions where you have accounts know what's happened. Ask them to freeze or close compromised accounts and change all online passwords and PINs. At Chartway, we’re here for you 24/7 – please reach out to us at (800) 678-8765. For other cards, the number on the back of the card will connect you to the issuer.

Step 2: Notify Credit Bureaus

Alerts: Next, you'll want to place fraud alerts on your credit reports with the three major bureaus – Equifax, Experian, and TransUnion – to make it harder for thieves to open new accounts in your name. You can do this by contacting each bureau directly:

Freezes: You may also want to consider placing a credit freeze, which blocks creditors from accessing your report and stops new accounts from being opened. This service is free, and you can lift the freeze anytime.

Step 3: Document Everything

File a Police Report: Be sure to file a report with local police, providing as much evidence as you can, like fraudulent account numbers and transaction information. Keep a copy of this report – you’ll need it to resolve disputes with creditors.

Create a Paper Trail: Take notes for each phone call you make, recording the date, the name of the person you spoke to, what you talked about, and the outcome of the discussion. You’ll also want to keep copies of all emails and letters to and from the authorities and financial institutions.

Step 4: Dispute Fraudulent Transactions and Accounts

Identify Fraudulent Accounts: Contact ChexSystems at (800) 513-7125 to ensure no unauthorized bank accounts have been opened in your name and carefully review your credit reports from Equifax, Experian, and Transunion for accounts you don’t recognize.

Contact Creditors and Dispute Charges: Reach out to the credit unions, banks, credit card companies, and lenders where your information was used fraudulently to dispute and request the removal of unauthorized transactions and accounts opened in your name. These companies will expect you to provide your FTC Identity Theft Report, the police report you filed, and any other supporting documents.

Follow Up: Ensure that you receive written confirmation from each creditor that the fraudulent activity has been removed from your account. It might take some time, but persistent follow-up will be key to clearing your name and credit.

Step 5: Continue Monitoring for Suspicious Activity

Regularly Review Your Credit Reports: You're entitled to free weekly reports from each of the three credit reporting agencies at www.annualcreditreport.com. Use these to keep an eye on your credit.

Consider Additional Protection: Think about enrolling in an identity theft protection service, which can alert you to potential fraud in real-time and assist in recovery if your identity is compromised again.

Step 6: Strengthen Your Defenses

Strong Usernames and Passwords: Don’t recycle passwords – use complex, unique passwords for each account. You also shouldn’t use parts of your name, birthdate, or email address to create your usernames. Lastly, don’t forget to secure your email login because if someone gains unauthorized access to your email account, they can use it to break into your other accounts.

Multi-factor Authentication: Enable multi-factor authentication wherever it is offered. Though it may feel inconvenient at times, this simple step is one of the strongest defenses you have against cybersecurity threats.

Verbal Passwords: Whenever possible, place a verbal password on your accounts as an additional layer of security. This will ensure that criminals can’t access or modify your account information over the phone.

Use Caution: Be wary of phishing emails, smishing texts, and suspicious phone calls that request your personal information. Remember: Chartway will never contact you directly to ask for confidential information like your card number, PIN, CVV code, Online Banking username or password, or Social Security Number.

Stay Informed: Education is a powerful tool in the fight against identity theft. Visit the Federal Trade Commission at www.ftc.gov to learn more about common scams and fraud tactics.

Navigating the aftermath of identity theft can be daunting, but you have the power to restore your peace of mind and safeguard your financial future, and we're here to support you every step of the way. You can print out our Fraud Recovery & Identity Protection checklist, here.  Remember, we're more than just a credit union – we're your partner in maintaining a secure and thriving financial future.

 

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