Author: Joe Farinaccio Added: August 16, 2008
If faced with a stolen credit card then assume the thief will try and tap that account. Contact the credit issuer right away. They'll probably advice you to close the account and replace its number with a newer one. But doing only this may not be enough. Why? Because the thief may try and use your account number with other personal information of yours to tap, or alter, other accounts you have with them. You can place a fraud alert on all accounts with that credit institution. If you have usernames and passwords for these accounts then update them. (Avoid using common usernames and passwords that include things such as your social security number, mother's maiden name, child's name or other family member's name. As a general rule, establishing a password for your bank & financial accounts is a good thing. It's often possible to formally request that a password be required in for any action to take place with your accounts -- such as a withdrawals, name/address changes, billing information disclosures, etc. Request that the institution call you whenever anyone tries to apply for credit in your name. This credit alert might say something like, "Please contact me immediately at this phone number before issuing any new credit. All credit applications must be validated and personally authorized by me." You want to monitor the activity in all your financial accounts, especially withdrawals. Report any unauthorized transactions or suspicious activity to the security department of your financial institution immediately if any issues arise. Go ahead and file a police report too. You may not want to do this. After all, it's just one credit card, right? Wrong. If you do find yourself having to purge your credit profile of fraudulent accounts then you're going to have to "prove" these accounts weren't really yours to begin with. A police report is handy in this regard. Be aware that when it comes to ID fraud, credit issuers and credit reporting agencies alike expect to see any accounts or mis-information you contest on a police report. Vigilance must be maintained. Sadly, one can never be 100% sure they're in the clear when it comes to identity theft. Many gaps and holes exist in the system allowing people to be victimized. But doing your part may prevent a stolen credit card situation from becoming a full-blown identity theft nightmare.
--- Joe Farinaccio is the author of "ID Theft 911: Step-By-Step Instructions for Stopping Identity Fraud, Cleaning Up Your Credit Profile, and Getting Other Records Fixed" ... available at http://www.IdTheftHelp911.com
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