Identity theft is a costly and fast-growing crime, impacting millions of Americans each year. When criminals steal and misuse your personal identifying information (PII), such as your Social Security number or bank details, it’s called identity theft.
Experienced consumer protection lawyers are dedicated to safeguarding Minnesotans’ financial rights and security. You can take steps to prevent a thief from striking. These four key areas will help you protect your finances.
Guard your personal information
Taking control of your physical documents is your first line of defense. Criminals look for easy access to your personal information. Steps to protect yourself include:
- Shred all mail, statements, and old bills using a cross-cut shredder.
- Do not carry your Social Security card or Medicare card unless you absolutely need it that day.
- Secure your physical mailbox and promptly remove incoming mail.
- Store sensitive documents, such as passwords, birth certificates, and tax records, in a locked drawer or safe.
Being vigilant about where your paper documents end up prevents thieves from easily finding your details in the trash or a stolen wallet. Secure any items that display your name and key numbers.
Monitor your accounts
Vigilance is crucial for detecting fraud early and minimizing financial losses. Actions include:
- Review bank and credit card statements at least weekly, not just monthly, for any unauthorized charges.
- Order your free annual credit report from all three bureaus at AnnualCreditReport.com.
- Be aware of common warning signs, including denial of credit, bills for items you never purchased or missing mail.
When you check your statements often, you quickly notice if something is wrong. Catching a $50 fraudulent charge today is better than finding a new $5,000 credit card account six months from now.
Practice secure online and digital habits
Your digital life needs strong protection against online criminals. Smart online choices can shut down a thief’s best attack. Effective countermeasures include:
- Use unique, strong passwords for every online account you own.
- Enable two-factor authentication (2FA) whenever possible to add an extra layer of security.
- Be wary of phishing—never click suspicious links or provide PII in unsolicited emails or texts.
- Avoid sharing too much personal information, such as your birth date or pet names, on social media.
Think before you click or share. Criminals use tiny details you post online to guess passwords or answer security questions.
What to do if you are a victim
Act immediately if you suspect you are a victim. Swift action can limit the loss and speed up your recovery. Steps include:
- Contact the companies where the fraud occurred first, such as your bank or credit card issuers.
- Place a fraud alert on your credit file by contacting just one of the three major credit bureaus; that bureau must notify the other two.
- For implementing a stronger security freeze, you must contact each bureau.
- Report the theft to the Federal Trade Commission (FTC) at IdentityTheft.gov to get a personalized recovery plan.
- File a police report with your local law enforcement for necessary documentation.
Obtaining an FTC identity theft report is crucial because it serves as the legally required documentation to exercise your rights as an identity theft victim under the Fair Credit Reporting Act (FCRA), such as placing an extended fraud alert and forcing credit bureaus and creditors to block fraudulent information from your credit report.
Vital next steps
Prevention is the most effective strategy for achieving financial security. If identity theft occurs, you must act quickly to prevent the damage. Consumers often face confusing recovery processes and hostile debt collectors who claim you owe money on the fraudulent accounts.
If the damage is done, a skilled consumer protection attorney can step in to fight credit reporting errors and debt collection abuse on your behalf. You can also contact the Minnesota Attorney General’s office for resources and additional guidance.