IF YOUR WALLET OR ID'S FALL INTO THE
WRONG HANDS 1. Replace your credit cards. Obtain new
cards. Examine your next statements carefully. The federal
Truth in Lending Act limits consumer liability for unauthorized
charges to $50 as long as you contact the creditor in writing
within 60 days of the date the bill was mailed. Ask and your
credit card company may waive the $50 liability.
2. Replace your ATM and debit cards. Under federal law, your
liability for unauthorized debits is limited to $50 if you
contact the bank within 2 days of losing your debit card.
You're liable for up to $500 if you wait as long as 60 days
to report the fraud after receiving your bank statement. Beyond
60 days, you could be left holding the bag for whatever amount
is withdrawn from your account. Banks can take up to 10 business
days to provide provisional credit in cases of debit card
fraud, although many provide the credit within 5 days. Vi
As an added safeguard, some banks will put your photo on your
bank card.
3. Close your checking account. If your account number or
checks are in circulation, stop payment on the checks and
close the account, and ask that a password be assigned to
your new account. Don't use your Social Security number or
your mother's maiden name as identifiers; both are often available
in public records. Read your statement to make sure everything
on it is yours.
4. Generally, state laws hold banks responsible for losses
resulting from a forged check as long as you notify the bank
promptly that your checks have been lost or stolen. You may
have to wait anywhere from a few days to several weeks for
reimbursement while bank investigators pursue the case.
5. If a store refuses to take your check because it says
you bounced checks, ask which check-verification agency reported
your name. Then contact that agency and ask what merchant
reported a bad check in your name. You'll have to contact
that merchant to set things straight.
6. Contact the major credit bureaus. Equifax (800-525-6285),
Experian (888-397-3742) and TransUnion (800-680-7289) will
send you a copy of your credit report. Review reports for
unfamiliar transactions, and ask that you be contacted if
someone tries to establish credit in your name. Experts recommend
that you order new reports every few months for at least a
year. One company, Intersection.com, will monitor the reports
for you on a monthly basis.
7. Call the police. Ask for a crime report so you can attach
it to letters you send to credit card companies and banks,
or use it to help clear your name if someone commits a crime
using your ID.
8. Run a background check on yourself. If crimes are being
committed in your name, they'll show up on public records
that prospective employers and creditors use to vet you. Get
a report from a private investigator, or buy one from PrivacyScan.com.
9. Contact the Social Security administration. The SSA discourages
fraud victims from applying for new Social Security numbers.
Without your old number, prospective creditors and employers
can't verify information about your past.
10. Identity thieves could use your Social Security number
to establish an entirely new identity. To check your earnings
statement, call 800-772-1213. Report any fraudulent activity
by calling 800-269-0271. If you suspect someone of using your
identification to violate tax laws, call the Internal Revenue
Service at 800-829-0433.
11. Keep records. You should keep a written log of fraudulent
transactions, along with an account of your efforts to straighten
out the mess. The Federal Trade Commission provides forms
and sample letters to creditors in the publication "ID
Theft: When Bad Things Happen to Your Good Name," available
on the FTC's Web site.
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