This document discusses identity theft, including how common it is with 14.4 million Americans affected in 2018. It describes the two main types of identity theft: conventional, where the thief pretends to be the victim to access accounts, and synthetic, where fake information is combined with the victim's real data to create a new identity. The document then outlines four common tactics thieves use to steal personal information: dumpster diving, phishing, hacking, and data breaches. Finally, it provides eight steps victims should take immediately, such as contacting institutions, reviewing statements, filing reports with the FTC and police, and placing fraud alerts on credit reports.

1. IDENTITY THEFTHow It Works, How To Protect Yourself,
And What To Do If You Become A Victim

2. You’ve spent years building, managing, and securing your financial life.
Unfortunately, some people want to take the easy road, by “tapping in” and
leveraging this hard work by illegally using your personal information for their
own financial gain.

3. 14.4 million Americans
(5.56% of consumers)
had their identities stolen in
2018. Unfortunately, identity
theft is quite common.
https://www.javelinstrategy.com/coverage-area/2019-identity-fraud-report-fraudsters-seek-new-targets-and-victims-bear-brunt

4. Conventional and Synthetic
There are 2 basic identity theft strategies used today.

5. ConventionalConventional
With conventional identity theft,
the criminal pretends to be you,
gathering enough personal
information so that the financial
institution believes they are
working with you.

6. SyntheticSynthetic
With synthetic identity theft, the criminal
combines your real information with fake
or “dummy” personal information,
creating a new “synthetic” individual.
This “synthetic” person then opens lines
of credit using your information.

7. SyntheticSynthetic
Synthetic identity theft can be more
challenging as the fraudulent activity
does not show up on your account
statements.

8. Whether it’s a conventional or synthetic identity theft case,
perpetrators need to collect your personal information to get started.
There are 4 common tactics.

9. Dumpster DivingDumpster Diving
It’s a digital world, but we still
receive a mountain of personal
information in the mail each week.
Dumpster diving continues to be a
simple and effective way for
criminals to access bank, credit
card, and loan information.

10. PhishingPhishing
In this scheme, you actually take
part in providing your personal
information to identity thieves who
pretend to be from a financial
institution and call, email, or text
to ask for personal information
related to your account.

11. HackingHacking
Hacks can be very simple, like
guessing your passwords, or much
more complex, like installing
keystroke loggers and malware on
your computer.

12. Data BreData Breaches
In a data breach, a company that
holds your personal information is
hacked and your personal
information is stolen.

13. What to do if yoWhat to do if you are a Victim
There are eight steps to take immediately that can help mitigate damage
and get your financial life back on track.

14. determine the loDetermine the location or status of the account breach.
Quickly contact your financial institution
and shut down any account that has
been impacted. This may be an
individual bank account or a credit card.
O N E

15. review statemenReview statements for fraudulent activity
Connect with every institution
that you do business with, and
request six months’ worth of
transactional statements. Look
for fraudulent charges that you
might have missed.
T W O

16. get a current copGet a current copy of your credit report
The most important thing to look for
is new lines of credit that were
opened by a perpetrator.
T H R E E

17. report the crimeReport the crime to the Federal Trade Commission (FTC)
You will want a paper trail that
documents the fraud, and the first
step is to file a report with the FTC
at www.identitytheft.gov. The FTC will
provide you with a plan for recovery
and letters that can be used when
working with the police.
F O U R

18. file a police repoFile a police report
It’s likely that the person or group that
stole your identity doesn’t live in your
home town, so the police may have
limited ability to prosecute. However,
this can help strengthen your paper trail
and may help others.
Be ready for a few bureaucratic hoops,
as it may be unclear which jurisdiction
or law enforcement agency should
handle your case.
F I V E

19. file a fraud alertFile a fraud alert on your credit reports
Once you’ve filed reports with the FTC
and local police, it’s time to circle
around with the credit agencies.
Placing a fraud alert on your credit
score will last for 90 days and notifies
financial institutions that your
identity has been compromised. This
means that they will take extra
precautions when opening new
accounts in your name.
S I X

20. work with instateWork with institutions on a path forward.
Call the fraud department of each
business and request that they close the
account. Send each business a copy of
your Identity Theft Report and/or
dispute form along with a letter of
explanation, and work with them to
determine what steps need to be taken
to secure your accounts. Ask for a letter
confirming that the account was
fraudulent, that you are not liable for it,
and that it has been removed from your
credit report.
S E V E N

21. file a fraud alertStay Vigilant
Unfortunately, once your identity has
been compromised it becomes more
likely that it will happen again. Consider
signing up for identity monitoring alerts
when your personal information – like
your bank account information, social
security number, driver’s license,
passport or medical ID number – is being
used in ways that may not show up on
your credit report.
E I G H T

22. For Additional Information
www.identitytheft.gov
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