Have You Been the Victim of Fraud? Here’s What to Do
If you believe you’ve been the victim of fraud or identity theft, it is essential to work quickly to resolve it. Unfortunately, these types of situations can be quite difficult financially, and they can create long-term problems with your credit as well. However, there are some important steps you can take to get help as you try to work through the issue.
Immediately Report the Situation
The very first thing to do when you notice fraud or any type of mistake on a billing statement or your credit report is to call the reporting agency.
- Call your credit or debit card company immediately to dispute the claim. Cancel your cards and request new ones. You may even be able to stop the use of the card until it is resolved.
- Call your bank if you notice any mistakes on your bank statement or online account. This includes transactions you did not approve. Your bank can stop payment on some and will help you to determine the source.
- Contact the authorities. Fraud and identity theft are federal crimes. You will need to report them and follow up with the relevant agency over time.
Do not wait until the next billing cycle. As soon as you notice a mistake, take action right away to prevent any type of further issues.
Know Your Options
Most credit card and home insurance companies carry a line of financial protection. Determine if you have these. If so, they may help you secure compensation for the amount of money you lost. Some insurance products can also help you to recover the damages suffered as you try to overcome the loss, such as paying for an attorney.
It is also important to turn to the credit bureaus for help. Monitor your credit report for any information that is incorrect such as new accounts, addresses that are not yours, or missed payments. Dispute these mistakes to the credit agency directly. Some agencies will help you with credit monitoring services to help you protect your credit long term.
How Can Your Bank Help?
Any instance of fraud or identity theft needs to be reported for your own safety. Even if it is just a mistake, let your bank know about it. As a local bank, CNB’s team can help you to understand what occurred, where it happened, and what you can do about it. We can also help you to replace all of your account information that is in jeopardy.