What to Do After Credit Card Theft
Take These Actions When Credit, Charge, or ATM Cards Are Stolen
May 24, 2009
In January of 2006, the Federal Trade Commission released the Consumer Fraud and Identity Theft Complaint Data for January through December of 2005. This report reflects 685,000 complaints of fraud and identity theft. Furthermore, $680 million were lost by consumers.
The feeling of violation associated with the theft of a wallet or purse can continue if the thief begins to use the credit or debit cards that were nabbed. Remember that some thieves obtain credit card numbers by observing everyday transactions. Protection from this can start right now.
Before Theft Occurs
- In a secure location at home or a safe deposit box, keep a record of the credit/debit cards that are carried. These records should include the emergency contact numbers of the companies that finance the cards.
- Write “Check ID” on the backs of cards to remind cashiers to request identification before completing transactions with those cards.
- Do not keep a Social Security card or number in any wallet or purse.
- PIN’s (personal identification numbers) should be difficult to guess. Birthdays, mother’s maiden name, or successive numbers (for example, 1-2-3-4) should be avoided.
- A U.S. passport works well as a form of photographic identification in case a driver license is also lost or stolen.
- Obtain the free yearly credit report and review it carefully. Correct any errors and close stagnant accounts.
- Check credit card and bank statements for accuracy. Look for fraudulent charges.
After Theft Occurs
- Notify the police at once. File a report including as much detail about the theft as possible and obtain a case number.
- Call all the banks associated with the cards and/or checks that were stolen.
- For checks or ATM cards, it is best to close the associated bank accounts and open brand new ones. If this is not practical, place stop payments on the checks and order new cards.
- Notify the state driver license authority if a driver license is stolen. Obtain a replacement.
- Notify the Social Security Administration if a Social Security Number is compromised.
- Notify the national credit agencies (Equifax, Experian, and TransUnion) and consider placing a fraud alert or security freeze on all credit transactions. Monitor credit reports frequently.
- Notify the Federal Trade Commission of any fraudulent activities that may have occurred.
- Contact the insurance company for any property that may also have been stolen.
Being a victim of theft is a humbling experience. Being proactive before theft occurs will help blunt its impact. Taking action immediately after theft will empower anyone whose life is upset by such a crime.
