Data breaches happen more frequently than you might expect, and finding out that your information may have been compromised in a data breach can be very unsettling. It’s crucial for consumers who find that their information was compromised to take immediate action to mitigate the potential damage.
Secure Your Accounts
It’s a good idea to keep your passwords updated regularly, but it is especially important when you have been involved in a data breach. Ensure your compromised password is changed and used on no other accounts. Finally, set up two-factor authentication for additional security.
Monitor Your Financials
Regularly monitor your bank and credit card statements for any unauthorized or suspicious transactions, and consider enrolling in a credit reporting service. Be sure to immediately report any discrepancies to your financial institution.
Freeze Your Credit
If you know that sensitive data was accessed (such as your social security number, driver’s license or other personal data) now is the time to sign up for a credit freeze. A credit freeze restricts access to your credit report and is relatively easy to unfreeze when you want to open a new credit account. This ensures that no new accounts can be opened under your name. You will need to freeze your credit separately with all three credit agencies—Experian, Equifax, and TransUnion.
Report Fraud
If you find that a fraudulent account was opened in your name, let the credit card issuer know that the account is fraudulent. According to Experian, “If you received a letter or email that looks like it’s from the issuer, it could be a phishing scam, so resist the urge to call the number provided.” You will want to file an identity theft report with the Federal Trade Commission (FTC) at IdentityTheft.gov.
Sign Up for a Fraud Alert
There are two types of fraud alerts. An initial fraud alert will stay on your credit report for 90 days and will notify lenders that you may be a victim of identity theft. You will only need to request it with one of the three credit agencies–unlike a credit freeze. An extended fraud alert will last for 7 years, but requires that you submit a copy of a police report or a FTC Identity Theft Report is required.
