10 Things to Do if Your Identity Is Stolen

From the U.S. News & World Report website

Last year, $16.9 billion was lost as a result of identity fraud, according to the 2020 Identity Fraud Study from research and advisory firm Javelin. In the first half of 2020 alone, 571,188 identity theft reports were made to the Federal Trade Commission, and people reported a median loss of $200.

Not all fraud rises to the level of identity theft, and by itself, a security breach doesn’t constitute a stolen identity. Rather, identity theft happens when someone uses your personal information to open new financial accounts, file tax returns or even make fraudulent medical claims.

“There’s a whole litany of areas in which identity theft can make your life more challenging,” says Mike Tanenbaum, executive vice president for Chubb financial lines. Not only is it a crime that can cost you money, but it could require significant time and effort to resolve.

To minimize the damage, here are 10 steps to take once you realize you may be a victim of identity theft.