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In most states, you're not liable for any debt that occurred as a result of fraudulent accounts being opened. Plus, under federal law, you are only liable for the first $50 in fraudulent charges on your credit card if someone uses your card to make a purchase.
Many credit card companies and banks have customer protection plans in place to protect against identity theft or to recover funds from fraudulent purchases. Credit reporting companies and private insurers also offer fee-based identity theft protection plans, but their benefits have mixed reviews.
Scan credit card and bank statements for unauthorized charges. File a Claim With Your Identity Theft Insurance. ... Notify Companies of Your Stolen Identity. ... File a Report With the Federal Trade Commission. ... Contact Your Local Police Department. ... Place a Fraud Alert on Your Credit Reports. ... Freeze Your Credit.
If you've been the victim of identity theft, you can take steps to reclaim your good name and restore your credit. To make certain that you do not become responsible for any debts incurred in your name by an identity thief, you must prove that you didn't create the debt.
If you report your identity theft to the FTC within two business days of discovering it, you will only be liable to pay $50 of any unauthorized use of your bank and credit accounts (under federal law). The longer you leave it, the more that financial liability falls on your shoulders.
Dear Sir or Madam: I am a victim of identity theft. I recently learned that my personal information was used to open an account at your company. I did not open or authorize this account, and I therefore request that it be closed immediately.
Ing to the FTC, online fraud ? of which identity theft is a major component ? cost Americans $8.8 billion in 2022, with median losses of $650; some private estimates are much higher.
I am a victim of identity theft, and I did not make [this/these] charge(s). I request that you remove the fraudulent charge(s) and any related finance charge and other charges from my account, send me an updated and accurate statement, and close the account (if applicable).