Yahoo Finance Identity Theft Recovery Success Stories: Inspiring Tales of Triumph
Identity theft impacted over one million people in the United States in 2023, according to Federal Trade Commission data, resulting in nationwide losses exceeding $10 billion. Victims of identity theft see an average direct loss of $1,100, per CNBC, though some cases may see numbers much higher than that. The financial impact isn’t the only cost of this crime, though. Individuals can expect to spend around 6 months and as many as 100-200 hours on the resolution and recovery of their stolen identity and the resulting fraud, as Aura detailed.
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With one in every three Americans affected, it may be time to consider preparing for identity theft as an eventuality. Unsure where to start or what to do next if you’ve recently had your identity stolen? Read on for success stories and advice from people who have resolved their own experiences with identity theft.
Identity Theft Recovery Is Possible
After an employment data breach, Reddit user nciscokid claimed to receive bank and tax notices that clued them in to likely identity theft.
In an r/personalfinance subreddit thread, nciscokid shared: “In October of last year I received an email from Wells Fargo thanking me for opening an account with them… I ended up calling them, figuring out it was fraud, and nipped it all in the bud. I have official paperwork absolving me, and that day I put a freeze on my credit, registered on the Social Security Administration’s website, and put it all behind me.”
While their situation later required additional steps for resolution, they were also able to prevent the thief from intercepting their tax return by filing their taxes early in the season. If you’re looking for ways to lower your risk, nciscokid suggested, “Consider freezing your credit reports whenever you aren’t using them, whether you’ve been a victim of identity theft or not.”
Reddit user Background-Salt4781 shared their own alleged experience, noting, “I too was naïve and thought it wouldn’t happen to me.” They offered a detailed list of steps to follow for recovery, including to stay vigilant for anything unusual: “Keep an eye out for weird texts, emails, or mail from banks, lenders, or credit card companies. As soon as you get something saying ‘Welcome to your new account,’ call that company, report it as fraud, and get them to lock it down.”
Background-Salt4781 also advised victims to keep detailed records of their calls to companies, as well as to be patient while navigating automated customer service menus and multiple conversations. “In my experience the attacks do slow down once you freeze everything,” they said. “Once you have done everything you know to do, you do sleep better at night.”
In one inspiring tale of triumph, one Ohio woman, under the pseudonym Zina Wilson, took it upon herself to trap a serial identity theft scammer. USA Today reported the following:
“Wilson, 51, was fed up with her niece receiving eviction notices for apartments in Las Vegas she had never rented, about receiving notices from collection agencies for Wi-Fi in cities where she had never lived… Wilson’s dogged sleuthing over 18 months left her among the lucky ones. This fall [of 2022], she received the email she had been waiting for: ‘Wanted to let you know the good news,’ a detective wrote in September, attaching a screenshot from the Clark County, Nevada, inmate portal. Lashawnda Scales was behind bars, held on forgery charges related to a scheme to live a life of luxury by stealing the identity of unsuspecting victims. Targeting Wilson’s niece was her biggest mistake.”
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Prevention and Quick Action Are Your Best Protection
Despite U.S. spending of nearly $130 billion on policing last year, law enforcement has struggled to keep pace with perpetrators of identity theft, especially online. In many incidents, even when victims themselves have been able to sleuth key information about who’s stolen their identity, prosecution remains uncertain. This puts the onus of recovery on victims, and the result is typically a labor-intensive and often frustrating experience. Fortunately, with time and effort, recovery is possible.
If you’ve recently recognized any fraudulent account activity, determine your next steps by starting with a detailed list of actions to take here. That list includes information about filing with the Social Security Administration, freezing your credit, monitoring your financial activity, filing reports, and utilizing identity theft protection services. Most of the action items on this list are also applicable as a prevention measure before an incident of identity theft has occurred.
While it’s impossible to eliminate nearly every risk of identity theft, reacting quickly and thoroughly in the event of fraud can help mitigate the long-term impact to your finances and credit — and hopefully begin to restore peace of mind.
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This article originally appeared on GOBankingRates.com: Identity Theft Recovery Success Stories: Inspiring Tales of Triumph
