Detection: Fraud and Identity Theft.

“Consumers are spending considerably more time on fraud Resolution, up to an average of 30 hours in 2008. This increase may be attributed to the increased sophistication of fraud schemes.”
–    2009 Identity Fraud Survey Report, Javelin Strategy & Research

Most cases of identity theft are discovered by the victim, which reinforces the importance of monitoring your various accounts for suspicious behavior. Here are a few of the most common warning signs for the detection of fraud, identity theft or data breach:

The Top 15 Ways Victims Detect Identity Theft

1. You receive a data breach notice in the mail from a company you do business with.
2. Your bills or statements are not arriving in your mail (or email) on time.
3. You notice unauthorized charges on your credit card bill or debit card statement.
4. You notice new accounts or erroneous information on your credit report.
5. You are denied credit for a purchase.
6. You receive credit card bills for cards you don’t own.
7. You are contacted by a collection agency about an item you didn’t purchase.
8. You receive bills for unknown purchases, rental agreements or services.
9. Businesses won’t accept your check or credit card.
10. You are unable to set up new banking, loan or brokerage accounts.
11. You notice withdrawals on your checking, savings or brokerage account that you didn’t make.
12. The checks listed on your bank statements don’t reconcile with those listed in your check register. Many times these checks are made out to “Cash.”
13. You notice a downward trend in benefits on your Annual Social Security Statement.
14. The police show up at your door.
15. A subpoena to appear in court arrives in the mail.

According to Javelin Strategy & Research, over the past 3 years, stolen data being used in less than one week jumped from 33% to 71%.  Identity thieves count on our lackadaisical attitude toward monitoring our wealth. Remember, actively monitoring your accounts, credit reports, and other identity documents is the best strategy to catch identity theft in its earliest stages, before it becomes a problem.

John Sileo became America’s leading Identity Theft Speaker & Expert after he lost his business and more than $300,000 to identity theft and data breach. His clients include the Department of Defense, Pfizer and the FDIC. To learn more about having him speak at your next meeting or conference, contact him by email or on 800.258.8076.