Monitor Activity in a Regular Basis

Awareness is the key. If fraudulent transactions occur on your accounts, it does not automatically mean your identity was stolen. It may be an isolated incident of theft that can be quickly resolved. Your best defense against fraud is to monitor financial activity carefully…and on a regular basis.

• Check your statements. Review your statements as soon as you receive them. Notify your financial institution immediately if you notice errors or unauthorized activity. If your account statement is late in arriving, call your financial institution to find out why.
• Keep receipts. Always keep your credit card and debit card purchase receipts (including online purchases) and compare with your credit card and bank statements to make sure the purchase amounts are correct. Immediately dispute any charges that you did not make by notifying your credit card provider.
• Put disputes in writing. Immediately upon becoming aware of a disputed item, call your financial institution. Always put disputes regarding your credit card statements in writing; otherwise, you may be held legally responsible for the entire amount of the disputed item. Financial institutions have specific instructions for notifying them of an unauthorized transaction. Ask your credit card issuer about their dispute notification requirements.
• Consider online banking. This will allow you to monitor your account activity at any time. Never tell anyone your online banking password and change it periodically. Don’t use your name, your children’s names, Social Security number, birthdates, anniversary dates, phone numbers, pets’ names or any other easily guessed information as your online banking username or password. By using online financial services, you can review your transactions more quickly and frequently than waiting for paper statements to be mailed.
• Check your credit report. Check your credit report for accuracy at least once a year. If a report lists unfamiliar accounts with large credit lines, you may be a victim of identity theft. Also review the “Inquiries” section of your reports. Credit reports also tell you who has reviewed your credit history. If a car dealer in another part of the country has pulled your credit report, for example, you may be the victim of identity theft. When you obtain your credit report, be sure to keep it in a secure place. It contains a lot of your sensitive financial information.