Fraud Prevention Series: 5 Essential Steps to Report and Recover From Fraud

November 19, 2024

Whether someone stole your identity or you learned that your personal information was exposed in a data breach, learning that you’ve been a victim of fraud feel scary and overwhelming. However, the recovery process doesn’t have to be a confusing experience. Here are five actions to follow and resources to use to reclaim control of your information.
 
 
1. Act Fast: Report the Fraud
The first thing to do is report the fraud incident. Contact the companies where you know fraud has occurred, like your financial institution, credit card companies, or loan providers. Ask them to freeze or close any accounts that may have been tampered with to prevent any further unauthorized charges or activity. OU Credit Union members have access to our Member Services team for support. We can help you place a fraud alert on your accounts and guide you through securing your information. Call us right away if you notice any suspicious activity on your OU Credit Union accounts.
 
2. Place a Fraud Alert or Credit Freeze
To protect your credit, contact one of the three major credit bureaus — Experian, Equifax, or TransUnion. Placing a fraud alert notifies lenders to verify your identity before opening new accounts. You can also request a temporary credit freeze, which blocks anyone from accessing your credit report.
 
3. File a Report with the FTC
The Federal Trade Commission (FTC) provides a helpful resource for victims of fraud. Go to IdentityTheft.gov to report the theft and get a personalized recovery plan. Filing a report with the FTC can help prove the fraud if you need to resolve issues with creditors. If you’re not sure where to start, the FTC has helpful tools to determine your first steps.
 
4. Monitor Your Accounts
Keep an eye on your accounts by regularly checking your statements and credit reports. OU Credit Union members can use our online banking tools and mobile app to track transactions. Early detection is key to stopping further fraud.
 
5. Use Additional Security
Most financial institutions offer free security tools to help you monitor your accounts, cards, and credit that will alert you to suspicious activity, such as two-factor authentication, email and text alerts, and more. Take advantage of these tools and services to add an extra layer of protection for your accounts and personal information. 
 
Visit OU Credit Union’s Security Center to learn more about how we protect our members’ accounts and find additional tips to keep your information secure. 
 
Taking quick action can limit the damage of identity theft. By using the right resources and staying vigilant, you can protect your finances and recover more easily. If you need further help, OU Credit Union is here to support you every step of the way.

Tags: Fraud Prevention Series, Tips and Tricks, Security