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If you see a bank, debit-card, or credit-card transaction you did not make—or learn that someone opened a financial account in your name—contact the institution’s fraud department immediately. Ask it to secure the account and explain how to dispute the activity. Then document what happened, report the identity theft to the Federal Trade Commission (FTC) at IdentityTheft.gov, and address any fraudulent entries on your credit reports separately.
Signs that someone may be using your financial identity
Review account activity and notices for anything you do not recognize. A single unfamiliar item is a reason to check promptly, not proof by itself that identity theft occurred.
- Purchases, cash withdrawals, transfers, or other payment activity you did not authorize.
- A bill, collection call, account-opening notice, credit-report entry, or bank letter about an account you do not recognize.
- A missing statement or trouble accessing an account. Either can have other causes, but warrants checking with the institution through a verified contact method.
For checking-account concerns, the FTC asks, “Do you think someone opened a checking account in your name?” Its guidance recommends ordering a free ChexSystems report and contacting every financial institution where an account was opened. If someone is writing checks against your existing account, contact the institution and ask whether it can stop payment on stolen checks and close the account. See the FTC’s recovery steps.
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What to do first when you find suspicious activity
- Contact the institution using a verified number. Call the fraud department of the bank, credit union, or card issuer. Use the number on your card or statement, or visit its website by entering the address yourself—not a link in a suspicious message. Identify each transaction or account you do not recognize and say clearly that it was not yours. Ask how to secure the account and file a formal dispute.
- Ask what account safeguards are appropriate. Depending on the situation, ask whether the institution should stop pending activity, freeze or close the account, issue a replacement card or account number, or take another protective step. The institution determines which actions apply.
- Change compromised credentials. Change the affected account’s login password and PIN. If you reused that password elsewhere, change it on those accounts too. The FTC’s recovery guidance also tells victims to change account logins, passwords, and PINs.
- Make a record as you report. Note the date and time, the department or representative, case number, activity disputed, steps requested, and the next actions the institution gives you. Keep statements, emails, letters, dispute confirmations, and copies of anything you submit.
- File an FTC identity-theft report. Go to IdentityTheft.gov or call the number listed there. The FTC uses your information to create an Identity Theft Report and a recovery plan. Save or print both; if you do not create an account, save them before leaving the page.
- Consider a police report if it would help. The FTC says you may report the theft to local police. Bring your FTC report, photo ID, proof of address, and other evidence you have, and ask for a copy of the report. Some businesses may request one, but a police report is not universally required.
Dispute unauthorized transactions and fraudulent accounts
Reporting identity theft to the FTC does not replace disputing transactions with the financial institution. Contact the relevant card issuer or bank and identify each item you dispute; follow its instructions for submitting the dispute and keep a copy of what you send.
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If a call does not resolve a card issue, the FTC provides sample letters for credit-card charges and ATM and debit-card transactions. It also offers letters for fraudulent new accounts or misuse of an existing account.
If a fraudulent account or other identity-theft information appears on a credit report, contact both the company that opened or furnished the account and the credit bureaus. With an FTC Identity Theft Report, you may ask a bureau to block fraudulent information and request records related to the theft, such as applications or transaction documents. Identify the specific account or entry and preserve proof of the theft. The FTC explains these options in its recovery guidance.
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Choose a fraud alert or credit freeze to protect against new credit
A fraud alert and a credit freeze address access to your credit file; neither substitutes for disputing an unauthorized bank or card transaction. The FTC’s credit-bureau guidance describes these free options:
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| Initial fraud alert | Contact one of Equifax, Experian, or TransUnion; that bureau must notify the other two. | Lasts one year. A business that sees the alert is asked to take reasonable steps to verify your identity before granting credit. The alert also entitles you to a free copy of your credit reports. |
| Extended fraud alert | Contact a bureau and provide an FTC Identity Theft Report as required. | Lasts seven years. Potential creditors must contact you before issuing credit. |
| Credit freeze | Contact each of the three nationwide credit bureaus separately. | Free and remains in place until you lift or remove it. It restricts access to your credit report, which can make it harder for a thief to open new credit; you may need to lift it when applying yourself. |
Consider how long you want protection in place, whether you can contact each bureau, and whether you expect to apply for credit soon. For a freeze, the separate bureau contacts are part of setup; an initial fraud alert can be requested from one bureau, which must notify the others.
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Report electronic transfer problems promptly
Some deadlines for unauthorized electronic fund transfers can affect liability. Under CFPB guidance, if a debit card is lost or stolen, notifying your bank or credit union within two business days after discovering the loss or theft can limit liability to no more than the lesser of the unauthorized amount or $50. Under the described rules, waiting beyond that period can expose you to higher liability, potentially up to $500.
If an account statement shows an unauthorized withdrawal, CFPB guidance says to report it within 60 days after the institution sends the statement. In specified circumstances, waiting longer can make you liable for later unauthorized transfers. These rules concern particular unauthorized electronic fund transfers; they are not a blanket reimbursement guarantee and do not necessarily apply the same way to every payment dispute or scam.
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Tell the institution as soon as you discover a problem rather than waiting for a deadline, paperwork, or a police report. Ask for its error-resolution procedure. CFPB guidance says that, generally, once notified of an unauthorized transaction, the institution has 10 business days to investigate; after determining an error occurred, it must correct the error within one business day and report its findings within three business days after completing the investigation. These process timeframes do not mean every claim will be found to be an error. Applicability and outcome depend on the transaction, timing, account records, and other facts. See the CFPB’s guidance on identity theft and Regulation E liability for unauthorized transfers. If the dispute remains unresolved, consider seeking individualized help.
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