9 Signs of Identity Theft

It’s no secret that identity thieves target our taxes. That’s why the IRS has issued a list of signs to look for if you suspect that you may be a victim. This list is to give you the ability to identify and react quickly to limit any damage done by identity thieves.

Common signs of Identity theft

1. You get a refund before you even file your 2021 tax return in 2022.
   
   
2. A find out that someone created an IRS online account in your name without your consent.
   
   
3. You notice that more than one tax return was filed using your Social
   Security Number.
   
   
4. You get tax documents from an employer you don’t know.
   
   
5. You get a tax transcript in the mail that you didn’t request from the IRS.
   
   
6. You notice unexplained withdrawals on bank statements.
   
   
7. You notice mysterious credit card charges.
   
   
8. When checking your credit report you find accounts you didn’t open.
   
   
9. You receive a bill for services you didn’t use or receive calls about phantom debts.

What should you do?

There are actions you can take if you find that you’ve been a victim of identity theft.

1. Put a “fraud alert” on your credit report. So that you can avoid any long lasting financial impact, you should request a fraud alert as soon as possible, from the 3 major credit reporting agencies: Equifax, Experian and TransUnion.
   
   
2. Call your banks and creditors. If your ATM or debit card is stolen, immediately report the theft to avoid dire consequences. Most credit card companies offer protections for unauthorized charges exceeding $50, allowing you to avoid liability for these purchases.
   
   
3. Report the theft to the Federal Trade Commission (FTC). The FTC will provide a recovery plan and offer updates if you set up an account on the website. Visit identitytheft.gov or call 877-438-4338.

If you find any suspicious activity, report it immediately to avoid any long time damage to your finances.

At Summit CPA we offer multiple resources to assist you with all of your tax and financial planning needs. Contact our office at 866-497-9761 to schedule an appointment with our advisors.