Financial Identity Theft

What is Financial Identity Theft?

Financial identity theft is when a person uses another person's personal information (such as their name, Social Security Number, credit card or bank account information) to do things like open bank accounts or make unauthorized purchases. This can happen if your purse or wallet is stolen, because that may be where you keep your driver’s license, credit card, or insurance information. It can also happen if a scammer tricks you into providing your personal information online or in response to an email. It can happen when documents containing your personal information (bank statements, credit and debit card receipts, bills showing your name, address, or account number) are found in a lost backpack or luggage, or in your trash.

Financial identity theft is different than criminal identity theft. Criminal identity theft is where a person uses another person's identity in interactions with law enforcement, like during an arrest.

Financial identity theft is a crime that often has severe consequences for the victim. Victims (and potential victims) of identity theft can take steps to protect their names, reputations, and credit. 

Some red flags to watch for to know if you have been a victim of identity theft:

• Unknown charges on a bank statement or credit card statement,

• False criminal charges or court judgments on a background check, 

• Bills from a hospital or a doctor you've never seen, 

• New bank or credit card accounts opened in your name, or 

• A tax return filed in your name.

What to do if you believe you are a victim of financial identity theft?

The Attorney General's Office created the first-ever Illinois Identity Theft Hotline. The hotline provides Illinoisans who have been victimized by identity theft with one-on-one assistance as they work to report the incident to financial institutions and local law enforcement, repair their credit, and prevent future problems.

If you have been the victim of identity theft or believe your personal or financial information may have been compromised, please call the toll-free Identity Theft Hotline at: 1-866-999-5630. Individuals with hearing or speech disabilities can reach us by using the 7-1-1 relay service.

In addition, once you determine you are a victim of identity theft, report it at IdentityTheft.gov and get a free personal recovery plan.

Finally, If you suspect identity theft, you should review your credit report. Remember, you get one free credit report per year from each of the reporting companies. Do not pay for it. You can obtain a credit report through Annual Credit Report. You can also place a fraud alert on your credit report if you don't plan to open a new credit card. This means that if someone tries to apply for a new credit card in your name, you will receive an alert and take action. You can place a fraud alert by calling the three reporting agencies:

• Experian at (888) 397-3742,
• TransUnion at (800) 680-7289, and
• Equifax at (800) 525-6285.

You can find out more information about financial identity theft here. 

Resources for Financial Identity Theft:

• Annual Credit Reports (FREE!)

• Federal Trade Commission

• Illinois Attorney General's Office

• Illinois Department of Revenue

• Illinois Unemployment Insurance Fraud