Reporting identity theft is an important way to protect yourself from scams. There are many ways you might discover you were a victim of identity theft. There are higher chances that if you were, you will find out soon after filing your taxes. For instance, you may receive a letter from the IRS saying you have either filed more than one return, or that someone has filed a return using your information.
Worse still, you may find out that the IRS is trying to collect from you for a year you didn’t file taxes, meaning the IRS thinks you owe them money. There are actions you should take to report a stolen identity. The IRS has created a unit for investigating identity theft and published a form for reporting identity theft.
Form 14039: When and How to File
Identity theft has become so common that the IRS has a particular form to file. This form is known as the IRS Identity Theft Affidavit (Form 14039) to notify them that you believe you are a victim of identity theft. The form may be filled out online, then printed and mailed.
When sending in Form 14039, you will be required to send a photocopy of a satisfactory form of identification: a valid passport, your driver’s license (issued in one of the United States), your social security card, or another valid form of U.S. Federal or State government-issued identification.
If you haven’t been a victim of identity theft yet, but think that you might have to worry about it, you can still file Form 14039 to inform the IRS to flag your account for possible issues in the future. This is not still an assurance that you won’t have problems, but it will give you a leg-up in dealing with the situation if it does arise.
Some of the reasons itemized for suspecting you may become a victim of identity theft include a lost or stolen wallet or questionable information on your credit report. In most cases, it is a good idea to have a police report documenting a stolen wallet, purse, or phone.
Types of Identity Theft
1. Financial identity theft:
Financial identity theft is the most common form of identity theft. It occurs when someone uses another person’s information for financial benefit. For example, a fraudster may use your bank account or credit card numbers to steal money or make purchases, or use your Social Security number to open a new credit card.
To curb this, ensure you check your bills, accounts and statements always. Some criminals may begin by making small credit or debit charges in hopes you don’t notice them, so review the statements carefully. If you see a charge you are not aware of, contact your bank or credit card company immediately.
In the case where new accounts are created in your name, you may not receive a bill or statement. Placing a security freeze or a one-year initial fraud alert on your credit reports may aid in preventing access to open new accounts.
2. Tax identity theft:
The tax identity theft involves fraudsters getting access to your personal information, which is then used to file a tax return and get a refund; your refund.
You can curb this by always being alert for phone calls, texts and emails posing to be from the Internal Revenue Service. The IRS will not contact consumers using these methods, and won’t threaten legal action. Never provide any personal information in response to an unwanted phone call, email, social media message or text message.
If you discover your tax return is rejected because someone has filed a return in your name already, contact the IRS. You may be required to file a fraud claim and receive a PIN to use on future tax returns. Furthermore, if someone has filed a tax return in your name, that implies they already have at least some of your personal information. You might want to evaluate your credit reports carefully and consider placing a security freeze on them.
3. Medical identity theft:
In medical identity theft, a fraudster will make use your personal information to receive medical care.
This can be curbed by evaluating any Explanation of Benefits statements you receive from your health insurance for any errors or unfamiliar charges. If you see any, report them to your insurance company. Check with your doctor to make sure your medical records is correct. If you start getting bills for medical services you didn’t receive, call the provider and settle them.
Your medical identity should be treated the same way as you would any other sensitive information. And be aware of scammers who may contact you about a “recent breach” and attempt to get your personal information.
4. Employment identity theft:
Identity thieves may use your information to find a job or pass a background check.
You can curb this by being cautious of any potential employers asking for credit or bank account information for the purposes of a background check, especially if they haven’t interviewed you yet. In addition, be cautious of any communication from a personal email address instead of a company email. The federal government’s E-Verify can show you all the employers that have checked your records, so you can see if there are any unfamiliar ones.
5. Senior identity theft:
Senior citizens may be particularly susceptible to identity theft because they may be more trusting and less able to identify a scam. The types of identity theft they may face are the same as anyone else: financial identity theft, tax identity theft and medical identity theft, for instance.
This can be curbed by encouraging the senior citizens you know to place a security freeze on their credit reports or lock them, especially if they don’t need access to credit on a regular basis.
6. Synthetic identity theft:
In synthetic identity theft, fraudsters can generate fake identities using fake or real information, or a combination of the two. For example, an identity thief might use a real Social Security number but use a name that’s not linked with that number. Children and deceased people can be susceptible since their Social Security numbers typically aren’t actively used.
Frequent checking of your credit reports as well as those belonging to seniors. Consider an identity monitoring service which scans the “dark web” for Social Security numbers that may have been accessed. In addition to reporting identity theft, you might also consider a putting a security freeze on credit reports.
With any type of identity theft, a key to minimizing damage is detecting it early. Checking your credit reports, credit card and bank statements is one way to spot any wary activity and take instant action. Reporting identity theft can help you save yourself and others. Request a consultation to learn more!
Reporting identity theft is an important way to protect yourself from scams. There are many ways you might discover you were a victim of identity theft. There are higher chances that if you were, you will find out soon after filing your taxes. For instance, you may receive a letter from the IRS saying you have either filed more than one return, or that someone has filed a return using your information.
Worse still, you may find out that the IRS is trying to collect from you for a year you didn’t file taxes, meaning the IRS thinks you owe them money. There are actions you should take to report a stolen identity. The IRS has created a unit for investigating identity theft and published a form for reporting identity theft.
Form 14039: When and How to File
Identity theft has become so common that the IRS has a particular form to file. This form is known as the IRS Identity Theft Affidavit (Form 14039) to notify them that you believe you are a victim of identity theft. The form may be filled out online, then printed and mailed.
When sending in Form 14039, you will be required to send a photocopy of a satisfactory form of identification: a valid passport, your driver’s license (issued in one of the United States), your social security card, or another valid form of U.S. Federal or State government-issued identification.
If you haven’t been a victim of identity theft yet, but think that you might have to worry about it, you can still file Form 14039 to inform the IRS to flag your account for possible issues in the future. This is not still an assurance that you won’t have problems, but it will give you a leg-up in dealing with the situation if it does arise.
Some of the reasons itemized for suspecting you may become a victim of identity theft include a lost or stolen wallet or questionable information on your credit report. In most cases, it is a good idea to have a police report documenting a stolen wallet, purse, or phone.
Types of Identity Theft
1. Financial identity theft:
Financial identity theft is the most common form of identity theft. It occurs when someone uses another person’s information for financial benefit. For example, a fraudster may use your bank account or credit card numbers to steal money or make purchases, or use your Social Security number to open a new credit card.
To curb this, ensure you check your bills, accounts and statements always. Some criminals may begin by making small credit or debit charges in hopes you don’t notice them, so review the statements carefully. If you see a charge you are not aware of, contact your bank or credit card company immediately.
In the case where new accounts are created in your name, you may not receive a bill or statement. Placing a security freeze or a one-year initial fraud alert on your credit reports may aid in preventing access to open new accounts.
2. Tax identity theft:
The tax identity theft involves fraudsters getting access to your personal information, which is then used to file a tax return and get a refund; your refund.
You can curb this by always being alert for phone calls, texts and emails posing to be from the Internal Revenue Service. The IRS will not contact consumers using these methods, and won’t threaten legal action. Never provide any personal information in response to an unwanted phone call, email, social media message or text message.
If you discover your tax return is rejected because someone has filed a return in your name already, contact the IRS. You may be required to file a fraud claim and receive a PIN to use on future tax returns. Furthermore, if someone has filed a tax return in your name, that implies they already have at least some of your personal information. You might want to evaluate your credit reports carefully and consider placing a security freeze on them.
3. Medical identity theft:
In medical identity theft, a fraudster will make use your personal information to receive medical care.
This can be curbed by evaluating any Explanation of Benefits statements you receive from your health insurance for any errors or unfamiliar charges. If you see any, report them to your insurance company. Check with your doctor to make sure your medical records is correct. If you start getting bills for medical services you didn’t receive, call the provider and settle them.
Your medical identity should be treated the same way as you would any other sensitive information. And be aware of scammers who may contact you about a “recent breach” and attempt to get your personal information.
4. Employment identity theft:
Identity thieves may use your information to find a job or pass a background check.
You can curb this by being cautious of any potential employers asking for credit or bank account information for the purposes of a background check, especially if they haven’t interviewed you yet. In addition, be cautious of any communication from a personal email address instead of a company email. The federal government’s E-Verify can show you all the employers that have checked your records, so you can see if there are any unfamiliar ones.
5. Senior identity theft:
Senior citizens may be particularly susceptible to identity theft because they may be more trusting and less able to identify a scam. The types of identity theft they may face are the same as anyone else: financial identity theft, tax identity theft and medical identity theft, for instance.
This can be curbed by encouraging the senior citizens you know to place a security freeze on their credit reports or lock them, especially if they don’t need access to credit on a regular basis.
6. Synthetic identity theft:
In synthetic identity theft, fraudsters can generate fake identities using fake or real information, or a combination of the two. For example, an identity thief might use a real Social Security number but use a name that’s not linked with that number. Children and deceased people can be susceptible since their Social Security numbers typically aren’t actively used.
Frequent checking of your credit reports as well as those belonging to seniors. Consider an identity monitoring service which scans the “dark web” for Social Security numbers that may have been accessed. In addition to reporting identity theft, you might also consider a putting a security freeze on credit reports.
With any type of identity theft, a key to minimizing damage is detecting it early. Checking your credit reports, credit card and bank statements is one way to spot any wary activity and take instant action. Reporting identity theft can help you save yourself and others. Request a consultation to learn more!