Page 35 - AAA Magazine – AAA Ohio Auto Club – May 2020

WHAT IS THE IMPACT OF IDENTITY THEFT?
Victims of identity theft fraud often travel a long and frustrating road to recovery. Depending on the severity of the identity theft fraud damage, the recovery process (including getting credit records corrected) can take anywhere from a few weeks to several years. In the meantime, victims are often left with lower credit scores and might have difficulty getting credit, obtaining loans and even finding employment.
DOES INSURANCE COVER IDENTITY THEFT?
With most credit cards, once you’ve reported the card missing, you’re only liable for a stated amount of the fraudulent charges. Homeowners and renters insurance policies might provide a limited amount of protection for loss of cash or credit cards.
However, identity theft comes with not only financial loss but consequences like blows to your credit and reputation that might take time and paid professional expertise to resolve.
WHAT TO DO IF YOU’RE AN IDENTITY THEFT VICTIM
If you think your personal information has been compromised, immediately report it to the credit card company, applicable financial institutions and the police.
Ask for a copy of the police report; you will need it if you want to file an insurance claim.
If you are – or suspect you’ve been – the victim of a phishing scam or other electronic incident, immediately report the incident to any of your financial institutions or credit card companies that might be compromised and register a fraud alert with a credit reporting company.
Learn more about potential large-scale data breaches and privacy issues from organizations such as the non-profit Privacy Rights Clearing House.
Report identity theft incidents or attempts to federal agencies that monitor them, such as the FBI Internet Crime Complaint Center and the Federal Trade Commission Consumer Information Identity Theft, which can provide further advice and assistance.
Abridged version reprinted with permission of the Insurance Information Institute.
AAA Adds New Identity Theft Benefit
ProtectMyID has just joined up as AAA Ohio’s new identity theft partner. Its Essential Plan is available to AAA members at no cost. Upgraded Deluxe and Platinum plans also are available. Enroll at AAA.com/ExperianIDTheft.
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