You may have done everything you can to reduce the risk of identify theft, but sometimes, your data security is out of your control. Identity theft can happen because of something as complicated as a data breach or as simple as losing your wallet. Your safety can even come down to where you live, as some states are more vulnerable to identity theft than others.

While you can't completely insulate yourself or your identity from theft, you can ensure that you quickly catch an instance of identity theft. You can monitor your credit by routinely requesting free credit reports or signing up for a credit monitoring service.

The best identity theft services offer identity recovery specialists who will walk you through the identity recovery process. However, if you're on your own, here are the first few steps you need to take to report identity theft.

Banks and credit card companies often have fraud departments. Tell them that someone stole your identity, and the company can help you close or freeze accounts. Once your accounts are frozen, no one can add charges without your permission. Then, start changing passwords and PIN numbers on your accounts.

The sooner you can report the fraud, the better. You're generally not liable for any fraudulent accounts opened in your name. However, if your credit card or debit card is being used by someone else, you may be on the hook. Your liability for fraudulent activity on a credit card may be limited if you report the fraud within 60 days of the bank or credit card company showing you the fraudulent charges. You have just two days to report missing debit cards to limit your liability.

Go to the Federal Trade Commission's fraud reporting page to report identity theft. While you can also report the theft over the phone at 877-438-4338, you receive an identity theft report when you file online. This document is crucial when you attempt to recover your identity.

You'll need your identity theft report when you ask the credit bureaus to fix your credit report, stop debt collectors from reporting fraudulent accounts, and remove fraudulent information from your account. You'll also need this document to place an extended fraud alert on your credit, which we will expand on later.

You can place a 90-day initial fraud alert on your credit reports, which compels any creditors reviewing your credit reports to verify your identity before opening an account in your name. You'll also receive free credit reports when you place this fraud alert.

You'll want to continue monitoring your credit through the free annual credit reports you get from each credit bureau. You need to request them through AnnualCreditReport.com. It's best to ration these three reports so you're viewing one every four months.

Once you become the victim of identity theft, you are far more likely to be targeted in a future attack. According to the Identity Theft Resource Center, 29% of identity theft victims are targeted again.

The credit bureaus offer two free features that help protect your identity: credit freezes and fraud alerts. 

Anyone can place an initial fraud alert on their credit reports, which lasts one year before you have to renew it. However, with your identity theft report, you can place an extended fraud alert on your credit report. This also gives you two free credit reports from each credit bureau in a 12-month period.

You can place a credit freeze anytime, even without having a stolen identity. However, it is particularly useful for victims of identity theft. A credit freeze prevents most third parties from viewing your credit report for any purpose, effectively preventing any bad actors from taking out a line of credit in your name. Unlike a fraud alert, you must place a credit freeze with each bureau individually.

Some organizations, such as government agencies, current creditors, and credit bureaus, can still access your credit reports.

It's also in your interest to beef up your cybersecurity. Identity protection services can scan the dark web for your personal information and insure you against future identity theft instances. Credit monitoring services will inform you if anything changes on your credit report. Some of the best credit monitoring services are free.

Identity theft is a crime, so contacting the police department and filing a police report is important not only for the police to try to catch the perpetrators but also because your creditors may require a police report as proof of the identity theft. 

You can report identity theft to identitytheft.gov; it's the federal government's one-stop source to help people report and recover from identity theft. There will be advice and helpful resources to tell you how to get through the process of recovering from identity theft.

If your credit card(s) were compromised, you may have to notify your bank and all of your other creditors to let them know to be on the lookout. Identity theft can happen to a person more than one time. Once identity thieves get a foothold into your accounts, they keep trying to access everything else, so contact all relevant authorities and creditors so that everyone is aware. 

Once you report the identity theft, you must correct and clean up your credit reports. Work with each compromised account and creditor to remove any information reported based on the identity theft.

Depending on your financial institution, charges you can prove were not made by you will be refunded to your account. The money stolen from you should be replaced after an investigation, which is why filing a police report and notifying all relevant authorities is important. 

Yes, you can recover your credit score after identity theft by correcting your credit reports and restoring your accounts. This process is involved, and it may take some time, but it can be done. 

Yes, you should file a police report for identity theft. A police report can help prove the crime and may be required by creditors to refund unauthorized charges. 

You can prevent identity theft in the future by using strong passwords, enabling two-factor authentication, and regularly monitoring your credit reports . 

While you can't completely prevent identity theft, staying vigilant and taking proactive measures can minimize its impact. Regularly monitoring your credit, reporting theft promptly, and using services like fraud alerts and credit freezes are essential.

BankUnited is dedicated to helping you protect your financial security. Our team is here to support you with identity theft concerns, ensuring your peace of mind and safeguarding your financial well-being.