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Safeguarding Your Financial Information and Identity - When Relatives Steal Your Identity

Safeguarding Your Financial Information and Identity - When Relatives Steal Your Identity

It might sound like a rare occurrence, but studies show that on average 30 to 40% of all identity thefts are committed by the victim’s friends or family. If that happens to you, resolving the issue can be complicated – who wants to report their friends or family to the police?

You may have to. No matter what, call financial institutions, credit card companies, etc., to place a hold on your accounts. Also contact the credit bureaus to let them know and to start removing any inaccurate information from your file.

Finally, decide whether you have to take legal action. If your friend or relative helps you correct the situation, you may be able to avoid involving the police. If not – you may have to make a very difficult call. Regardless, safeguard your identity and limit your financial losses as quickly as possible.

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