Fraud and identity theft are exploding now and causing more and more damage to working class U.S. Americans and it impacts single mothers more than most. The challenge is our banking and credit systems are not set up to prevent or support those who have been through this potentially traumatizing experience. I have been through it twice now, the first time was severe and the second not as bad, only because I was emotionally prepared and I knew what to expect. The first thing you need to understand is that your information is out there regardless of how diligent you are in protecting it. The best thing to do is to check your accounts daily through your online banking systems and change your login and passwords frequently. I know this sounds like a big pain in the butt and takes a lot of time but trust me, your peace of mind is worth it. Also, if you are a low income person like me one fraudulent charge on your account can snowball into a devastating situation because you don't have the "backup" money or credit line as a cushion.
1. It's important to understand the difference between debit cards and credit cards when it comes to getting your money backfrom fraudulent charges. Usually, a credit card company will credit the fraudulent charges immediately and issue you a new card with out much of a hassle. Your bank, on the other hand, is a whole other monster. Here's what you can do when you first see the fraudulent charges and what to expect at your bank. Keep in mind these are general and each bank will have their own process and the bigger they are the less they care about your situation and are less likely to work with you, unless you keep a fairly large balance with them, then they will be helpful.
2. Your bank will ask you to come in and fill out a form disputing the charge or charges. If there is more than one you will have to fill out a form for each transaction. The important thing to keep in mind here is your bank will probably ask you to produce receipts for the transactions that are yours. Who does this?! I think this gives them a way to validate saying "no" when it comes to getting your money back. I could write a few blogs about this alone because depending on who you bank with, and the person you deal with there could be many prejudices that get in the way. The first time I experienced identity theft my bank completely dismissed me and even made me feel like I had been irresponsible and not good with money for not keeping my receipts. The bank manager proudly scolded me for being a single mom, student, full-time employee who couldn't prove I didn't make those transactions myself. It was disgusting.
Also, if you live pay check to pay check like I have for years now you know to the penny how much money you have and which bills need to be paid so if this happens to you and there are over draft protection fees on your account it screws EVERYTHING up! Neither of my banks were willing to fully credit those fees even though they are there for fraud or ID theft. The credit union I currently bank with credited only half of the over draft fees. Better than nothing but don't expect banks to have a conscience, people-to-people ethics or empathy. I recommend keeping a small envelope in your purse for every purchase you make on your debit card.
3. Call the police! I can't stress this enough. The first time I didn't call the police because I simply didn't know I could for this situation. I depended on my bank becasue I had that naive notion that my bank was there to protect my money. They aren't there to protect your money they exist to protect their money and will not give advise, support of any kind that will help you through this ordeal. Calling the police would've helped my case when it came to my credit and may have even gotten some of my money back, not to mention they may have found the person and my bank may have returned my money and I would've had the pleasure of taking it to the jerk who was the bank manager.
4. Call the credit bureaus and inform them of the fraud. They are the most difficult and the biggest jerks ever but they are that because they have all the power when it comes to the commoners like me who have little money. Don't be surprised by the animated system. It's the only way you deal with them,
there are no real people to interact with,
at least in my experience.They decide, by my credit score, where I can live, what I drive, even what kind of lifestyle I live. They don't care if you are a victim of fraud, or if you have an ex who doesn't care about your well being, or if you are the last choice to be hired for a living wage job, or that you have been a stay-at-home parent with no recent job history or that you were fired from your last job because you wouldn't sit on the bosses lap during your training. THEY DON'T GIVE A SHIT ABOUT YOU OR YOUR SITUATION! They will also make you work your ass off to delete any of the inaccurate information on your credit report. Try your hardest not to get into the "this isn't right" frame of mind or conversations about justice because it doesn't apply and you will only make yourself crazy.
5. Beware of credit reporting scams. Do not sign up for a $40 a month check-your-credit website. These are tricky because they take on names like Experian Credit Consumers blah blah blah. I made this mistake and they are no help at all except to charge you more and more. Also keep in mind if you need to dispute something on your credit report you have to do it in writing and I recommend sending it certified mail. They probably will deny it a couple of times or ask for a copy of your driver's license, pass port and a bill in your name with address matching your driver's license. Like I said, One giant SCAM!
6. YOU ARE NOT YOUR CREDIT SCORE OR YOUR ACCOUNT BALANCE. This is so hard when you're going through a severe identity theft situation. No one really understands it until they are a victim and unless they have been through it they will judge you, all of them, even your kids. I had 2 friends that didn't judge me or write me off as "bad" with money or irresponsible. My ex, extended friends, my kid's friends parents. They will all judge you. I even lost my amazing job at an amazing theatre because of the emotional trauma I was experiencing I couldn't do my job or conduct myself professionally as my life was falling apart around me. My car was repossessed, I lost the money that was going to go towards my first home purchase, my grades in school suffered horribly. I can seriously say that I suffer from ID Theft PTSD because my heart rate races and I become anxious each time I log into my bank account or walk into a bank. Do what ever you can to remember that
this isn't an extension of your character.
You have been a victim and because our credit and money is so tied to the kind of person you are in our society it can be very painful and traumatizing. Surround yourself with people who know the truth and who will support you. I would even seek professional counseling if you are able to afford it.
The money world is an ugly world but we have to live in it. Do the best you can to protect yourself but learn to separate yourself from it at the same time. I can't stress enough the importance of remembering and even saying out loud
"I am not my credit. I am not my bank account balance."
This is my experience and if you have any additional information or experiences you wish to share please do. The more we stick together the easier it gets!
Be Rich In Confidence and Peace!