“I think my identity’s been stolen. What should I do?”

Identity theft happens when someone steals your personal information and uses it without your permission, often for financial gain. This could be anything from opening fraudulent credit card accounts and taking out loans in your name, to accessing your bank accounts or even filing false tax returns. And with so much of our personal information now readily available online, identity theft is on the rise. Dealing with it can be incredibly stressful and time-consuming, so it’s important to learn how to protect yourself.

How does identity theft happen?

First up, let’s look at the different ways criminals are most likely to target you:

• Phishing scams and social engineering: criminals use something known as ‘social engineering’ to manipulate you into revealing personal information like passwords and bank details. Instead of directly hacking your account or stealing your phone, they coax and trick you psychologically. A common example of this is phishing. You might get a convincing-looking email claiming to be from your bank and urging you to click a link to verify your details. This link will lead to a fake website mimicking your bank’s. If you enter your login details there, criminals can steal them to access your real account.

• Malware: you might also download malware from a phishing email without realising – this installs software on your device which lets criminals secretly record your keystrokes, steal login credentials, and access personal details without you knowing.

• Big data breaches: sometimes, companies that hold lots of your information get hacked. When that happens, your details can end up in the wrong hands. You can check if your email has been breached on https://haveibeenpwned.com/ 

• Physical theft: it’s not all online – people can steal your data by pinching your wallet, snatching your phone, intercepting letters that contain your financial information, or even digging through your rubbish!

How to spot if your identity’s been stolen:

It can sometimes take a while to realise your identity’s been stolen, but the more quickly you realise, the more you can do to limit the damage. Here are some common things to look out for: 

• Strange activity on your account: regularly checking your bank statement is a good habit to get into for lots of reasons. Not only will it help you get on top of your spending and saving, it can also help you spot anything suspicious. Sometimes criminals will make lots of small transactions in the hope you won’t notice, but they can add up to significant theft over time. If you bank with Monzo, switch on real-time notifications to get alerts the minute your card is used. 

• Unexpected bills or statements: you might receive credit card statements for cards you don’t have, or receive letters about loans you didn’t take out. You could even get letters from debt collectors for late payments on debts you haven’t incurred.

• Your credit score might drop: if you're unexpectedly denied credit for a loan or credit card, it could mean an identity thief has damaged your credit score.

• Missing mail: if you stop receiving regular bills or bank statements, a thief could have changed your mailing address to intercept this information.

• Unexpected online activity: if you find yourself locked out of online accounts or receive requests to reset passwords you haven’t asked for, it’s possible someone’s trying to use your accounts.

What to do if you think your data or identity has been stolen

1. Call your bank and card companies: the first thing you should do is contact your bank or card provider. Tell them what’s happened and close or freeze any accounts that might be at risk. If you bank with Monzo, you can freeze your card yourself in the app, but you should still reach out to us to tell us what’s happening. 

2. Report it to the Credit Industry Fraud Avoidance System (CIFAS): CIFAS is like a shared warning system for banks and other companies that lend money. If someone steals your identity, CIFAS can put a note on your record. Then, if someone tries to open a new account or borrow money, your bank will see the note and make extra checks to ensure it’s really you. 

3. Report it to the police: file a police report to create an official record. This can help you later with things like insurance claims. Just make sure to keep a note of your crime reference number. 

4. Change your passwords: update passwords for all your online accounts, especially your email, banking and social media. A password manager can help you create and store strong, unique passwords. They even scramble your passwords, so if a thief or hacker does get in, they can’t see them.

5. Check your credit history: the UK has three main credit reference agencies (CRAs) – Experian, Equifax and TransUnion. Get in touch with them to put a fraud alert on your file. This makes it harder for thieves to open new accounts pretending to be you. 

How to protect yourself against identity theft

Taking proactive steps is the most effective way to safeguard yourself from identity theft. Here are some helpful things you can do to keep your valuable information secure:

• Stay safe online 

  • Think twice before clicking on a link. Ask yourself: did you type in the URL yourself, or follow a potentially dodgy link?

  • Use strong, unique passwords for all your online accounts

  • Keep the software on your computer and phone updated

  • Be mindful about what you share on social media and who can see it – it can give thieves clues that could help them guess your passwords 

• Look after physical information, too 

  • Shred papers with your personal or financial details before throwing them away

  • Be wary of people looking or listening if you’re sharing personal information in public, and watch out for shoulder-surfers when using your phone 

  • If you have a standalone mailbox (rather than a letter slot in your front door), check it regularly for signs of tampering or forced entry. Thieves sometimes target these types of mailboxes to steal letters containing personal information.

  • Keep an eye out for anything suspicious when you’re using ATMs or paying with your card  – for example, if the machine looks damaged or someone’s standing close by

  • Only carry the ID and cards you really need

• Keep an eye on your outgoings:

  • Check your bank and credit card statements regularly for anything you don’t recognise

  • Switch on instant notifications on so you know when your card’s been used

  • Check your credit report every now and then to make sure no one’s opened accounts in your name.

Understanding the different forms of identity theft is crucial for protecting yourself. By proactively monitoring your accounts, keeping your personal information safe, and knowing what to do if something does happen, you can reduce the risks and quickly mitigate any damage.

Learn how Monzo keeps you safe.

UK residents only. Ts&Cs apply.