Illinois Financial Identity Theft Order is a court order issued by an Illinois court that requires the financial institution to block access to a consumer's financial accounts and freeze any transactions if there is a reasonable suspicion of identity theft. The order can be issued to any financial institution doing business in the state of Illinois. There are two types of Financial Identity Theft Orders: Temporary and Permanent. A Temporary Order (also referred to as a Preliminary Order) is issued when there is a reasonable suspicion of immediate identity theft. It is effective for 90 days and may be extended for an additional 90 days. A Permanent Order is issued when there is a confirmed case of identity theft and is effective for a period of seven years. The Order requires the financial institution to block access to the consumer's accounts and freeze any transactions until the consumer provides proof of their identity.
Illinois Financial Identity Theft Order
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FAQ
Change the passwords, pin numbers, and log in information for all of your potentially affected accounts, including your email accounts, and any accounts that use the same password, pin, or log in information. Contact your police department, report the crime and obtain a police report.
If you report your identity theft to the FTC within two business days of discovering it, you will only be liable to pay $50 of any unauthorized use of your bank and credit accounts (under federal law). The longer you leave it, the more that financial liability falls on your shoulders.
Financial identity theft is when thieves use stolen credit to make fraudulent purchases. Thieves also use stolen bank account numbers, debit card numbers, or other personal and financial information to wipe out accounts, take out loans and/or get credit cards.
If you receive an Identity Verification letter after you file your Illinois tax return, it does not mean your identity has been compromised. It is simply a check to make sure YOU or your authorized designee filed the return, and it was not an unauthorized individual attempting to commit fraud.
Identity theft and identity fraud refer to crimes in which someone wrongfully obtains and uses another individual's personal data in a way that involves fraud or deception, often for economic gain. However, even those victims who suffer no financial loss can experience serious consequences related to the theft.
Sometimes banks will refund the total amount of fraudulent charges even if they're not legally required. But, if enough time elapses between the charge and the fraud report, a bank might refuse to reimburse some of your money.
In most states, you're not liable for any debt that occurred as a result of fraudulent accounts being opened. Plus, under federal law, you are only liable for the first $50 in fraudulent charges on your credit card if someone uses your card to make a purchase.
(i) Identity theft of credit, money, goods, services, or other property not exceeding $300 in value is a Class 4 felony. A person who has been previously convicted of identity theft of less than $300 who is convicted of a second or subsequent offense of identity theft of less than $300 is guilty of a Class 3 felony.