Go Phish: Beware of Financial Scamming

Second, you should contact the three credit bureaus -- TransUnion, Equifax and Experian and have a "fraud alert" added to your file. This is a good way to protect yourself from having additional accounts opened without your approval.

Third, file an official report with the FTC documenting that you have been victim of identity theft.

And finally, call your local police department to file a report to again document that a crime has been committed. Keep in mind, there is no guarantee your losses will be covered. Your financial institution will work with you to determine what you are responsible for based on the information you provided to the scammer.

I recommend you go to the FTC's web site as they have an excellent and very detailed list of exactly what you should and should not do. Their address is www.ftc.gov.

Mellody Hobson, president of Ariel Investments in Chicago, is "Good Morning America's" personal finance expert. Click here to visit her Web site, www.arielinvestments.com. Matthew Yale contributed to this report.

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