According to the CAFC, these are some of the most common ways that criminals steal Canadians’ identities:
Taking personal or financial information from your recycling bin or mailbox
Obtaining your information through a spoofed website, which is a fraudulent website set up to look like a site from a trusted source, like a bank
Pretending to be a bank or government employee to “phish” for information by phone, email or text
By the time the victim realizes what’s happening, the fraudsters may have used the personal information to drain their bank accounts or take out a loan in the person’s name, for example.
Dealing with the aftermath of ID fraud can be time-consuming and stressful, from trying to recover lost funds to repairing a damaged credit score. That’s why being alerted to any fraud early, and avoiding identity theft in the first place, is so important.
How to protect yourself from ID theft
You can take a few simple steps to protect your personal and financial information. Some of these strategies are low-tech deterrents, such as locking your mailbox and shredding sensitive papers. You can also regularly check your credit reports online and use a credit monitoring and ID protection solution from Equifax, a Canadian credit bureau. Equifax CompleteTM is a suite of products that will alert you to key changes to your Equifax credit report, like new credit cards opened in your name, which can help you spot fraud faster.
Keep reading for more on these tools, plus other effective ideas for defending yourself from identity thieves.
1. Lock your mailbox.
Your mailbox often holds sensitive information, such as your social insurance number (SIN), credit card numbers, banking information and more. Purchasing a lockable mailbox is a small investment ($40 and up), but it goes a long way to protecting yourself from identity theft actors. Another option is to rent a post office box, which is kept locked.
2. Shred financial documents.
In the same vein, fraudsters will go through your recycling bin to find any sensitive documents. By shredding personal letters from banks, credit card companies and the government, you can avoid being an easy target. You can buy a paper shredder at an office supply store, starting at $20.
3. Be wary of phishing scams.
Phishing scams over phone, text, email and social media have exploded with the advent of artificial intelligence (AI). Scammers can now easily send out mass messages, pretending to be bank or government employees, and they sound more legitimate than ever.
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