Identity Theft is a Growing Problem

Staying in touch
Volume 16, Number 2
Insurance Brokers Association Canada

Every year thousands of people become victims of identity theft. Most people do not realize how easily criminals can obtain personal data. Fraudsters capture PIN numbers by looking over shoulders at checkouts and ATMs. Credit card numbers are recorded by eavesdropping on telephone conversations. And all too often, people become victims of “dumpster divers” by throwing away credit card receipts, bank statements and other records showing their name, address, and financial information without even thinking how they could be used by thieves.

Your name, date of birth, credit card number, and especially your social insurance number can be used to open credit cards and bank accounts, obtain mortgages, rent vehicles, hotel accommodations and even secure employment. When someone steals your identity you could be left with bills, charges, bad cheques and tax implications that can easily cost thousands of dollars in lawyer’s fees to clear up.

How to fight identity theft

• Be careful about sharing personal information. Be sure you know who you are dealing with and how it will be used.
• Sign all credit cards and bank cards as soon as you receive them.
• Protect your social insurance Number (SIN)- it is an important key to your identity
• Do not give your credit card number over the telephone, by email or to a voicemail box unless you are absolutely sure you can trust the person receiving it.
• Immediately report any lost or stolen credit cards and any discrepancies in your monthly statements to the issuing credit card company
• Ask that your accounts have passwords for all enquiries and do not use obvious passwords like your mothers maiden name. Memorize your passwords, change them often and no not write them down. Do not leave them in your wallet. Strong passwords contain a combination of numbers, upper and lowercase text and have a minimum 10 characters.
• Shred important documents before you throw them out
• Avoid mail, email or telephone solicitations disguised as promotions or surveys offering instant prizes or awards designed for the purpose of obtaining your personal details including credit card numbers.

What is identity theft?

Identity theft is a crime in which someone wrongfully obtains and uses another person’s personal data in some way, which involves fraud or deception, typically for economic gain.

The growing popularity of email and the internet makes it easy for companies and consumers to reach each other. Unfortunately these technologies also distribute your personal data more widely, making life easier for criminals. Be aware of the many schemes and scams that try to obtain your personal and financial information.
For more information of this topic, visit www.safecanada.ca or call us.

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