Unfortunately, identity theft is on the rise in Canada. In 2023, over 11,000 cases of identity fraud were reported to the Canadian Anti-Fraud Center (CAFC). Fraud is significantly under-reported, so the entire number is probably going much higher.
Identity theft isn’t any longer nearly someone searching your paper mail for private information. This still happens, but you are actually more prone to have your information stolen online through hacking or a phishing scam where you unknowingly give personal information to a scammer. Here’s what you want to know – and the way you may prevent further identity theft.
What is Identity Theft?
Identity theft is where criminals steal your personal or financial information, akin to your Social Security number (SIN), bank card number, or checking account information, and use it to open recent bank cards, apply for presidency advantages, make purchases, or access your bank accounts and steal funds .
Previously, identity thieves primarily worked by stealing envelopes from mailboxes and looking through trash bins to seek out sensitive documents. But criminals have penetrated deep into the digital world. They often use artificial intelligence (AI) to attack a whole bunch or hundreds of individuals without delay by impersonating government or bank officials using phone calls, text messages, or emails to “phish” personal information. Fraudsters also use sophisticated digital tools to hack accounts over public Wi-Fi, meaning they will gain access to your bank accounts and more. Anyone can turn out to be a victim of identity theft.
How to report identity theft in Canada
If you think your identity has been stolen, don’t wait for verification, report the crime to your local police. If you suspect your SIN has been stolen, report it to Service Canada at 1-866-274-6627. You also needs to contact the CAFC in order that they will compile statistics on the frequency of this problem. Fill out the data online Fraud reporting system or contact the CAFC at 1-888-495-8501.
Then you’ll have to contact the Canadian credit reporting agencies, including Equifax, in order that they can flag your file and warn you if someone tries to open a bank card or take out a loan in your name. Also, pay close attention to your credit rating and credit reports, also available through Equifax, to identify signs of suspicious activity.
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It’s confirmed your identity has been stolen – what now?
Once your identity is stolen, you might be prone to be targeted again. When fraudsters steal an individual’s identity, they often sell the info to 3rd parties who attempt to contact the victim – they are actually seen as a simple goal for other crimes.
You may fall victim to other phishing scams that come from unwanted numbers or fake bank tellers. Additionally, once you’ve got safeguards in place along with your banks and credit reporting agency, it might be tougher so that you can open a brand new account – you could need to finish multiple verification checks. If the thief damages your credit rating by opening and using bank cards, you could also find it difficult to open recent bank cards and apply for loans. And this could impact your financial life for a really very long time – possibly years.
