Safeguard Your Money: How to Protect Yourself from Identity Theft

Fri Mar 1, 2013 3:06pm EST

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Marketwire

Canadian Bankers Association

March 1, 2013 - 03:06:27 PM

Safeguard Your Money: How to Protect Yourself from Identity Theft

TORONTO, ONTARIO--(Marketwire - March 1, 2013) - Many people have heard about
identity theft, but most think it is something that happens to others. The
reality is that identity theft affects thousands of Canadians and much of it
can be prevented.

March is Fraud Prevention Month, and the Canadian Bankers Association (CBA) is
reminding consumers to guard their identity, including personal and financial
information, from criminals to help protect themselves from financial fraud. 

"Identity theft, or the theft of personal information, can be the starting
point to a range of crimes - from financial fraud and forgery to insurance
fraud. That is why combating identity theft requires the cooperation and
efforts of business, law enforcement, individual consumers and government,"
said William J. Crate, Director, Security & Intelligence at the Canadian
Bankers Association. "Consumers should be vigilant about protecting their
information and there are some very simple steps that they can take to do
this." 

Identity Theft Prevention Tips

Banks and other businesses have sophisticated security systems in place to
protect their customers' personal and financial information. Criminals know
these strong protections are very difficult to overcome, so they try to get
confidential information directly from consumers. 

To avoid becoming a victim, it is important for Canadians to understand what
kinds of scams are out there and how they can protect themselves. Some helpful
tips from the CBA include:



--  Do not give out personal information on the phone, through mail or over
    the Internet unless you have initiated the contact or know who you're
    dealing with. For example, most bank account takeovers begin with
    customers responding to disguised and fraudulent "phishing" e-mails
    which appear to be from financial institutions indicating there may be a
    problem with your account and seeking personal information for
    confirmation purposes. Banks will not contact you by e-mail to ask you
    to reconfirm any of your personal information or passwords. They already
    have that information. 
    
--  Keep the amount of identification that you carry with you to a minimum.
    For example, do not carry your birth certificate or social insurance
    card with you unless you will need them. Keep them at home in a secure
    place. 
    
--  Watch what you throw out or recycle. An identity thief will pick through
    your garbage or recycling bins. Be sure to shred receipts, tax returns,
    financial statements or anything with personal or financial information.
    
--  Pay attention to your billing cycles. Follow up with creditors if your
    bills don't arrive on time.  
    
--  Try not to use your social insurance card as a form of identification.
    Use other identification whenever possible.  
    



What to Do When Identity Theft Happens

If you think you have been a victim of identity theft, here are some important
actions to take: 



--  Contact your bank or credit card issuer right away - the bank will take
    the appropriate steps to help prevent fraud. These steps could include
    cancelling and reissuing credit or debit cards, investigating and
    reversing fraudulent transactions and providing further advice to
    customers. 
    
--  Contact local police - contact your local police force and file a report
    about the fraud. 
    
--  Contact Canada's credit reporting agencies - If you suspect that you may
    have been a victim of identity theft, contact one of Canada's two credit
    reporting agencies, Equifax and TransUnion, and have a fraud alert put
    on your credit file. This may mean that the next time you apply for
    credit, you may be asked additional questions to verify who you are.
    This could help prevent someone else from taking out a loan or credit
    card in your name. 
    



The CBA has released a fraud prevention video aimed at educating Canadians
about the precautions they can take to prevent being a victim of identity
theft. The video can be found on the CBA's YouTube channel
(www.youtube.com/CdnBankers) and the association is also issuing helpful tips
and information through Twitter (@CdnBankers) and its website www.cba.ca
throughout the month of March. 

About the Fraud Prevention Forum 

The Fraud Prevention Forum is a concerned group of private sector firms,
consumer and volunteer groups, government agencies and law enforcement
organizations, who are committed to fighting fraud aimed at consumers and
businesses. Through its partners, the Forum, which is chaired by the
Competition Bureau, works to prevent Canadians from becoming victims of fraud
by educating them on how to "Recognize it. Report it. Stop it." 

About the Canadian Bankers Association 

The Canadian Bankers Association works on behalf of 54 domestic banks, foreign
bank subsidiaries and foreign bank branches operating in Canada and their
274,000 employees. The CBA advocates for effective public policies that
contribute to a sound, successful banking system that benefits Canadians and
Canada's economy. The Association also promotes financial literacy to help
Canadians make informed financial decisions and works with banks and law
enforcement to help protect customers against financial crime and promote
fraud awareness. www.cba.ca.

Follow the CBA on Twitter: @CdnBankers 

Watch videos: Youtube.com/CdnBankers 

Follow the CBA on LinkedIn

FOR FURTHER INFORMATION PLEASE CONTACT: 
Canadian Bankers Association
Rachel Swiednicki
(416) 362-6093, ext. 220 or Cell: (416) 587-7733
rswiednicki@cba.ca
www.cba.ca
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