An overview of online fraud and identity
In the most recent version of the Canadian Anti-Fraud Centre (CAFC) Annual Report, 4 trends were identified:
- Fraud losses seem to be increasing. In 2022, reported losses totalled $530.4 million. In 2023, losses increased to $569 million.
- Fraud is becoming more personal. Victims are losing money and information, but also experiencing psychological and emotional harm.
- Fraud and online criminals target victims in every age demographic.
- Fraud is enabled by easier access to victim’s personal information often through their social media accounts.
Things to do to help protect yourself
Keep an eye on your credit score
Checking your credit score is a good way to find out if your info has been compromised.
If a scammer has obtained enough of your personal data to take out a loan, line of credit or credit card, they can rack up thousands of dollars of debt without you realizing.
Often, people only find out there has been a breach once they go to apply for a loan and are denied, or when they receive collection calls for loans or mortgages they don’t recognize.
It’s a good idea to check your credit score at least once a year. You can also set up a fraud alert on your credit file through one of Canada’s credit reporting bureaus, Equifax or TransUnion.
If any transactions or changes to details such as your address occur without your authorization, report it right away.
Check your bank statements regularly
With paperless statements, online banking and mobile apps, it’s never been easier to keep an eye on your bank statements.
This will help you instantly see any unfamiliar transactions or amounts that could indicate your details have been stolen.
Check your bank account at least monthly – something that 87% of Canadians do – and immediately report any suspicious looking activity.
Share your info securely
Make sure that when you’re sharing your personal or bank details online, you’re doing so using secure websites and over secured Wi-Fi networks that make it harder for criminals to view and copy your data.
A virtual private network (VPN) can also provide an extra layer of encryption for added protection.
Be aware of phishing
Phishing is one of the most common types of cybercrime, and was the fourth most reported type of fraud in 2020. This is when scammers try to obtain your personal information through fake emails, phone calls or text messages.
If you receive anything from your bank, credit card or pension provider that asks you to share your details, reach out to them through a different means of communication to verify that it’s authentic. Remember, you should never reply to emails that ask you to provide your SIN number or bank details.
Shred confidential mail
While we might live in a world that’s becoming increasingly paperless, there are still plenty of ways old fashioned scammers can get hold of your personal information through the trash.
If you receive any statements or documentation that contain your personal details, you should always make sure these are shredded before being recycled, and not just put in the garbage.
Things you shouldn’t do
Don’t carry important ID documents with you
Make sure your SIN card, passport and other identifying documents are secured in a safe place at home and aren’t in your wallet or purse. If these become lost or stolen and make their way into the wrong hands, they would provide a criminal with all the vital information they need to create fake accounts in your name.
Don’t open emails you don’t recognize
Email scammers are becoming more sophisticated, meaning it’s harder for many people to determine what is and what isn’t real – even though most of us think we can.
It’s important to use anti-virus software, and to never click on a link or open an attachment from a sender you don’t know.
Don’t answer calls from numbers you don’t recognize
It’s also a good idea not to answer calls from unrecognized phone numbers. Known as ‘spoofing’, the caller often pretends to be from a body such as the CRA and attempts to trick people into providing personal data over the phone.
The number of spoof scams have risen in recent years, so if you don’t recognize a number, don’t pick it up. Instead, you can let it go to voicemail, as often spoofers won’t leave a message, and then return any calls that sound genuine. It’s a good idea to make sure your contacts list is up to date, too.
Don’t use the same passwords for different sites
Creating a memorable password isn’t always easy, and neither is remembering it.
In reality, most Canadians need to remember substantially more than just one, as research shows the average person has between 70-80 passwords.
This may mean that you often default to using the same or a variation of the same password that makes it easy to remember; unfortunately, this also makes it easy to guess.
Need a nudge occasionally? Consider writing down password ‘prompts’ to help you remember as opposed to the passwords themselves.
If you do wish to write down your password somewhere, make sure to do this on paper as opposed to online, and store it somewhere safely.
Creating passwords that don’t include memorable info such as dates or birthdays and changing these every so often can also help reduce the risk of theft.
What to do if you’re a victim
Collect your thoughts
Stay calm. Gather information about the fraud, including:
- Documents
- Receipts
- Copies of emails and/or text messages
Report the incident
Reporting your identity theft or fraud as soon as you become aware of it is one of the most important things you can do. It’s estimated that less than 5% of scams are reported.
Report the incident to the financial institution that transferred the money.
- Place flags on all your accounts including your credit card(s)
- Change all your passwords
- Report the fraud to both credit bureaus (Equifax and TransUnion)
Report the incident to local police and get a file number for future reference. If you find additional suspicious activity on your credit report, update your file with the police.
Contact the Canadian Anti-Fraud Centre toll free at 1-888-495-8501 or through the Fraud Reporting System.
If you suspect that someone had your mail re-directed, contact Canada Post.
Notify service providers (telephone, cell phone, electricity, water, gas, etc.) of the identity fraud.
How to report suspicious activity or fraud to Canada Life
At Canada Life, we’ll never ask you to share personal information via email. We’d also never ask you to send us any money or give us your bank details through email or over the phone. Any payments you’d need to make to us would be made directly to The Canada Life Assurance Company via cheque, electronic funds transfer (EFT) or wire transfer.
If you’ve received something from someone who claims to work for Canada Life and want to make sure it’s genuine, you can email us or get in touch via a confidential tip line.