When your personal information is compromised, you can be a victim of identity theft. The information below covers identity theft and ways to protect yourself.
- What is Identity Theft?
- How can my identity be stolen?
- How can my personal information be used?
- How can I help minimize my risk?
What is Identity Theft?
Identity theft is the use and impersonation of your identity, by leveraging your personal and confidential information by someone other than yourself, therefore engaging in fraud. This information can include your full name, SIN number, birth date, or other personal details, all of which are ample to open a new bank account, cell phone account, loan, or mortgage, thereby impacting your credit record.
How can my identity be stolen?
There are several methods criminals can use to steal your personal and confidential information:
- Dumpster Diving: They go through trash looking for bills or other documents with your personal information that has not been shredded.
- Skimming: They steal credit/debit card numbers by using a storage device when processing your card.
- Phishing: They pretend to be financial institutions or companies and send spam or pop-up messages to get you to reveal your personal information.
- Stealing: They steal wallets and purses, mail (including bank and credit card statements, pre-approved credit offers), cheques, tax information and personnel records.
- Pretexting: They use false pretenses to obtain your personal information from you or your financial institutions, telephone companies and other sources.
How can my personal information be used?
Once your information has been obtained, a criminal can do any of the following:
Credit card fraud
- Open up new credit cards in your name.
- Change your credit card’s address, and run up charges, lengthening the time before you realize the number has been stolen.
Phone or utilities fraud
- Use your name to open a new mobile phone account or for utilities such as electricity and TV.
Bank fraud
- Empty your bank account.
- Take out loans or mortgages in your name.
Other fraud
- Use your SIN number to get a job.
- Give your identity to the police during an arrest.
How can I help minimize my risk?
There are easy steps you can take to safeguard your personal information:
- Monitor your credit report regularly.
- In Canada, you are entitled to a free credit report each year.
- Protect your Social Insurance Number (SIN).
- If you did not initiate contact with an institution, do not disclose any personal information, even when asked to confirm information on file.\
- Use a paper shredder and shred all financial and confidential documents.
- Do not provide confidential information in email, text message, or other internet conversations.