Protect yourself against Identity Theft

These days we are hearing about Identity Theft frequently, I thought it might be useful to share couple of steps we should consider taking to protect our personal identity.

Protecting yourself from identity theft starts with understanding of what identity theft actually is, and ultimately means coming up with a forward-thinking plan that aims to wall off identity thieves from your personal data.

What Is Identity Theft?

Identity theft, also referred to as identity fraud by law enforcement officials, is defined as all crimes against individuals where personal and financial data is illegally obtained by fraud or deception, usually for financial gain.

Once identity thieves steal your identity, some things they can do include:

• Applying for credit cards or loans in your name.
• Withdrawing funds from your bank account.
• Using your health insurance to obtain medical care.
• Using your Social Insurance/Security number to steal your tax refund.
• Accessing your emails and social media accounts.
• Selling your information on the dark web to other criminals.

Here are some steps you should consider taking to help in your fight to protect your identity:

• Don’t over share. Tech-savvy thieves can quickly gather what you share on social networks (your home or email address; children’s names; birth date and so on) to use for scams, phishing, and account theft.
• Safeguard personal information in your home, especially if you are having service work done there, employ outside help, or have a roommate.
• Fight ‘phishing’ – don’t take the bait. Never give out personal information over the phone, through the mail, or over the Internet unless you have initiated the contact.
• Ask your cell phone provider to lock your account against porting. Many websites send text (SMS) to reset passwords, porting lock keep thieves out and protect your your accounts from unauthorized access to your emails or other accounts.
• Don’t trust public Wi-Fi - Be aware that your mobile device is vulnerable to viruses and hackers. Only download applications from trusted sources at home on a secure network.
• Shred all documents you are discarding, including pre-approved credit applications received in your name, insurance forms, bank cheques and statements, and other financial information. An identity thief can easily pick through your garbage or recycling.
• Use strong passwords online – You’re giving identity thieves a gift by using an easy password because they open the doors to your personal information. Make passwords more complicated by combining letters, numbers, mixing in special characters and changing them regularly.
• Enable Two factor Authentication on your personal email accounts.
• Check your credit report and report problems immediately. You should review your credit report at least once per year. Consider signing up for ongoing monitoring of your credit file for potentially fraudulent activity. Take steps to detect identity theft early, which helps minimize its impact.
• Lock your credit file – Equifax Canada and TransUnion Canada offering this service to protect your credit, read more here: https://www.cbc.ca/news/canada/marketplace-identity-theft-credit-monitoring-freeze-1.4937903
• Review your transactions. Check your credit card bills carefully for any unauthorized charges or withdrawals and report them immediately. Call if bills don’t arrive on time. It may mean that someone has changed contact information to hide fraudulent charges.
• Protect your mail. Bring in your mail daily. Forward or re-route your mail if you move, change your mailing address or are planning to be away.

Highlights:

Be careful what you share on social networks

Lock your cell phone account against porting

User strung passwords

Don’t give out personal information through the mail, by phone or online unless you have initiated the contact

Check your credit reports regularly to help detect suspicious activity

Source: https://www.consumer.equifax.ca/personal/education/identity/how-to-protect-yourself-from-identity-theft/