Are you taking steps to prevent identity theft? Most Canadians aren’t

According to a new study released by Capital One, less than half of Canadians are taking appropriate steps to prevent identity theft.

Only half (53 per cent) are taking some of the recommended steps to protect against identity theft, including measures like managing their social media account settings, putting them at risk of fraud. [Capital One]

Millennials are notably more aware of the impacts of identity theft when compared to baby boomers: 65 per cent compared to 50 per cent of boomers.

A startling finding from the study is that only 21 per cent of Canadians regularly check their credit report. However, every time a credit product is applied for on your behalf, or your credit score is requested, your credit rating is affected negatively. Most identity theft cases involve high amounts of financial fraud as well.

Here are some tips for protecting yourself against identity theft:

• Sign up for automatic updates from credit agencies like Equifax, so you can be notified anytime something changes with your score.
• Monitor your accounts and credit cards regularly, online banking is the easiest way to do that.
• All personal information and documents containing social insurance numbers and banking information should be shredded and disposed of after use.
• Be wary of sharing personal information over phone or email, and if you do, be very certain of who you’re speaking to. Hint: banks and financial institutions will never call you from a blocked or untraceable number.
• If you’re entering information on a website, ensure it is a secured site and begins with https:// or has a padlock in the URL box.

Be safe with your personal information, and let me know if you’re looking for more resources on fraud prevention.

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