Unfortunately, identity theft is on the rise in Canada. In 2023, more than 11,000 cases of identity fraud were reported to the Canadian Anti-Fraud Center (CAFC). Fraud cases are underreported, so the total is probably much higher.
Identity theft is no longer just someone combing your paper email for personal information. That’s still possible, but what’s more likely now is that your information is stolen online through hacking or a phishing scam, where you unknowingly give your personal information to a fraudster. Here’s what you need to know—and how to avoid more ID theft.
What is identity theft?
Identity theft is when criminals steal your personal or financial information, such as your social insurance number (SIN), credit card number or bank account information, and use it to open new credit cards, apply for government benefits, make purchases, or access your bank. accounts and steal funds.
In the past, identity thieves worked primarily by stealing envelopes from mailboxes and going through recycling bins to find sensitive documents. But criminals have become more and more popular in the digital world. They often use artificial intelligence (AI) to target hundreds or thousands of people at once, pretending to be a government or bank official using phone calls, texts or emails to “phishing” for personal information. Fraudsters also use sophisticated digital tools to hack accounts over public Wi-Fi, meaning they can access your bank accounts and more. Anyone can be a victim of identity theft.
How to report identity theft in Canada
If you suspect your identity has been stolen, don’t wait for confirmation—report the crime to your local police. If you believe your SIN has been stolen, report this to Service Canada by calling 1-866-274-6627. You should also contact the CAFC to compile statistics on how widespread this problem is. Fill out the information online in the Fraud Reporting System or contact the CAFC at 1-888-495-8501.
Then you need to contact the Canadian credit bureaus, including Equifax, so they can flag your file and notify you if anyone tries to open a credit card or take out a loan in your name. Also keep a close eye on your credit scores and credit reports, also available through Equifax, for signs of suspicious activity.
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Equifax Complete Protection is a credit and cybersecurity service designed to help Canadians spot the signs of identity fraud quickly.
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Subscription price: $34.95 per month
It’s been confirmed, your identity has been stolen – now what?
Once your identity has been stolen, you may be targeted again. When fraudsters steal someone’s identity, they often sell the data to a third party, which will try to contact the victim—they are now seen as an easy target for other crimes.
You may find yourself on the receiving end of other phishing scams from unsolicited numbers or fake bankers. Also, once you’ve put security measures in place at your banks and credit bureaus, it may be difficult for you to open a new account—you may have to go through multiple checks. If a thief damages your credit score by opening and using credit cards, it may be a challenge for you to open new credit cards and apply for loans. And this can affect your financial health for a very long time—perhaps years.
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