>Identity Theft in action

How Identity Theft Happens

If you're diligent, you may one day notice something isn't quite right with your finances:

  • Your chequing account balance drops
  • Unusual purchases show up on your credit card
  • Your credit card statement doesn't show up
  • A collection agency calls about a cell phone plan or credit card you didn't sign up for
  • Your credit rating is much lower than you expected

Any of the clues listed above could be the first sign that you're a victim of identity theft.

Identity theft happens every day of the week in Canada. The thief may be a neighbour who picked through your mail or a criminal in a far-flung location (such as Nigeria, Russia or China), who purchased your identity over the Internet. In any case, your identity is now being used against you.

>Long-Term Fraud

Unfortunately, the early clues listed above may be simply the beginning. Depending on the professionalism and determination of the criminal or criminals involved, the effects of identity theft and fraud could last months or years.

Check out some of the horror stories in our latest news section.

Victims may spend hundreds of hours trying to control or stop the damage inflicted by identity thieves. They may also spend thousands of dollars on legal assistance to clear their names.

The mental, emotional and financial stress of identity theft can be significant for the victim and his or her family. Unfortunately, creditors and debt collectors are not generally concerned with a victim's bad luck – they want to collect the money the thief spent on the victim's behalf.

Would you like more information on identity theft protection?  A Protection Power membership includes extensive educational resources as well as proactive identity monitoring.

 

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