Unfortunately, identity theft is on the rise in Canada. In 2023, the Canadian Anti-Fraud Center (CAFC) received more than 11,000 reports of identity fraud cases. Fraud crimes are grossly underreported, so the total is likely much higher.
Identity theft is no longer just about someone harvesting personal information through your physical mail. This still happens, but now it’s more likely that your information is stolen online through hacking or phishing scams, and you unknowingly provide personal information to the scammers. Here’s what you need to know and how to prevent further identity theft.
What is identity theft?
Identity theft is when criminals steal your personal or financial information, such as your Social Security 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 account and Steal funds.
Previously, identity thieves operated primarily by stealing envelopes from mailboxes and looking through recycling bins for sensitive documents. But criminals have penetrated deeply into the digital world. They often use artificial intelligence (AI) to target hundreds or thousands of people at the same time, impersonating government or bank officials and obtaining personal information through “phishing” calls, text messages or emails. Scammers also use sophisticated digital tools to hack accounts over public Wi-Fi, meaning they can access your bank account and more. Anyone can be a target of identity theft.
How to report identity theft in Canada
If you suspect your identity has been stolen, report the crime to local police immediately without waiting for verification. If you believe your SIN has been stolen, please report it to Service Canada at 1-866-274-6627. You should also contact the CAFC so that it can compile statistics on the prevalence of this problem. Fill out your information online in the Fraud Reporting System or call CAFC at 1-888-495-8501.
You’ll then need to contact the Canadian credit bureaus, including Equifax, so they can flag your file and notify you if someone tries to open a credit card or loan in your name. Also keep an eye on your credit score and credit report (also available through Equifax) for signs of suspicious activity.
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It’s confirmed that your identity has been compromised – now what?
Once your identity is stolen, you are likely to be targeted again. When scammers steal someone’s identity, they often sell the data to a third party who will try to contact the victim – who is now seen as an easy target for other crimes.
You may find yourself subject to more phishing scams from unsolicited numbers or impersonating bank employees. Plus, it may be harder to open a new account once you have protections in place with banks and credit bureaus—you may have to go through multiple verification checks. If a thief has damaged your credit score by opening and using credit cards, you may also face challenges opening new credit cards and applying for loans. This can impact your financial life for a long time, possibly up to several years.
