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Financial Consumer Agency of Canada

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Protect Yourself from Fraud

What is fraud and how can I protect myself from it?

What is fraud?

  • Fraud can take many forms but the impact is usually a financial loss to the victim.
  • Fraudulent e-mails, mail and phone calls from fake businesses and charities asking for your personal information (such as your bank account number or credit card information) are common examples of fraud. The aim of these scams is to trigger a “gut” reaction by alarming you and demanding an immediate response.
  • Sometimes, scam artists bypass you completely and steal your money by cloning or skimming your debit or credit card.
  • Another type of fraud is identity theft. This is when someone steals your personal information and uses it without your knowledge to get a credit card or even obtain a mortgage under your name.

5 tips to protect yourself against fraud

1. Be discrete

Don't give out personal information on the phone, through mail or over the Internet unless you have made the call or know who you're dealing with. At the ABM (automated banking machine) or at the store when making a purchase, always protect your PIN (Personal Identification Number). Use your body as a shield. Don't share your PIN or banking passwords with anybody, not even bank employees, family members or friends. Don't leave your banking cards and personal information unattended.

2. Take the pressure off…

Never let telemarketers or salespersons pressure you into agreeing to a deal, like agreeing to take a new credit card, or making risky investments. You are not obligated to give them an answer immediately. If you have doubts or are not comfortable with a situation, ask your financial institution for advice.

3. Be aware and beware

Remember, if it sounds too good to be true, it probably is. Most scams are built on trust; so scammers will try to find out as much as they can about you to use that information later for their personal gain. Be sceptical and question any offers that guarantee high returns without any risks.

4. Minimum information, maximum security

Don't give out more information then required. Your SIN (Social Insurance Number) card is not an identity card. Use it only when legally required. Find out when and who can ask for your SIN. Before you reveal any personal information, find out why it is necessary to do so, how it will be used and if it will be shared. If you don't like the answer, don't provide it. If somebody pressures you to give this information, be wary and rethink the situation.

5. Shred it!

Your bank and credit card monthly statements as well as telephone and utility bills are considerable sources of personal information. To make sure your information doesn't fall into the wrong hands, destroy or shred all personal documents before you put them in the trash.

How can I find out if I have been a victim of fraud ?

Try these easy ways:

Verify your bank and credit card statements regularly

Whether you receive a monthly statement by mail or do your banking online, look for any transactions you do not recall making. Look for stores that you never shop at, or regular withdrawals in your account that you do not remember making. A way to verify these is to keep receipts from bank machines and credit card transactions and compare them with your monthly statements.

Order a free copy of your credit report

You'll be able to verify if someone is using your personal information and identity to obtain credit products and loans.

What should I do if I suspect I have been a victim of fraud ?

Steps to take if you've been a victim of fraud

Order your credit report to identify what financial institutions, services and products are involved in the fraud.

Contact your financial institution immediately.

Contact your local police to report the fraud.

If somebody used your name to get credit or financial products and services, you've been a victim of identity theft. If so, fill out the Identity Theft Statement available here and send a copy to each financial institution and company involved.

If you are the victim of fraud and are being held liable by a federally regulated financial institution, or for more information on your rights and responsibilities, please contact FCAC toll-free at: 1-866-461-3222.

How can I order a free copy of my credit report to check for fraud ?

How to order a free copy of your credit report

Send a letter by mail or fax to the two Canadian credit-reporting agencies listed below, because they collect and report different information. If you request your information from the two agencies, you will be sure you are reviewing all of your financial history.

In your letter, write that you would like to receive a free copy of your credit report. Add your mailing address and phone number. See example letter.

Include a photocopy of two official pieces of identification with your letter. Choose two types of identification that have your signature and at least one with your photo. If you are unsure of what pieces of identification to send, check with the credit-reporting agencies.

Don't forget that if you order your credit report online, you will have to pay a fee. You will also be charged an additional fee if you decide to order your credit score.

What are 3 things I should look for when I read my credit report?

Make sure your personal information in the report is correct. Any mistakes should be reported to the credit-reporting agency.

Verify that you are aware of all financial products (accounts, personal loans, car loans, mortgages, credit cards, bankruptcys information, etc.) mentioned in your report and that your payment history is correct.

Check the list of inquiries in your credit report. It lists all of the people who have inquired about your use of credit: you, a lender, or any other authorized organization. If you find an inquiry by a company you do not recall dealing with, you could be a victim of fraud - contact the company at the number listed in the report.

Want to find out more about what is in your credit report? Check out Understanding Your Credit Report and Credit Score.

Example of letter to send when requesting a free copy of your credit report

Address of credit-reporting agency

Example:

Equifax Canada
National Consumer Relations
Box 190, Jean Talon Station
Montréal QC H1S 2Z2

Date

To whom it may concern:

I would like to order a free copy of my credit report.
Please send a copy of my credit report to the address below:

You name
Your street address
Your city, Province/Territories
Postal Code
Your phone number(s)

Thank you,

Your signature

Encl.: You will find enclosed a photocopy of two pieces of identification.

Credit reporting-agencies in Canada

Equifax Canada
National Consumer Relations
Box 190, Jean Talon Station
Montréal QC  H1S 2Z2
Tel.: 514-493-2314
or 1-800-465-7166 (toll-free)
Fax: 514-355-8502
Web: www.equifax.ca

TransUnion Canada
Consumer Relations Centre
PO Box 338, LCD 1
Hamilton ON  L8L 7W2
Tel: 1-866-525-0262
or 905-525-0262
E-mail: consumer@tuc.ca
Web: www.tuc.ca

TransUnion  - For Quebec residents
(Echo Group)
Suite 370
1 Place Laval
Laval QC
H7N 1A1
Tel: 1-877-713-3393
or 514-335-0374


Tip Sheets


Request for Publications

The Financial Consumer Agency of Canada (FCAC) provides a wide range of tools with information about financial products and services. All of FCAC's publications are free of charge. To order a print version of our publications, click here. Please allow up to three weeks for delivery.


Useful links and Resources

Bank of Canada

  • Bank of Canada
    Offers free materials, tools, and information services to help you identify genuine bank notes.

Canada's Office of Consumer Affairs (Industry Canada)

Canadian Anti Fraud Centre (CAFC)

Competition Bureau of Canada

National Seniors Council

Office of the Privacy Commissioner of Canada

  • How to protect your information
    Why your personal information is being collected, how it's being used, where your information is stored and to whom it's disclosed.

Seniors.gc.ca

  • Scams by location
    Select your province or territory of residence and find information on scams and fraud prevention that is relevant to where you live.

Service Canada



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Date Modified:
2011-05-12