10 ways to protect yourself from fraud and identity theft

From impersonating phone calls to spoof emails, it can be hard to tell what’s real and what’s a scam. Instances of fraud are ballooning in Canada. In just one year, victims lost over $530 million. Not only was this a 40% increase over the year before, but it’s also only a small percentage of the actual value of the money stolen, as less than 10% report this type of crime. 

Common scams and fraud you should know

Scammers may pretend to be government officials, employers, or other professionals in order to steal data and cash. Some schemes are simple, involving a single message with a malicious link, while others are more sophisticated, using deepfake videos and manipulated audio on social media. Regardless, taking extra care and asking for help can save you a lot of hassle—not to mention money. 

Who are the victims of these crimes?

Even with low reporting rates, fraud is one of the most common crimes in Canada. While you may think that younger, more digitally savvy individuals are less likely to be affected, the opposite is true. Nearly one-third of adults under 34 have fallen victim to an online scam and many more were targeted. Criminals adapt their approach to different groups of people and no one is completely invulnerable. 

10 tips for fraud identity theft prevention

1. Take a moment and consider your options—Schemes often rely on a sense of urgency. A fraudster will express the need for information, payment, or a response right away. This can cause you understandable panic but taking a moment to carefully review a request can reveal it’s a fake. 
2. Change your password—There’s a reason workplaces prompt you to change your password on a regular basis. It’s important to keep your information private and that task is made more difficult if you use the same password for multiple platforms and for long periods of time. Try to use a random series of letters, numbers, and symbols with updates often.
3. Check your financial accounts—Regularly check your credit card statements and other financial accounts to make sure your charges are accurate and you recognize every expense.
4. Double check with the recipient—A fraudster may be impersonating your relative, financial institution, or other real-life relationship. Take a few minutes to contact the correct party using a known number or verified email address and confirm any requests. 
5. Examine the email address—Scam emails can look exactly like official messages from businesses and other organizations, with nearly identical colours and designs. Check the email address and see if the domain and username matches the sender. This is often the easiest way to tell if the email is authentic. 
6. Look for typos—Fake ads, text messages, and web pages often have blatant spelling mistakes and other errors. 
7. Avoid giving out personal information—Keep your SIN and other important details private and avoid giving out this information over email or the phone. 
8. Stay up to date on schemes—Have you heard of a subscription trap or a weight loss grant? Read up on the latest scams so you know what to avoid. 
9. Stay vigilant—Fraudsters prey on emotion and can take advantage of people looking for something important like a job, immigration assistance, or even charitable support. Do extra research before spending money or giving out information.  
10. Report any instances—Many fail to report scams due to embarrassment. However, it’s best for law enforcement to understand the true nature of these crimes and, importantly, they may be able to help you recover lost money or data. 

Avoid becoming a scam victim 

Scams are unfortunately common across age groups and emerging technology is only making it easier for criminals to steal both information and money. Exercising caution and following a few of the above suggestions can greatly help you avoid becoming a victim.