You just discovered your identity was stolen, but you’re not sure exactly when it happened—it’s possible it was weeks or even months ago. Identity theft can have a serious impact on Canadians’ finances. Is it too late to protect yourself and your credit?
You’re not alone; it’s a common occurrence to realize, often long after it’s happened, that you’ve fallen victim to a scam or been a target of ID theft in Canada. And it’s not too late to do something about it—ID thieves will often wait months or even years after stealing personal and financial information before using it, to lull targets into a false sense of security.
What are the signs of identity theft?
Many Canadians only realize they’ve been a victim of identity theft weeks or months after it happened. Here are a few signs to be aware of:
- Bills don’t arrive when they should. This could be a sign that someone has changed your mailing address and/or email address.
- Your credit score has unexplained decreases, because thieves have opened new credit cards in your name without making any payments.
- You see strange purchases on your credit card bill or unauthorized debits from your bank account.
- You receive unfamiliar mail, like bills for credit cards you didn’t apply for.
- You get calls from debt collectors about credit that you never applied for.
If you notice these or other suspicious changes, it’s possible your identity has been stolen.
What to do if you discover ID theft
As soon as you realize you’ve been a target of identity theft—even if a lot of time has passed—report the crime to the police, your banks and lenders, the Canadian Anti-Fraud Centre (CAFC), and Canada’s credit bureaus, such as Equifax Canada.
The most important thing now is to monitor your credit reports for suspicious activity. If you notice any new credit inquiries and accounts or any other unexpected changes on your credit reports, report it right away. This will help prevent further harm to your credit score. You’ll have to remain vigilant and monitor your credit closely for several years, as fraudsters may continue selling your personal and financial information to others on the dark web (hidden websites not accessible through regular web browsers).
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Equifax Complete Protection
Equifax Complete Protection is a credit and cybersecurity protection service designed to help Canadians spot the signs of identity fraud faster.
- Provides daily credit monitoring and alerts
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- Social media monitoring by industry leader ZeroFox
Subscription price: $34.95 per month
Credit monitoring made easier
An easy way to monitor your credit is to subscribe to Equifax CompleteTM Protection, an identity fraud protection service that will alert you to potential signs of ID fraud. Anytime there’s a new credit inquiry on your Equifax credit report or a key change in your Equifax credit score, for example, you’ll get an email.
Equifax Complete Protection also helps with preventive measures that can be difficult to tackle yourself. You can configure the WebScan feature to search the dark web for your specific personal data and be alerted if it’s found. In addition, it monitors your social media accounts for suspicious activity including scams, malicious content, account impersonation, and inappropriate content. And, if you are a victim of ID fraud, Equifax Complete Protection will help you restore your identity with a dedicated Identity Restoration Specialist.
How common is identity theft in Canada?
Identity theft is a growing concern in Canada. The CAFC received over 11,000 reports of identity theft in 2023, but this crime is likely significantly underreported—the real number of victims is possibly double or even triple that number.
Fraudsters still steal wallets and go through mailboxes in search of personal information, but many have moved on to online scams. Scammers are becoming much more sophisticated and now use artificial intelligence (AI) to target Canadians.
One of the most common scams in the last few years, for example, is to blast hundreds or thousands of phone numbers, email addresses and social media accounts with messages supposedly from a financial institution or government, in an attempt to get recipients’ personal information. These “phishing” messages can be very hard to detect. AI fixes bad spelling and grammar, making the impersonations more believable.
Once the fraudsters have your personal information, they can apply for car loans, mortgages and credit cards in your name, withdraw funds from your bank account, make unauthorized purchases or even claim government benefits.
Get ID theft protection from Equifax
Equifax Complete Protection monitors your credit around the clock and can help you identify signs of ID fraud early. If you are a victim of ID fraud, Equifax Complete Protection can help you feel more confident and supported while you restore your identity. It can make an overwhelming, stressful process much smoother, helping you take control of the situation and protect yourself from further scams. Learn more about Equifax Complete Protection.
This article is sponsored.
This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers.
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The post You’ve just discovered someone stole your identity—is it too late? appeared first on MoneySense.
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Author : Danielle Kubes