Every week Canadians across the country become aware of yet another mail, telemarketing and/or internet scam, in which people are fraudulently separated from their hard-earned money. Reports regarding credit card and debit card fraud are also prevalent. It is important therefore that all Canadians are knowledgeable about not only guarding themselves against not only physical theft, but identify theft as well.

The majority of Canadians use debit cards instead of cash in many financial transactions. While many financial institutions will cover consumer loss due to fraud, the consumer may still be liable for some losses. In order to safeguard from fraud it is suggested that:

•    Photocopies are made of all cards and stored in a safe place.
•    Personal Identification Numbers (PIN) should not be easily determined, i.e. using a birthday, address. Instead, choose a PIN that is harder to crack.
•    Safely store bank records and ATM statements; when throwing these out, shred them before putting them in the garbage. It is possible for a thief to go through garbage in order to retrieve these statements and gain access to personal information.
•    Always thoroughly go through monthly bank statements and credit card statements; report any discrepancies, even if it is for a small amount.
•    Remember to take not only your card after the transaction, but the transaction record as well.
•    Never write down your PIN or reveal to another person; if you do, most card agreements will hold you personally liable for any losses.
•    Cover your hand when entering your PIN to prevent not only others seeing it but in case the ATM has been tampered with and a camera installed in order to record your PIN.

Many people can also suffer financial losses as well as ruined credit when their identity is stolen. Once someone assumes your identity, they can gain access to your financial information to not only take your money, but to conduct financial business under your name. In order to protect yourself against this, it is recommended that you:

•    Store all documents that contain personal information (i.e. passports, social insurance number, and birth certificate) in a safe. If an item such as a health card expires, shred it immediately upon receiving its replacement.
•    Get a copy of your credit report every year and review it thoroughly to make sure it matches your financial records.
•    When leaving your home for any period of time, have someone you trust pick up your mail every day. Bills have personal information and account numbers on them which can be stolen and used.
•    Don’t carry items such as a SIN card in your wallet; rather store it in a safe. Any documents that are not regularly used should be stored; therefore if your wallet gets stolen, that information has not been obtained by the thief.