Protecting Yourself from Fraud

Fraud affects thousands of Canadians every year. Debit card, credit card, identity theft, investment fraud as well as online misuse of personal information and telemarketing scams have been increasing in dramatically within the last ten years. As our technology grows so does the ability of others to obtain personal information and use it without justice. Fortunately Canadians are fighting back and putting new practices in place to avoid fraud misfortune.

While banks are turning to technology such as inputting chips into credit and debit cards while monitoring accounts closely, consumers must safeguard their own interests. To protect your money in a personal account never give out your personal identification number. Choose a PIN that no one would be able to guess and make sure that the numbers are not in sequence. Using your hand to guard others when making purchases or withdrawing cash is also important to avoid strangers getting your personal information. Without having your PIN, a debit card is useless even if it is stolen or duplicated. Criminals can also attach a hidden device to debit machines so that when debit cards are swiped they obtain the card information. This practice is called “skimming” and it is hard to detect because the devices can be attached to any debit machine in a public place without being noticed.

If you lose your debit or credit card, be sure to report it to your bank immediately and cancel the card. Also keep records of your records, statement, and account activity whether it is on paper or online. Checking your statement regularly will help you notice the fraud sooner so you are able to cancel your card. If you are suspicious about your balance or notice a purchase that you have no recollection of notify your bank immediately. Many banks will refund any money that is taken fraudulently but require that a report be filed to their fraud investigation team.

If you make purchases online with a credit card you have to be especially careful. Internet fraud occurs when people obtain your personal information and use it for fraudulent purposes or get you to pay for items that do not exist or are misrepresented. It is easy to become a victim of fraud if you do not constantly have your guard up when shopping online. Never reply to emails from unknown sources asking for personal information or trying to sell you something. Hackers can also access your computer and gain access to your banking or credit card information. If you are shopping at a legitimate site that you have sought out, look for the secure transaction symbol on the screen before providing credit card information. You can also ensure your own computer is protected by installing the latest version of anti-virus software and a firewall which limits access to your computer.

Scam artists and criminals do not discriminate between age, social positioning, sex, or location-they are only after money. The chance of falling victim to fraud is very high therefore you need to take all possible measures to protect yourself and your personal information.