What is Identity Theft?

What is identity theft?

Identity theft happens when someone steals your personal information—like your name, driver's license, or Social Insurance Number (SIN) to commit fraud. With your SIN, thieves can open credit accounts and pile up debt in your name.

They might even hide behind your identity in legal matters, leaving you with a criminal record you didn't earn. This problem is more common than most people realize.

How to tell if you're a victim

Watch for these warning signs:

• A creditor mentions they got an application in your name

• Banks notify you about approvals or rejections for accounts you never applied for

• Your credit card statements stop arriving in the mail

• Unusual purchases show up on your statements

• Collection agencies contact you about accounts you never opened

Getting your Equifax credit report helps spot fraud early. Look for accounts you don't recognize or inquiries from unfamiliar companies. Early detection makes a big difference.

What to do if you've been hit

If you suspect identity theft:

• Report it to police and get a complaint number

• Check with the Canadian Anti-Fraud Centre for guidance

• Tell your credit card companies and get replacement cards

• If cheques were stolen, close your bank accounts

• Fill out forgery affidavits for banks and creditors

• Contact Service Canada if your SIN was misused

• Get new bank cards, account numbers and passwords

• Report mail theft to Canada Post

• Contact TransUnion and Equifax to add fraud alerts to your credit files

Protecting yourself

Here's how to reduce your risk:

• Check your credit report at least once a year

• Don't carry extra ID documents unless needed

• Update your address with creditors when you move

• Be careful about giving family members access to your accounts

• Take your receipts with you and shred them before throwing away

• Keep your wallet secure and never leave it visible in your car

• Store or destroy unused cheques and courtesy cheques

• Pick up new cheques at the bank instead of getting them mailed

• Check your statements regularly and question strange charges

• Limit how many credit cards you have

• Don't share account information over the phone

• Don't use your SIN as an account identifier

• Keep checking, savings and credit accounts separate from lines of credit

• Review all bills carefully

• Memorize your PINs rather than writing them down

• Use hard-to-guess PINs (not your birthday)

• Keep a secure list of all your accounts and contact numbers

• Shred financial documents before recycling

• Be skeptical of offers that seem too good to be true

Staying safe in a digital world

Identity theft isn't going away anytime soon. As our lives become more connected, our personal information becomes more vulnerable. But you don't need to live in fear. By making security habits part of your routine and staying informed about new threats, you can greatly reduce your risk.

Remember that quick action makes all the difference if your identity is compromised. Check your credit reports regularly, question anything suspicious, and trust your instincts. Your vigilance is your best protection against becoming a victim of identity theft.