Top 10 ways you can reduce your risk of fraud and identity theft

What’s the best way to protect yourself from fraud?

We think it’s being prepared. That’s why we’re sharing some ways to protect your information and your privacy.

Top 10 ways you can reduce your risk of fraud and identify theft

1.    Recognize imposter scams

Fraudsters may pose as trusted entities like government agencies or well-known companies. Always independently verify the identity of the caller or sender before sharing any information.

2.    Secure personal information

Store sensitive documents like Social Insurance Numbers, passports, and bank statements securely. Avoid sharing personal information over the phone, or by email or text.

3.    Use strong passwords and multi-factor authentication

Protect your online accounts with strong, unique passwords and enable Multi-Factor Authentication (MFA) for an added layer of security.

4.    Be wary of phishing scams

Be cautious with unsolicited emails or messages asking for personal information. Look for red flags like urgent requests or unfamiliar links.

5.    Monitor your financial accounts

Check your bank and credit card statements regularly for unauthorized transactions. Report any suspicious activity immediately.

6.    Stay informed about investment scams

Be skeptical of investment opportunities that promise high returns with little risk. Do thorough research and consult a trusted financial advisor before investing.

7.    Protect your digital devices

Keep your software and antivirus programs up to date. Avoid downloading apps or software from unfamiliar or untrusted sources.

8.    Use secure networks

Avoid conducting financial transactions over public Wi-Fi. Use a secure, private network whenever possible.

9.    Sign up for alerts

Sign up for push notifications for your financial accounts to receive real-time alerts about transactions and suspicious activity.

10.    Educate yourself and others

Stay informed about the latest fraud tactics and share this knowledge with friends and family to help protect them, too.

What should you do if you're a victim of fraud?

If you believe you’re a victim of fraudulent activity or you don’t recognize a transaction on an account, follow the steps below to report it and protect yourself.

Steps to report fraud

Monitor your statements frequently and report any transactions that you don’t recognize.

1.    Collect your evidence

If you’re a victim of fraud, gather all the information you can about the fraudulent transaction, including documents, receipts, and copies of emails or text messages.

2.    Call your financial institution or credit card company

Contact your financial institution or credit card company immediately at one of our publicly available contact numbers if you do not recognize a transaction. We’ll help you place flags on all your accounts and change your passwords.

3.    Report to credit bureaus

You can report fraud to both Equifax and TransUnion and place a fraud alert on your credit report, which requires creditors to verify your identity before opening a new account.

4.    Report the fraud to the Canadian Anti-Fraud Centre and the police

If you choose, you can report the fraud to your local police authority and the Canadian Anti-Fraud Centre (CAFC). Reporting scams to law enforcement helps prevent others from becoming victims. However, reporting fraud to the police will not affect the speed, priority, or resolution of your claims.

Content sourced from Manulife's Plan and Learn website