Consumers inspired to verify their credit score experiences to assist spot id theft
TORONTO, March 01, 2021 (GLOBE NEWSWIRE) — Stay-at-home orders and quarantine restrictions have brought about many Canadians to spend more time online shopping for groceries, arranging curbside pick-ups and ordering restaurant deliveries. This has brought about them to be more attuned and anxious about the specter of fraud and id theft in accordance to a current shopper survey performed by Equifax Canada.
About eight-in-ten (78 per cent) surveyed Canadians indicated that they feel susceptible as a goal for fraud online, a six-point improve in contrast to the identical survey in 2020 (72 per cent). More than half (54 per cent) stated in addition they feel susceptible to fraudsters once they’re ‘on-the-go’ (e.g., utilizing public WiFi, ATMs, and so forth.), which is a rise of eight factors in contrast to final yr (46 per cent). The survey additionally revealed that ladies are more seemingly to categorical a sense of vulnerability versus males as a goal of fraud on-the-go (57 per cent vs. 50 per cent) and at-home (37 per cent vs. 28 per cent). Likewise, Canadians age 55 and older expressed feeling more susceptible in contrast to adults age 55 and youthful ‘on-the-go’ (60 per cent vs. 50 per cent) and ‘at-home’ (39 per cent vs. 28 per cent).
“Fraudsters and identity thieves are always looking to take advantage of a crisis,” stated Julie Kuzmic, Director of Consumer Advocacy, Equifax Canada. “It’s understandable to feel vulnerable given these difficult times, but we must remain vigilant in the fight against fraud and identity theft. Anyone feeling vulnerable to this type of crime can alleviate some anxiety by regularly checking their credit reports online for suspicious activity.”
COVID-19 and Fraud
Since the start of the COVID-19 pandemic, eight-in-ten (80 per cent) Canadians say they’ve embraced no less than one of many following practices, reminiscent of ordering online, curbside pickup (41 per cent), in-store self check-out (38 per cent), in-store pickup of online orders (38 per cent), and restaurant supply (35 per cent). With respect to serving to stop fraud or id theft, 73 per cent of Canadians have made or observed no less than one change due to the pandemic.
Changes in exercise embrace:
| I’m reviewing my bank card/financial institution statements more carefully for indicators of fraud | 34 | % | |
| I’m screening my calls more to keep away from calls from fraudsters | 29 | % | |
| I’m altering my online passwords more ceaselessly | 24 | % | |
| I’ve checked my credit score report more ceaselessly | 19 | % | |
| I’ve checked my credit score rating more ceaselessly | 17 | % | |
| I’ve observed more suspicious or fraudulent hyperlinks in my social media feeds | 15 | % | |
| My firm has briefed me on how greatest to keep away from fraud or id theft | 5 | % |
“Criminals are probing for weaknesses, whether it’s online, by phone or in-person,” added Kuzmic. “It’s encouraging that some people are taking fraud and identity theft more seriously, but we need to do more to educate ourselves to help prevent this sort of crime before it happens. In particular, we continue to be concerned about younger adults, many of whom are still not doing simple things like changing computer passwords or double-checking financial statements.”
Millennials at Risk of Identity Theft
Based on the survey outcomes, younger adults proceed to lag of their understanding in regards to the dangers of fraud and id theft:
| Survey Statements | Millennials (18-34) in Agreement |
Rest of Survey Respondents (35+) in Agreement |
| If somebody dedicated fraud in my identify or with my id, I’d not know what to do to repair it. | 57 per cent | 49 per cent |
| I’m not a goal of fraudsters as a result of I don’t come up with the money for. | 30 per cent | 23 per cent |
| Identity theft occurs to different individuals, it’s not going to occur to me | 19 per cent | 8 per cent |
However, adults age 35 and older are considerably more seemingly to have taken one or more of the next actions in an effort to shield their private knowledge over the previous 12 months:
| Avoided answering calls from unknown numbers | 46 per cent | 62 per cent |
| Double-checked bank card or financial institution statements | 40 per cent | 61 per cent |
| Shredded private and/or monetary paperwork | 28 per cent | 57 per cent |
| Updated my safety passwords | 31 per cent | 52 per cent |
| Shared much less about myself on social media | 26 per cent | 37 per cent |
The Canadian Anti-Fraud Centre (CAFC), the central company monitoring fraud and id theft, acquired 101,483 fraud experiences involving almost $160 million in reported losses in 2020. Moreover, 67,294 of the experiences have been from Canadian customers and companies, which reported losses totalling more than $104.2 million. It is estimated that fewer than 5 per cent of victims of fraud file a report with the CAFC.
“If you ever become a victim of fraud or identity theft, then you should tell your family, friends, neighbours and co-workers about your experience,” stated Jeff Thomson, a senior RCMP intelligence analyst with the CAFC. “We need more people to report fraud. If it happens to you, report it to the Canadian Anti-Fraud Centre, your financial institutions, credit bureaus and police. By sharing your story, you may prevent someone else from becoming a victim.”
Equifax Canada encourages all customers to verify their credit score experiences no less than yearly. More recommendations on methods to assist shield your self from turning into a sufferer of id theft will be discovered on the corporate’s web site at: https://www.consumer.equifax.ca/personal/education/identity/. Consumers involved about fraud and id theft also can place an alert on their Equifax credit score experiences by calling: 1-800-465-7166.
Equifax surveyed 1,540 Canadians ages 18-65, Feb. 5-7. A chance pattern of the
similar dimension would yield a margin of error of +/- 2.5%, 19 instances out of 20.
About Equifax
At Equifax (NYSE: EFX), we consider data drives progress. As a world knowledge, analytics, and expertise firm, we play an important position within the international economy by serving to monetary establishments, corporations, workers, and authorities companies make important choices with better confidence. Our distinctive mix of differentiated knowledge, analytics, and cloud expertise drives insights to energy choices to transfer individuals ahead. Headquartered in Atlanta and supported by more than 11,000 workers worldwide, Equifax operates or has investments in 25 international locations in North America, Central and South America, Europe, and the Asia Pacific area. For more info, go to Equifax.com.
