March is Fraud Prevention Month in Canada and leading fraud prevention expert, Equifax Canada Inc., is joining lenders and others in raising consumer awareness of the issue.
Figures show that true identity theft rose in Canada by over 20% in 2008 compared to 2007.
This rise illustrates the need to intensify efforts to reduce this threat to both consumers and lending institutions.
A good defense to combating identity theft is found in Equifax's fraud database.
"With true identity and fictitious identity frauds continuing to increase, it is crucial that the lending industry maximize the benefits of fraud data sharing", said Carol Gray, President Equifax Canada.
"Fraudsters are clearly becoming more inventive and lenders need to deploy more sophisticated data-sharing solutions than they have traditionally used. Today's solutions need to deliver flexible cross-matching techniques that can be fine-tuned by users to try to stay ahead of the curve."
The good news for consumers and businesses alike is that fraud solutions, such as Equifax's web-based fraud prevention database Citadel, are addressing even the most sophisticated fraud threats.
With Citadel, credit applications are submitted and compared to a national syndicated database containing historic suspicious information.
"The Citadel solution is aimed at stopping fraud dead in its tracks", Gray added.
For decades, Equifax has been in the business of fraud detection and prevention with products and services like Safescan ID, eID, Synthetic File Indicator, Deposit Alert and most recently, Citadel. As Equifax continues to innovate and deliver modern fraud solutions, top priorities include detecting fraud at the first possible opportunity, minimizing the number of legitimate consumers impacted by fraud and improving analytics to help organizations stay nimble when preventing and responding to fraud.
For consumers, Equifax encourages them to remember to be diligent and pay attention to signs that their identity may have been stolen and/or compromised. Some of the signs include:
- A financial institution or cell phone company contacts you regarding
- application activity in your name;
- You start receiving suspicious contacts where the person or alleged
- company is seeking more information about you;
- A collection agency contacts you about a debt that is unknown to you;
- Unknown transactions appear on a statement;
- Bills or statements are not arriving in the mail; and
- Bills or statements arrive in your name for unknown accounts.
How can you help prevent identity theft?
- Disclose personal information discretely and to trusted parties only;
- Dispose of information securely;
- Monitor your mail closely;
- Shield your PIN and keep your card in sight;
- Review statements and report discrepancies immediately;
- Create strong on-line passwords and change them periodically; and
- Do not send confidential information over email.
SOURCE: Equifax Canada Inc.
