Canadians getting more complacent about fraud, missing the importance of checking credit reports

Consumers encouraged to check their credit reports to help spot identity theft

TORONTO, March 02, 2020 (GLOBE NEWSWIRE) -- Equifax Canada is urging Canadians to remain vigilant in the fight against fraud and identity theft. The warning follows a recent consumer survey conducted by Equifax, which indicates a new trend that some people are feeling less vulnerable to this type of crime and don’t understand the importance of checking credit reports to help detect fraud.

For instance, only 29 per cent of survey respondents checked their credit report as a means to help protect their personal data over the last 12 months and only 38 per cent indicated they would report fraud to a credit bureau. Anyone concerned about fraud and identity theft should place an identity alert or fraud warning on their credit file, which may help to prevent future fraudulent use of their identity.

While most (92 per cent) agreed that fraud and identity theft is a serious issue, the new survey data also suggests Canadians are feeling less vulnerable to fraudsters online, on-the-go, at-home and in-store. In the same survey conducted by Equifax in 2017 and 2019, 80 per cent of survey respondents said they felt vulnerable to online fraud versus only 72 per cent in 2020. For people on-the-go (e.g. using public WiFi, ATMs, etc.), the percentage of those feeling vulnerable lowered to 44 per cent today versus from 60 per cent in 2017 and 59 per cent in 2019. At-home, only 27 per cent of survey respondents said they felt vulnerable today versus 37 per cent in 2019 and 33 per cent in 2017. In-store revealed a similar result with 25 per cent saying they felt vulnerable today compared to 38 per cent in 2019 and 2017.

“Hackers, fraudsters and identity thieves are always on the hunt to get your personal information,” said Julie Kuzmic, Director of Consumer Advocacy, Equifax Canada. “We can’t be complacent about this and one of the best ways to spot identity theft is by checking credit reports for unrecognized activities, which may provide an indication that someone has been applying for credit in your name or fraudulently accessing your accounts. I’m particularly concerned for younger adults who may be misguided in some of their beliefs and actions surrounding identity theft.”