COVID-19 has led to an increased awareness of Financial Wellness - Seite 2

“COVID-19 has caused many Canadian households to develop a better understanding of their finances on the fly,” said Keith Emery, Co-CEO of Credit Canada. “Knowing what’s in your credit reports and how credit scores are calculated are important steps towards improved financial wellness. We always caution people to avoid anyone offering to ‘fix’ your credit score. The best road to a healthy credit score is making bill payments on time. It’s as simple as that.”

STEPS TO PREVENTING IDENTITY THEFT

Equifax data collected and analyzed from its consortium of lenders and industry partners also indicates that fraudsters and identity thieves are more active and looking to take advantage of the COVID-19 crisis. Since the pandemic began, the application fraud rate has increased by 43 per cent and the deposit account fraud rate rose by 53 per cent peaking in April and May respectively.

Fortunately, survey results indicate that Canadians continue to take the threat of fraud and identity theft seriously. When comparing survey results to four years ago the numbers are trending in the right direction. More people are taking precautionary steps to help protect against fraud and identity theft.

2020		Steps Taken by Consumers	2016
83%		Review credit card statements on receipt for fraudulent activity	79%
65%		Check my credit report	28%
59%		Avoid using public Wi-Fi	47%
54%		Update security passwords	43%

“Identity thieves and fraudsters are quick to take advantage of any crisis,” said Oakes. “COVID-19 has forced many people to work online from home, buy their groceries online, and in a lot of cases stay socially connected to friends and family online. Spending more time online safely requires making sure you are taking steps to help protect yourself. Checking your credit report regularly remains one of the best ways to recognize and help protect against fraud and identity theft.”

To learn more about fraud prevention and how credit works, consumers are encouraged to visit Equifax Canada’s education hub. The site offers insights on how different actions may affect their credit scores and provides resources to help improve their financial wellness.

_{*An online survey of 1,539 Canadians was completed between September 11-13, 2020, using Leger’s online panel. The margin of error for this study was +/-2.5%, 19 times out of 20.}