Monitoring for theft and fraud is an essential part of keeping your credit secure. Identity theft is not something that should be taken lightly. In fact, identity theft is the basis for a variety of crimes. Even though banks have sophisticated security systems in place to combat theft and fraud, it is important to do your own monitoring. In order to successfully prevent theft/fraud, there must be cooperation on all fronts. By educating yourself about the risks and understanding how you can proactively identify and monitor theft, your risk decreases. In this article, we will be going over how to monitor for theft and fraud and what to do if you are a victim of theft and fraud. Follow along below to learn more about this topic.
How to Monitor for Theft and Fraud?
Learning how to monitor for theft and fraud is a great way to prevent criminal activity in your credit account(s). The first step in monitoring your credit is to check your credit information monthly. This means reviewing your statements and account details. Fraudsters who gain access to your account can be making changes to your personal information like your SIN number, home address, and birthdate. Changes like this are important to spot because they can be an early sign of fraudulent activity. Furthermore, if a person tries to open an account in your name, this information will generally show up within one to two months. Also, by checking your credit score regularly, you can identify theft/fraud. This is because any sudden dips in your score could be indicative of fraudulent activity.
Besides monitoring your credit score, report, and account details, you can also use a third-party credit monitoring service. There are so many different apps and companies that offer thorough monitoring of your credit details. The best services provide real-time alerts, dark web scanning, the FICO scoring model, and monitor all credit bureaus. According to a report by the Toronto Star, the top credit monitoring services in Canada are:
- Borowell
- Credit Karma
- Mogo
- Equifax
- TransUnion
All of these services allow you to be notified when any changes are made to your credit report/account. From credit score dips to newly opened accounts, these services help you stay in the loop of your credit.
What to do if You Are a Victim of Theft/Fraud?
If you are a victim of theft or fraud, you must immediately take action. It is crucial that you report incorrect activity within your account right away. Below we have listed some of the things you’ll need to do if you are a victim of theft or fraud.
Contact Your Bank/Cardholder
The first thing you’ll need to do as a victim of theft or fraud is contact your bank/cardholder. The bank will be able to take the necessary steps in order to prevent further criminal activity within your account(s). This might mean canceling or reissuing credit and debit cards, reversing criminal transactions, and investigating the situation.
Contact Law Enforcement
Next, you’ll want to contact your local law enforcement branch (police) and file a report about the fraudulent activity.
Get in Touch With Canada’s Credit Reporting Agencies
During this time, you will need to get in touch with Canada’s credit reporting agencies if you believe that you are a victim of identity theft. Make sure you reach out to both Equifax Canada and TransUnion Canada to report the fraud. You should also contact any other credit reporting bureaus that are listed on your credit report that you have not done business with.
While speaking with TransUnion and Equifax you may want to consider putting a fraud alert on your account. This will ensure that all creditors contact you before completing any transactions. This will help prevent further damage.
Change Your Passwords
You may also consider changing your passwords to your credit and banking information after your account(s) have been compromised.
Contact Us Today.
Monitoring our credit is an essential part of maintaining a healthy financial future. It is also crucial that you understand the necessary steps to take when you have become a victim of theft or fraud. Learn more about everything that has to do with credit by visiting our credit education centre or contacting us today. We’d be happy to help you get your credit back on track. Feel free to reach out with any questions that you have about credit or monitoring theft and fraud. Be sure to inquire about getting a car loan with us today! We look forward to helping you achieve your financial goals – don’t forget to follow us on Facebook.