Identity Theft - Protect Yourself
Have you ever had your purse stolen? Seen a duplicate charge on your credit card? These are examples of identity theft – the unauthorized collection and use of your personal information, usually for criminal purposes.
The above-mentioned examples are fairly minor and generally not too expensive or time consuming to correct, however, there are other cases that are not so easily rectified. With just a few pieces of identification a mortgage or line of credit could be taken out in your name without your knowledge.
In 2006 Phone Busters, a police task force set up to tackle telemarketing fraud in Canada, received calls from over 7,800 identity theft victims reporting losses to themselves and to businesses that totaled more than $16 million. Phone Busters estimates those numbers represent only a small percentage, perhaps 5 per cent, of the actual figure.
Not only is there the loss of the actually money involved but there are also many additional costs incurred in recovering your identity. Some examples of these are:
- Costs of notarizing affidavits or similar documents to resolve credit issues
- Lost wages directly resulting from time taken off work to deal with matters pertaining to an identity theft
- Fees for re-application of loans declined due to identity theft
- General legal fees
- Telephone and postal/courier expenses incurred to resolve credit issues
- Fees resulting from the fraudulent transfer/removal of funds from Internet accessed bank accounts.
These additional costs can be recovered through Identity Theft insurance. Many insurance companies now offer this coverage as an addition to your existing homeowner’s policy for little or no added premium.
Please contact one of our licensed insurance representatives to discuss your needs and available coverage options and visit the links below for further information.
The Privacy Commissioner of Canada’s Fact Sheet - includes tips on how to fight Identity theft and what to do if you are a victim.
http://www.privcom.gc.ca/fs-fi/02_05_d_10_e.asp
The Government of Ontario’s Identity Theft Brochure – What You Need To Know To Protect Your Identity
http://www.gov.on.ca/MGS/graphics/112267.pdf
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