Identity Theft - Be Cautious!

Our most unique feature in life is our personal identity. Wikipedia defines personal identity as "an individual's comprehension of him or herself as a discrete, separate entity". Many things we loose in life can be easily replaced, but how does one repair the loss of their own personal identity?

Advances in technology affect different product, services and industries in different ways. The information highway has revolutionized the financial services industry. Unfortunately, with unlimited options for exchanging information electronically, criminal minds have tapped into this, resulting in a huge increase in identity theft.

In Canada in 2006, 7778 cases of identity theft were reported to the RCMP totalling losses of $16,283,776.91. The RCMP define identity theft as - "involves stealing, misrepresenting or hijacking the identity of another person or business and provides an effective means to commit other crimes". Most often these crimes are typically for financial gain. The RCMP are attempting to educate the public with an informative video. The Federal Government of Canada also provides numerous resources for consumers on identity theft.

Phonebusters, the Canadian Anit-Fraud Call Centre gives us the following advice on identity theft; recognize it, report it and stop it. If something seems to good to be true, it probably is! Be wary of scams and if in doubt, report your doubts to phonebusters!

Some financial tools used for identity theft can be via credit card fraud or mortgage fraud. A recent article in the Halifax Daily News tells us about Don Currie, a Bedford based manufacturer of credit cards, and his recent proposition by a Hong Kong based company to participate in credit card fraud.

The Alberta Government joint with the Real Estate Council of Alberta offers tips on mortgage fraud. Know who you are dealing with when obtaining your mortgage and if you do not have a mortgage, periodic title searches at your local appropriate Government office can confirm that no unknown liens have been placed fraudulently against your property.

Another safeguard for piece of mind is the fact that identity theft insurance can be added to your home insurance by most major insurance companies for a small fee.

The most important advice all parties seem to agree on is to take time and educate yourself via the available resources so you are able to recognize, report, and stop identity theft!