Recognize and Respond Appropriately to Common Signs of Identity Theft

Cyberattacks will remain rampant as long as people fail to implement sufficient security tools. Hackers prey on the numerous exposures and, as a high net worth individual, access to your personal data is an appealing incentive.

When it happens to you, it’s critical to act quickly, but how can you react if you don’t know if you’ve been hacked? Here are some signs:

• Unexplained withdrawals made from your bank account
• Bills and other mail that aren’t delivered
• Merchants refusing your checks
• Debt collectors calling about debts that aren’t accurate
• Unfamiliar accounts or charges that appear on your credit report
• Medical providers billing for services that weren’t performed
• Your health plan rejecting a legitimate medical claim because the records show you’ve reached your benefits limit
• The IRS sending a notice that more than one tax return was filed in someone’s name, or that there is income from an employer you don’t work for
• Receiving a notice that information was compromised by a data breach at a company you’re not associated with
• Being arrested for a crime someone else allegedly committed
• Receiving an extortion or blackmail threat

It’s reasonable to feel overwhelmed when you learn that your sensitive information has been compromised. This checklist can guide you depending on the violation:

• Report the identity theft to the local police. You’ll also need to report it to the Canadian Anti-Fraud Center, a special branch of the RCMP.
• Closely monitor ATM and debit cards. Immediately report any unauthorized withdrawal or purchase. Federal law limits liability for an unauthorized electronic transfer of funds resulting from identity theft.
• Report stolen cheques immediately. Avoid responsibility for a loss by contacting your bank if you notice stolen cheques.
• Act quickly if you notice fraudulent credit card charges. Credit card companies expect you to monitor your statements and to contact them about discrepancies.
• Respond to a false bankruptcy filing. Contact the Office of the Superintendent of Bankruptcy to inquire about investigation and prosecution.
• Contact the appropriate parties if you notice identity theft in your investment accounts. Contact the broker, account manager, and the Canadian Securities Administrators about tampering in your investments or brokerage accounts.
• Stop collection action on fraudulent accounts. Contact the debt collector, the business that opened the fraudulent account, and the credit reporting companies about fraudulent activity.
• Respond to Social Insurance number theft. If someone steals your Social Insurance number, they can sell it or use it to obtain a job, so contact Service Canada for an evaluation.
• Examine your income taxes. Contact Canada Revenue Agency immediately if you believe someone has misused your Social Insurance number to get a tax refund.
• Call your provincial health care provider and request a personal health history. Make sure you recognize the doctors and dates of service. Also, under federal law you’re permitted to access everything in your medical files, so contact any medical institution where a thief could have stolen your information.
• Contact credit reporting companies if you suspect child identity theft. Thieves target children by using their personal information to commit fraud, so request your child’s credit report if you notice any red flags.

Be vigilant about keeping yourself safe from identity theft, and take appropriate and immediate action following the crime. If you’re a principal in a corporation, you’ll need to follow the checklist for your personal accounts as well as any corporate or trust accounts. Staying one step ahead of identity theft and responding swiftly is key to protecting your sensitive data and assets. Contact a HUB specialist to learn more.