Finance - Fraud Prevention: What Condo Dwellers Need to Know

Identity theft remains a serious concern in Canada. Fraudsters are constantly finding new ways to steal your personal information.Living in a condominium provides security, knowing a neighbour is always around. But these close quarters also mean you should be vigilant — to make sure the wrong people aren’t getting their hands on your personal financial information.I’m passionate about teaching Canadians how to protect their financial information and I’m so proud to have teamed up with Canadian Anti-Fraud Centre and their partners to promote my tips. Here are a few steps condominium dwellers can take to protect their financial information.Keep your mailbox clearFraudsters living near you already know your mailing address. With a few other key pieces of information they could do damage by building a fake identity with your likeness. One of the biggest conveniences of living in a condo is being able to access your mail indoors. No need to schlep out to a community mailbox. The mailboxes are locked and owners might feel it's okay to leave their mail unchecked for a few days. It’s better to pick up your mail as soon as it arrives. If your mailbox gets full, mail might be left in a communal area for pick up, making it vulnerable to theft. Also, if fraudsters get into your mailbox there’s more for them to get their hands on.Shred sensitive information We get a lot of personal information in our mailbox and often we don’t dispose of it properly. We might rip a document in half and throw it into the recycling bin. That’s not good enough. A good rule: if it has your name and address on it — shred it. This is true for all Canadians, but especially anyone that lives in a condo and has a shared place they throw their garbage and recycling. Once something is in the trash it’s considered public property and anyone can get their hands on it.Tips for everyoneIf your wallet is stolen it is already a stressful situation. Don’t make a situation like that even worse by giving that thief full access to your most sensitive information. One of the best ways for fraudsters to steal your personal financial information is to get their hands on your Social Insurance Number (SIN). This, along with your name and address, can help them build what looks like a legitimate identity. Leave these cards at home. There’s no need to regularly carry your SIN card, your birth certificate or your passport. Even items like health cards can be left at home unless you’re planning a doctor’s visit. Also, only carry the credit card you use on a daily basis.Make your PIN hard to guess Making a hard to guess password that you change often is one the easiest way to protect yourself from cybercrime. Also be sure to log out of online banking, on your computer or mobile and never check you financial statements on a public computer or using public Wi-Fi.Also if you get a call or email from the bank, don’t divulge any personal information. Even if you are interested in their offer, hang up, look up the official number and call them back. This way you know you’re talking to the right people.If you’ve been a victim of identity theft or fraud, the first thing you need to do is report it. Here’s who you should call:

• Your bank immediately
• The local police department to file a report
• Contact Canada’s main credit agencies: Trans Union Canada at TUC.ca 1.866.525.0262 (Québec 1-877-713-3393) Equifax Canada at Equifax.ca (1.866.779.6440)
• The Canadian Anti-Fraud Centre to report the issue (1.888.495.8501)
• If your mail has gone missing, contact Canada Post at CanadaPost.ca (1.800.267/1177)

It’s important to know that identity theft is the most serious, non-violent crime and the fastest growing type of fraud in North America.The chance of your identity being stolen is low, but if it happens to you it can take months or even years to sort out all the issues it would create.RUBINA AHMED-HAQ is the Finance Editor for HPG. You can read her musings in Condo Life and Active Life. She's also the Family Finance Advisor for PC Financial. She regularly contributes on TV and radio including CBC Radio, CBC News Network and Global News Toronto. Follow her @alwaysavemoney