More than two-thirds of Canadians prefer the convenience of banking digitally. In the past year alone, 63% of Canadians have chosen to store of save their credit card information with at least on online retailer for a faster checkout experience. These sorts of digital interactions are commonplace, and in order to ensure customers are protected, banks use sophisticated technology to help prevent fraud. But you need to do your part too!
To help protect against fraud and identity theft, Capital One suggests the following tips:
1. Understand and take advantage of your credit card’s features.
Many credit cards offer liability protection against unauthorized use. Several also offer opt-in fraud detection features like two-way fraud alerts and purchase notifications. If these options are available to you, sign up and take advantage of features designed to better protect you and your purchases. It’s also wise to ensure your bank or credit card provider has your most up to date contact information so you can easily be contacted if there is suspicious activity on your card.
2. Work with your bank or card issuer to help avoid fraud.
If your card or wallet is lost or stolen, don’t panic! Report your lost credit card right away – many banks have measures in place to protect your account. Companies like Capital One can put a temporary block on your card until you find it or confirm you need a replacement.
3. Monitor your credit score regularly.
Doing this can help you quickly spot if someone has opened a new loan in your name or has tried to default on a loan using your information. Take advantage of free credit monitoring tools like Credit Keeper from Capital One, which offers users weekly credit score updates and can help spot suspicious activity like unauthorized opened accounts.
4. Never share your PIN, passwords or login information with friends, family or other people.
More Canadians are taking measures such as protecting their PIN and choosing complex passwords to mitigate fraud and identity theft – and these are smart choices! To go a step further, consider signing up for paperless e-bills to avoid leaving a paper trail where your information could fall into the wrong hands. And always be mindful of unusual phone calls or unsolicited emails. Often, these are fraudulent attempts to steal sensitive information. So, never share your login information or passwords – even with someone your trust.
For more information on protecting yourself from fraud, and what to do if you suspect you’ve been targeted, visit Capital One.
What are your tips for preventing fraud and identity theft? Share with us below!