Do these 3 things now to help protect yourself from identity theft

A recent survey by the Chartered Professional Accountants of Canada revealed that over 70% of respondents are worried about identity theft and nearly half were concerned with the safety of their personal information (click here for the survey results).

Taking action to protect your identity doesn't have to be complex.  Try these simple steps:

1.  Make a list of all of your mail and arrival dates.

This may seem like an odd suggestion.  After all, who wouldn't mind a credit card bill going missing?  However, mail that never arrives could be the first clue that identity theft is being committed in your name (the thieves are diverting your mail to another address so if they open up new loans and credit cards in your name, you wouldn't be the wiser.).  Make a list and place it on your fridge checking off each statement and bill as it arrives each month.  This is essential if you're a snow-bird or business traveler with someone else watching over or collecting your mail on your behalf.

2.  Check your credit report.

This is an essential step.  A recent BMO study found that over 50% of Canadians have never checked their credit report.  By doing so, you would see on your report if there was a creditor listed that you didn't recognize (a cell phone, line of credit, loan or more).  That would be a huge red flag that your identity has likely been compromised and someone is applying for credit in your name.  To learn how to check your credit report, click here for my recent blog post explaining how.

3.  Put a pro-active credit alert on your credit report

This is the simplest and most effective tip I can offer.  For only $5 per credit reporting agency (Equifax and TransUnion here in Canada), the Fraud Alert last six years.  It's an extra layer of protection and well worth the cost and minimal effort.  The alert requires a creditor to call you up before they approve any type of new credit.  But, ensure that you use your cell phone number for this service - if you're legitimately sitting in your banker's office trying to get approved for a mortgage, you don't want your home phone ringing proving it's you.

There's much more that you can do to protect yours and your family's identity from fraudsters.  For more information, please check out my latest book, Protecting You and Your Money; A Guide To Avoiding Identity Theft and Fraud published by the Chartered Professional Accountants of Canada - click here.