ABOUT IDENTITY THEFT

Identity theft and fraud are on the rise. With digital media and unprotected devices being prime targets for cyber-attacks and with the increased use of mobile devices for online purchases, it makes these devices an attractive target for cybercriminals.

Current online mobile purchase usage is at 30% globally, with some countries already at 50%.

What is Identity Theft?

Identity theft is when your personal or financial information is stolen by another person or persons, either physically or electronically. This information can then be used to commit identity fraud, where the stolen details are used illegally.

What is a Data Breach?

A data breach is the unauthorized or illegal viewing, access or retrieval of data by an individual, application or service.

It is a type of security breach specifically designed to steal and/or publish data to an unsecured or illegal location.

Targeting of individuals’ identities and their personal information is becoming more lucrative for cybercriminals. Businesses from all industries are under threat from a variety of sources of data breaches. Whether malicious outsiders or accidental loss, these data breaches can have a significant effect on your personal and financial well-being.

KEY FACTS

17%

Canadians say they had corresponded, either through social media or email, with someone who had misrepresented their identity1

71%

Canadians agreed that they are concerned about identity theft, up from 66% 20172

1in4

Canadians reported being victims of identity theft in 20173

Why Protect Yourself?

Identity theft is the fastest growing crime in the world. With 1 in 4 Canadians reported being victims of identity theft in 2017 and losses estimated at $3 billion.

The continued growth in online services, including online shopping and social media, make it increasingly difficult for individuals to control who has access to their personal and financial information. This has resulted in a staggering increase in the number of identity theft victims.

Identity theft can include loss of both physical and online personal or financial information, including mail theft, stealing from residences and personal spaces, misuse of personal transaction data, phishing emails and malware.

The victims of identity theft come from every age group and all segments of society, and often suffer financial loss, damage to credit ratings and reputation as well as emotional distress. With the average time of 600 hours spent on identity restoration, many people are left with the complicated and often arduous and expensive task of clearing their name and restoring their credit rating.

Source

  • 1 Chartered Professional Accountants of Canada Fraud Survey 2016
  • 2 PA Canada
  • 3 Haven Insights. ThinkHatch