What is fraud?

Fraud can take many forms but the impact is usually a financial loss to the victim.

• Fraudulent e-mails, mail and phone calls from fake businesses and charities asking for your personal information (such as your bank account number or credit card information) are common examples of fraud. The aim of these scams is to trigger a “gut” reaction by alarming you and demanding an immediate response.
• Sometimes, scam artists bypass you completely and steal your money by cloning or skimming your debit or credit card.
• Another type of fraud is identity theft. This is when someone steals your personal information and uses it without your knowledge to get a credit card or even obtain a mortgage under your name.

How can I find out if I have been a victim of fraud?

Try these easy ways:

1. Verify your bank and credit card statements regularly
   Whether you receive a monthly statement by mail or do your banking online, look for any transactions you do not recall making. Look for stores that you never shop at, or regular withdrawals in your account that you do not remember making. A way to verify these is to keep receipts from bank machines and credit card transactions and compare them with your monthly statements.
2. Order a free copy of your credit report
   You'll be able to verify if someone is using your personal information and identity to obtain credit products and loans.
   
   

Steps to take if you've been a victim of fraud

1. Order your credit report to identify what financial institutions, services and products are involved in the fraud.
2. Contact your financial institution immediately.
3. Contact your local police to report the fraud.
4. If somebody used your name to get credit or financial products and services, you've been a victim of identity theft. If so, fill out the Identity Theft Statement available here and send a copy to each financial institution and company involved.
5. If you are the victim of fraud and are being held liable by a federally regulated financial institution, or for more information on your rights and responsibilities, please contact FCAC toll-free at: 1-866-461-3222.

How to order a free copy of your credit report

1. Send a letter by mail or fax to the two Canadian credit-reporting agencies listed below, because they collect and report different information. If you request your information from the two agencies, you will be sure you are reviewing all of your financial history.
2. In your letter, write that you would like to receive a free copy of your credit report. Add your mailing address and phone number. See example letter.
3. Include a photocopy of two official pieces of identification with your letter. Choose two types of identification that have your signature and at least one with your photo. If you are unsure of what pieces of identification to send, check with the credit-reporting agencies.
4. Don't forget that if you order your credit report online, you will have to pay a fee. You will also be charged an additional fee if you decide to order your credit score.
   
   

1. Make sure your personal information in the report is correct. Any mistakes should be reported to the credit-reporting agency.
2. Verify that you are aware of all financial products (accounts, personal loans, car loans, mortgages, credit cards, bankruptcys information, etc.) mentioned in your report and that your payment history is correct.
3. Check the list of inquiries in your credit report. It lists all of the people who have inquired about your use of credit: you, a lender, or any other authorized organization. If you find an inquiry by a company you do not recall dealing with, you could be a victim of fraud - contact the company at the number listed in the report.

Want to find out more about what is in your credit report? Check out Understanding Your Credit Report and Credit Score.