Protecting Yourself From Identity Theft

Ten years ago, identity theft was virtually unheard of. Conversely, this insidious crime cost Canadians more than $21 million in 2003, according to statistics compiled by PhoneBusters, a national fraud-watch agency operated by the Ontario Provincial Police. Identity theft is unusual in that victims don't realize they've been targeted until well after the fact.The U.S. Federal Trade Commission reports that 26% of identity theft victims are in the dark for one to five months, and 12% of victims don't discover it for more than six months. By the time a person becomes aware of the theft, his or her credit rating may be ruined, requiring years to recover.

Fortunately, there are a number of steps that will serve to protect your good name and credit rating from criminals. Safeguarding your personal information, making computer and Internet security a priority, and carefully reviewing all your bank and credit card statements are essential to your protection.