Security Tips

PHISHING AND... VISHING?

Just when you figured out Phishing... Vishing is another method that fraud artists employ to get to your personal information. Identity fraud is one of the most prevalent crimes currently in use. Thieves steal your identity and get money fraudulently by using your financial resources. It is also one of the few crimes where the victim must spend considerable time and money to prove that they are innocent.

It can happen to you, but there are ways to ensure that you won’t be a likely target. There are several methods used to get to your information and phishing is the most common. With more and more families using the Internet, giving out information to strangers posing as legitimate companies is on the rise. We all know about the scams from other countries that request your help in getting out their money, but most phishing fraudsters typically pose as well known service providers. Your credit union, your credit card company or any other licensed supplier would never ask you to disclose PINs, account information or verification codes over the Internet.

If someone does ask, contact your service provider immediately and more importantly don’t give that information out!

So what is Vishing? Exactly the same thing only it is your telephone instead of the Internet. Recently PayPal account holders were asked to phone and supply verification information to the company. Those that complied were connected to a very sophisticated automated phone system and millions of dollars were diverted fraudulently.

Protect Yourself

• NEVER give out personal information on the phone, via e-mail or on any unsecured websites.
• NEVER click on links sent in unsolicited e-mails. Phishing e-mails look good and can be hard to spot.
• DON’T USE an obvious password like your birth date, or your mother’s maiden name.
• USE firewalls, anti-spyware, and anti-virus software to protect your computer. Keep it up to date.

The Credit Union’s Lost or Stolen Member Card Hotline is available 24/7. As a further precaution against fraud, we monitor all of your ATM and debit card transactions through your Credit Union accounts to ensure there is no unusual activity. If you think that you may already be a victim, please call the credit union and the police. There are immediate steps that can be taken to help protect your money and your good name.

Identity theft has been called the crime of the information age with thousands of victims each year in Canada.

Some simple ways to protect yourself:

• Before you reveal any personal information, find out how it will be used and if it will be shared.
• Check your financial statements to ensure all purchases listed are yours.
• Use passwords that are not easily guessed on your credit card, bank and phone accounts.
• Shield your PIN when using automated teller machines.
• Carry only the identification information you need. Keep other documents such as your social insurance number, birth certificate and passport in a safe place.
• Never give out personal information on the phone, by mail or through the internet unless you initiated the contact or know with whom you are dealing.
• Guard your mail.
• Shred documents that contain personal financial information, such as statements, credit card offers, copies of credit applications, receipts and insurance forms, before throwing them out.

If you suspect your personal information has been used without your knowledge, here's what you can do:

• Keep a record of correspondence and conversations about clearing your name and credit.
• Contact your financial institutions and local police.
• Put a fraud alert on your credit report by contacting Equifax (1.888.766.0008) and TransUnion (1.800.663.9980).
• Contact Canada Post if your mail is missing.
• Contact PhoneBusters at 1.888.495.8501 to help stop fraud or report it online with our direct link www.phonebusters.com

TIPS TO STOP SCAMMERS FROM THE ONTARIO MINISTRY OF GOVERNMENT SERVICES

Protecting Yourself at Home

• Always store any cards and documents containing personal information in a secure place, and shred them after they expire.
• Review the balances on your statements from banks, credit cards and companies regularly and report any discrepancies right away.
• Once a year, get a copy of your credit report from the two national credit reporting agencies, Equifax Canada and TransUnion Canada.
• If your bills don’t arrive, or you applied for a new credit card that hasn't come on time, call the credit grantor immediately.
• If you are going to be away from home, ask a trusted neighbour to pick up your mail, or go to your local post office (with identification) and ask for Canada Post’s “hold mail” service.

Protecting Yourself in the Marketplace

• Carry as few cards and documents as possible, and always check to see the credit card you get back is your own.
• Be wary of giving out any personal information over the telephone unless you’ve placed the call yourself or know the business.
• Never tell anyone the password you use at the Automated Banking Machine(ABM), and be sure no one is watching when you use an ABM. Financial institutions and police will never ask for your passwords.
• Don’t put more than your name and address on your personal cheques.

Protecting Yourself Online

• Fake or “spoof” websites are designed to trick consumers and collect their personal information. Be cautious when clicking on a link or an unknown website or unfamiliar e-mail. The link may take you to a fraudulent site.
• Never share your passwords.
• Don’t use e-mail to send personal information.
• Beware of Internet promotions that ask for personal information. Identity thieves may use phony offers to get you to give them your information.
• After completing any sort of financial transaction online, make sure you sign out of the website and clear your internet file/cache.
• Before giving your credit card number or other financial information on a website, make sure that it’s protected and secured. Look for a lock symbol located somewhere on the browser, or make sure the URL begins with “https:”.
• Chain letters and phony investment schemes try to win your confidence with promises of incredible returns – they’re only after your personal information.
• Teach children to keep their identities confidential in chat rooms, bulletin boards or newsgroups.

Real Estate Fraud

Most people are familiar with how to protect their credit card from fraud by keeping the card secure and only providing it to authorized merchants. In addition, credit card companies have put systems in place to recognize out-of-pattern spending in order to reduce the number of fraudulent charges. However, many homeowners are unaware of the possibility of fraud against their homes. While it seems highly unlikely that a thief could steal the house out from under you, fraud involving property titles is becoming more common. The Canadian Institute of Mortgage Brokers and Lenders (CIMBL) estimated real estate title fraud at approximately $300 million per year nationally.

Fraudsters have a number of methods of obtaining bogus mortgages against properties. One target is an individual with no existing mortgage on the property. The fraudster assumes the property owner’s identity and secures a mortgage based on the existing owner’s credit rating and property.

The second approach involves fraudulently discharging an existing mortgage before obtaining a new mortgage. This means the title to the property is clear when applying for new financing. In both cases, once the mortgage proceeds are secured from a lending institution, the funds are directed to a third party rather than to the registered property owner. Once the fraudster commits title fraud, the burden falls on the original homeowner to prove the deception. This can mean extensive legal fees and hassles before the title is restored to the rightful owner. Homeowners in Canada have had to pay tens of thousand of dollars worth of legal fees to restore the title on their property after they were victims of fraud.

Protecting this investment has never been more important. And while insurance plays a crucial part in protecting homeowners against fire, extreme weather and theft, the Consumers Council of Canada says few Canadians are aware of other threats to home ownership, such as unpaid liens, past renovations completed without a permit that lead to code violations, and the fastest growing threat of all, real estate title fraud. “Canadians simply don’t know that real estate title fraud is an issue, and that there is protection available,” said Joan Huzar, President, Consumers Council of Canada. “Purchasing a home is the largest investment many of us will ever make. Knowing whether you have title protection or not is an important piece of information everyone should have.”

Title insurance is a simple cost-effective way for homeowners to protect themselves against these types of threats, and if they should fall victim to real estate title fraud, the policy includes the cost to defend their rights of ownership. “For homeowners, title insurance is peace of mind in case they are targeted by a criminal,” says Susan Leslie, Vice President, Claims and Underwriting, First Canadian Title. “Discovering you no longer own your home creates anxiety, frustration, expense and hardship.”

Until recently, title insurance could only be purchased when buying a home. Now, First Canadian Title offers a title insurance policy for existing homeowners. For more information about the Existing Home Owner policy, speak to a title insurance specialist at 1.877.888.1153 or speak to your lawyer. For more information on fraud and identity theft, visit www.ProtectYourTitle.com.

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