Today, I would like to share with you the results of a research conducted by Capital One Canada. March is Fraud Prevention Month, so it is only fitting to share a post regarding this matter.
Capital One Canada conducted a survey to gauge Canadians’ understanding of the impact transaction fraud and identity theft can have on their personal finances, credit scores and mental health.
Highlights of the Survey
Capital One found that that 71% of Canadians have a good understanding of the impact of fraud, but only 53% are taking some of the recommended steps to protect themselves, such as updating social media security settings (49%) or using a credit score monitoring tool (12%).
Millennials were found to be more concerned than baby boomers. Their biggest concerns are: the ability to make a milestone purchase such as a home or condo (65% compared to 50% of boomers), and the impact on their mental health (49% compared to 31% of boomers).
Other highlights of the survey include:
- 53% of Canadians are taking some of the recommended steps to protect against identity theft, putting them at risk of fraud.
- 71% of consumers say their credit score would be impacted if they became a victim of identity theft, yet only 12% use a credit score monitoring tool.
Tips To Protect Against Fraud
Capital One offers the following tips to help consumers protect themselves against fraud:
- Protect personal information at all times: Keep social media profiles private. Do not post things that are common security questions – mother’s maiden name, pet name, elementary school name, date of birth, etc.
- Review and take advantage of the features that your card offers: Many credit cards have opt-in fraud detection features, like two-way fraud alerts, purchase notifications, etc. Take advantage of the options available.
- Report fraud immediately: Report your lost wallet or credit card right away. Capital One can put a temporary block on your card until you find it or confirm you need a replacement.
- Monitor your credit score: Vigilantly watch for unexpected activity.
Capital One Going Forward
Since we are on the topic of Capital One. With Chase Canada closing up shop, I was getting a lot of comments (concern myself as well) about the fear of Capital One also folding up in Canada. So I reached out to my Capital One contacts to get an update. For what it is worth, they provided me with this response:
- “We are committed to Canadian market, and to providing innovative products and effortless experiences to all our Canadian customers.”