We cover fraud from time to time on Ratesupermarket, and for a good reason. It’s all over the place, and your money and personal information are at increasing risk. Why? Because all it takes to rip someone off these days is a computer, Wifi, and a remotely clever idea. In the financial sector alone, fraud incidents are worth $650 million a year in Canada. Of that, mortgage fraud makes up $400 million.
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Do you still have those dreams where you’re in school and you’ve missed or made a huge mistake on an important test. Sorry to make you anxious, but you’re actually still being tested, possibly without you realizing it. Every time you borrow money, use your credit card or pay a bill, you’re being evaluated by Canada’s financial system. Your grade is your credit score.
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It’s a classic hectic January shopping moment: you’re at the checkout, about to drop a pile on some last-minute deals, and the cashier asks if you’d like to sign up for the store’s credit card.The application process won’t take but a minute and you can get an even better deal on your purchase. Why not? Because there are some serious problems with store credit cards. They offer a sneaky way to reduce your credit rating, get yourself into debt and entice you to shop more.
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Way back when I was in university, I once flew out to Vancouver to meet some friends who were working there on a summer job. Needing a car to get around, I popped by the nearest rental agency. That’s when I found out I would need a credit card or $300 for a security deposit. Lacking the former, I had to deplete a good chunk of my holiday savings for the deposit, teaching me an early lesson in the value of having good credit.
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You always think of fraud as something that happens to someone else and not you. But that’s not true. Canadians lost $53.8 million from mass-marketing fraud in 2010. Much of that money is lost when a fraudster gets hold of your credit card information, debit card PIN or gets access to your bank account. With the holiday season right around the corner, these plastic cards will be out on show more often then at other times during the year. Here’s what you need to know.
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