In 2025, the Canadian Anti-Fraud Centre received more reports involving identity theft than any other type of fraud.
When someone steals your personal and banking information, they can transfer money from your bank account, make credit card purchases or take out a loan in your name, among other crimes.
How identity theft occurs
A fraudster may phone or email you to request personal information, claiming to be a bank or government representative. Some scammers tamper with point-of-sale terminals to steal data. A hacker may steal personal information from a company’s computer. There’s old-fashioned physical theft, stealing mail, recycling papers or a purse or wallet. Unfortunately, these are just some of the scammers’ tactics.
Protecting your identity
Here are a few key ways to protect yourself, but there are many more, so remain vigilant.
At home. Shred any documents and items with personal information you no longer need, and consider signing up for electronic statements. Before recycling old phones or computers, clear your personal data.
Out and about. Make sure no one is watching anytime you use an ATM or enter your PIN. Avoid online shopping or banking on public Wi-Fi.
When online. Be wary of emails from unknown sources, and don’t click on suspicious links. Use a different password for each account, make passwords strong and change them regularly.
Monitoring is also helpful. You can sign up for credit card transaction alerts and fraud alerts from your financial institution, if available. Also, you can request your credit report from Equifax or TransUnion to look for evidence of fraud.
This article is excerpted from the Well‑Advised Summer 2026 Newsletter and published on behalf of your financial advisor for clients residing in jurisdictions where they are registered. This material is provided solely for informational and educational purposes and is not to be construed as an offer or solicitation for the sale or purchase of any securities or as providing individual investment, tax or legal advice. Consult your professional advisor(s) prior to acting on the basis of this material. Insurance products are available through advisors registered with applicable insurance regulators. In considering any particular investment, please remember that past performance is no guarantee of future performance. Although this material has been compiled from sources believed to be reliable, we cannot guarantee its accuracy or completeness. All opinions expressed and data provided herein are subject to change without notice. Neither CI Assante Wealth Management Ltd. their affiliates or their respective officers, directors, employees or advisors are responsible in any way for any damages or losses of any kind whatsoever in respect of the use of this material. CI Assante Wealth Management is a registered business name of Assante Wealth Management (Canada) Ltd. CI Assante Wealth Management Ltd is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.
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