Capital One study: Less than half of Canadians take steps to protect against identity theft
Millennials more aware than baby boomers of the consequences
Toronto, ON (February 20, 2018) CNW – In support of Fraud Prevention Month, which runs through the month of March, Capital One® asked Canadians about their understanding of the impact of transaction fraud and identity theft as well as the precautions they take to protect themselves.
Study highlights include:
- The majority of Canadians are aware of the impact identity theft can have on their personal finances, including their credit score (71 per cent).
- However, only half (53 per cent) are taking some of the recommended steps to protect themselves against identity theft, including measures like managing their social media account settings that can put them at risk of fraud.
- Millennials are hyper-aware of the impact of identity theft when compared to baby boomers. Their biggest concerns are: the ability to make a milestone purchase such as a home or condo (65 per cent compared to 50 per cent of boomers), and the impact on their mental health (49 per cent compared to 31 per cent of boomers).
- Most Canadians actively protect themselves against fraud by not sharing their PIN (88 per cent) or by regularly monitoring their online banking and credit card accounts (76 per cent). However, only a small number of Canadians have enabled transactional push notifications on their mobile device (20 per cent) or regularly check their credit report (21 per cent).
Nearly three-quarters of consumers say their credit score would be impacted if they became a victim of identity theft (71 per cent), yet only 12 per cent use a credit score monitoring tool. It's clear that Canadians have a long way to go when it comes to understanding their credit scores - very few Canadians (39 per cent) know what their credit score is and only 27 per cent have a good understanding of how it's calculated.
"Capital One is committed to helping Canadians understand and protect themselves against credit card fraud. That's why our Capital One credit cards have smart choices built right into them, including two-way fraud alerts, instant notifications and digital tools like Credit Keeper," says Brent Reynolds, Chief Customer Experience Officer, Capital One Canada. "Contrary to popular belief, checking your credit score will not impact it and using a free monitoring tool like Credit Keeper encourages early fraud detection."
Capital One was the first bank in Canada to offer free credit scores to cardholders via the Credit Keeper™ platform. Credit Keeper provides Capital One customers with weekly updates of their credit scores.
Tips for protecting against fraud
Capital One offers a few tips to help consumers protect against identity theft and transaction fraud:
- Review and take advantage of the features your card offers.
Many credit cards have opt-in fraud detection features, like two-way fraud alerts, purchase notifications, etc. If these options are available to you, take advantage of them.
- Report fraud immediately.
Report your lost wallet or credit card right away. Call your bank and make them aware of this loss. Many banks have measures in place to protect your account. At Capital One, we can put a temporary block on your card until you find it or confirm you need a replacement.
- Monitor your credit score.
It goes without saying that staying on top of your financial activity is key. You should know if someone tries to open a new loan account in your name, or worse, has used your information to default on a loan. Leverage a free credit monitoring tool like Credit Keeper from Capital One. This tool indicates recent inquiries on your credit file, allowing you to vigilantly watch for unexpected activity.
For more information on fraud protection and what to do if you've been targeted for fraud, visit www.capitalone.ca/fraudprevention
About the study
Survey responses were collected from 1,514 randomly selected Canadian adults aged 18+ who were Angus Reid Forum panelists from February 2 to February 4, 2018. The margin of error (which measures sampling variability) is +/- 2.5%, 19 times out of 20. All results have been statistically weighted according to education, age, gender and region census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
About Capital One Canada
With offices in Toronto, Kitchener-Waterloo and Montreal, Capital One Canada has been offering Canadian consumers a range of competitive Mastercard credit cards since 1996. We challenge ourselves to see the world through the eyes of our customers, so we can deliver the market-leading credit products and exceptional service they're looking for. Capital One Canada is a division of Capital One Bank, a subsidiary of Capital One Financial Corporation of McLean, Virginia (NYSE: COF).
Visit www.capitalone.ca to learn more and follow us on Twitter @CapitalOneCA.