What to know when buying the Equifax Complete Protection product

* This article is sponsored by Equifax.

Equifax Complete^TM Protection is a multi-layered credit and cybersecurity protection service designed to help Canadians spot the signs of identity fraud faster and protect their online interactions. Equifax Complete Protection offers many areas of protection—including social media and dark web monitoring, daily updated credit report and score, and ID restoration services—all intended to safeguard personal information before, during and after fraud attempts.

Let’s take a look at what identity fraud is, and what Canadians can do to protect themselves from becoming a victim of this crime.

What is ID fraud?

Identity fraud, or ID fraud, happens all the time. In fact, the Canadian Anti-Fraud Centre estimates that one in five Canadians will become a victim of this crime.

Identity fraud occurs when someone illegally obtains and uses your personal information to commit fraud. Criminals can use information like your name, Social Insurance Number (SIN) or bank account details to open credit or cell phone accounts, apply for government benefits or loans, or access social media and email accounts.

This type of fraud can happen to anyone, regardless of how careful people are. As fraudsters become more sophisticated, they find ways to bypass traditional security measures, making identity protection more challenging and important than ever.

Fraudsters use many techniques to steal the information they need to commit identity fraud, including phishing emails, dumpster diving (stealing mail) and hacking company databases.

Phishing emails are often made to look like official communication from a trusted institution like your bank or utility company, but they’re designed to trick you into revealing personal information. Hacked databases are another common source of ID theft, with attackers digitally breaching company security to steal customer data. Stolen mail can also lead to identity theft, especially if it contains important financial documents or government-issued IDs.

Once fraudsters have your personal details, they can wreak havoc, from draining your bank account to opening multiple lines of credit in your name. And the damage they cause can be long-lasting, impacting your finances, credit and overall peace of mind.

How credit monitoring can help prevent ID fraud

Credit monitoring is essential to protecting your identity, because it helps alert you to fraud faster. This works by tracking changes in your credit report and notifying you of any significant updates, like a new account opening or an unexpected change in credit score, which could suggest fraudulent activity. These regular updates keep customers informed of any sudden changes to credit status, allowing them to take quick action if needed.

In addition to monitoring your credit report and score, Equifax Complete Protection also scans for your personal data on the dark web—part of the internet that can’t be found via regular search engines and requires the use of an anonymizing browser to access. This is where criminals buy and sell drugs, weapons and counterfeit money, and it’s also a popular marketplace for stolen credit card numbers and hacked bank accounts.

Equifax Complete Protection also provides support with the process of cancelling credit and debit cards if your wallet is ever lost or stolen. Equifax Complete Protection also includes a password manager and secure VPN from cybersecurity firm Nord, and device protection and parental controls from Bitdefender.

Canadians can purchase this protection for $34.95 per month.

What to do if you’re a victim of ID fraud

It’s incredibly stressful to have your identity stolen, but knowing what to do next can help you stay calm and regain control.

If you discover your identity has been stolen, the first thing to do is report it to the police and the Canadian Anti-Fraud Centre (CAFC). Both can help track and document everything that’s happened, which you’ll need if it ever comes down to disputing charges or clearing your name. You should also contact both Canadian credit bureaus to place a fraud alert on your credit reports.

Equifax Complete Protection offers up to $1 million in identity theft insurance, reimbursing members for some of the out-of-pocket expenses that can be incurred as a result of identity theft. This feature is not available as part of new product purchases in the province of Quebec. 

One of the most valuable elements of Equifax Complete Production is its ID restoration services that help recover your identity if it’s ever stolen. Identity restoration can be a long process, but having professional support can make it far easier and less stressful to navigate, as you will likely need to have fraudulent transactions removed from your credit report and make changes to help prevent future issues.

Equifax Complete Protection is designed to help identify theft faster, but if it still happens, the service will help restore your credit and manage the fallout. And even if it’s a long journey, you’ll have a dedicated support system to lean on, making the path to recovery smoother and less overwhelming.

The bottom line

Identity theft is becoming more common, but luckily there is proactive protection available. Equifax Complete Protection can make a real difference in keeping your personal information safe. By combining credit monitoring, social media and dark web monitoring, lost wallet assistance and ID restoration, it provides a solid layer of defense against the increasing threat of fraud.

Get more details about Equifax Complete Protection and make the move to safeguard your identity.

Also read:

• Is social media putting your identity at risk?
• Credit card fraud 101
• Financial fraud: Are you covered?
• Credit scores explained