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Credit monitoring isn’t just for your credit score — it can also alert you to potential identity theft and fraud if your data as been compromised in a breach,as many Ticketmaster customers were warned earlier this week.
TransUnion says credit monitoring helps consumers act quickly if there’s suspicious activity on their accounts.
Canada’s two maincredit bureaus — Equifax and TransUnion_ as well as many credit card issuers and financial institutions offer credit-monitoring services, according to the Financial Consumer Agency of Canada.
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Consumers may consider using these services if they have been the victim of fraud or have been implicated in a data breach, the agency said on its website.
Credit-monitoring services notify you of updates to your credit report and credit score, the agency said.
The service is like “a personal assistant and a watchdog,” TransUnion says on its website — it monitors your credit file and alerts you to changes such as a new account opened in your name or a late payment reported by a creditor.
Identity thieves can use names, social insurance numbers and sometimes credit card numbers to apply for new credit cards, rent apartments, take out car loans and open new bank accounts, TransUnion says: “Most victims don’t realize they’ve been compromised until they review their credit report or credit card statements, and by then, it may be too late.”
This week, Ticketmaster offered Canadian customers affected by a recent security breach a year of free credit-monitoring services.
The ticket sales platform emailed some customers to warn them that their data may have been compromised during a recent security breach, potentially including names, contact information and payment card information.
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In a report earlier this year, TransUnion said more and more Canadian consumers are signing up for credit monitoring amid a continued rise in fraud activity since the onset of the COVID-19 pandemic.
A separate TransUnion report this year found that in 2023, five per cent of all digital transactions originating from Canada were suspected to be fraudulent, while 60 per cent of Canadians said they had recently been targeted by fraud.
The attempts included fraudulent emails, websites, text messages and phone calls, as well as identity theft and stolen credit cards.
This report by The Canadian Press was first published July 10, 2024.
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