Credit card application fraud is rising across Canada, with Canadians between 56 and 65 emerging as the most frequently targeted age group as criminals increasingly pursue established credit profiles and potentially higher credit limits.

Credit card application fraud in Canada increased eight per cent over the past year, with identity theft accounting for much of the growth. New fraud trend data indicates criminals are increasingly using stolen personal information to submit credit applications in someone else’s name, allowing fraudulent accounts to be created without the victim immediately realizing their identity has been compromised.

Canadians aged 56 to 65 appear particularly attractive to fraudsters because many have longer credit histories and greater access to credit than younger consumers. Those characteristics can make stolen identities more valuable when criminals attempt to obtain new credit cards or other financial products. People in this age range may also check their credit reports less frequently, potentially giving unauthorized activity more time to go unnoticed.

Personal information used in these schemes can be obtained in several ways. Phishing emails, fraudulent text messages and impersonation calls can persuade victims to disclose passwords, account details or other sensitive information. Data breaches and other cyber incidents can also expose information that criminals can subsequently use to impersonate consumers and apply for credit.

Regularly reviewing credit reports and financial statements can help consumers identify suspicious activity earlier. Warning signs can include unfamiliar accounts, incorrect addresses or personal information, unexpected credit inquiries and loans or credit cards that the consumer never opened. Unrecognized activity should be reported promptly to the financial institution and credit bureaus so it can be investigated.

Canadians can further reduce their exposure by securely storing identification documents, shredding paperwork containing personal information and limiting sensitive details shared publicly online. Strong, unique passwords and multi-factor authentication can provide additional protection for online accounts, while caution around unsolicited calls, emails and text messages can help prevent personal information from reaching fraudsters in the first place.

The post Equifax Data Shows Canadians Aged 56 to 65 Face Higher Risk of Credit Card Fraud appeared first on Canadian Fraud News Inc. | Fraud related news | Fraud in Canada.

Originally published on Canadian Fraud News.