Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Studies show that approximately 72% of Canadians have a minimum of one credit card. While there is a lot of value to these financial tools, ranging from repairing credit to accessing funds in an emergency, there are also distinct risks. Credit card fraud is an ongoing issue, facing a large number of households across the nation.
The presentation of this pervasive issue is diverse. Credit card fraud can result in stolen identity and severe financial issues for the consumer. For financial institutions, it serves as an extremely costly expense. According to a 2018 report issued by the Canadian Bankers Association, the price tag was roughly $862 million. With the continued prevalence of this crime, it is important for consumers to stay informed so that they can take responsible action.
As with most criminal matters, there are different approaches to committing the offence. It’s critical to understand each type so that it can be promptly addressed. These include:
Having trouble keeping up with your credit card payments? Have you considered a payment deferral?
As a criminal offence, the penalties for credit card fraud are set forth by the Criminal Code of Canada. Matters are assessed on an individual basis, though there are some standards in place which are used as guidelines. These include:
Do you know what credit card balance protection is?
Among the first steps to take if you are the victim of fraud is to contact the agency which holds your credit account directly. From there you should:
Another diligent step to take is to swiftly report the fraudulent incident directly to the Canadian Anti-Fraud Centre. This association has assisted in the prevention of fraud and has structured approaches to handling reports.
An important step to protecting your credit profile and financial wellbeing is to immediately put a fraud alert on your credit report. This way, you are not held responsible, financially or otherwise, for unauthorized charges. Do this by:
Many wonder whether it is prudent to file a report directly with the police in the event of credit card fraud. Since this is a crime, yes, the victim of the credit card fraud should promptly inform the police. In fact, the Canada Anti-Fraud Centre recommends that you file a police report. There are simple steps to completing this civic duty.
Many wonder whether the police will actively pursue credit card fraud. Typically, the answer is no. Generally, the police do not involve themselves directly in these kinds of matters. You will likely be directed to speak with your credit card agency directly, or to the credit bureaus. Nonetheless, since fraud is so far-reaching, it is important to report the fraud to assist with larger cases.
What credit score do you need to get approved for a credit card?
While fraud is frightening, there are simple steps you can take to preserve your credit and financial wellbeing. These include:
Now that you have a better understanding of the nature of credit card fraud, you can be prepared for the possibility. By learning the roles different agencies play in fraud prevention and prosecution, you can act more efficiently. While the police do not directly act in most credit fraud scenarios, they play an important role in managing its prevalence in society. In completing your civic duty and filing a report, you not only help yourself, but you also aid your fellow citizens and the financial institutions which govern credit. In a shared society, everyone has a role. This is also true for reducing the risk of credit card fraud in Canada.
Rating of 4/5 based on 7 votes.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Don’t pay until March with this offer from our partner, Fairstone.* Ends January 31st.
New Offer! Get up to $2,000 cashback + a $50 bonus on signing up. Conditions apply.
Earn an average 5%¹ cash back at thousands of partners and at least 0.5%² cashback guaranteed.
With KOHO’s prepaid card you can build a better credit score for just $10/month.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.