Con. Deception. Larceny. Ruse. Scam. Swindle. Theft. Trap.

By any other name, it's still fraud and, unfortunately, it's as old as the hills. The word "fraud" dates back to the year 1345, according to an online etymology dictionary, but the practice of deception with the objective of financial or personal gain has no doubt existed for much longer.

March has been designated Fraud Prevention Month by the Fraud Prevention Forum (FPF), of which the Canadian Bankers Association and many banks are members. Consider taking some time this month to remind yourself and your family about how to recognize some common financial frauds and take some concrete steps to avoid becoming a victim.

Protect Your Personal Information

Think you're pretty savvy when it comes to protecting your personal information? In fact, most Canadians are very good at recognizing a scam when they see one. Still, it's always a good idea to brush up on your knowledge. As fraud prevention measures go, protecting your personal information is one of the most important, so why not put your knowledge to the test by taking the CBA's quick Security and Privacy Quiz?

Here are a few tips to keep in mind:

• Consider buying a paper shredder. It is important to tear or shred any documents containing personal information before you throw them in the recycling box or garbage. Identity thieves will go through garbage and recycling in order to collect personal information.
• Get in the habit of looking for a privacy statement from organizations you'll be dealing with. Be wary of giving out your personal information if you are unfamiliar with how the organization will be using or storing it. When you're on the Internet, ensure that you are entering your information on a secure site so that your information will be encrypted. Look for the unbroken padlock at the bottom of your browser.
• Travel light and take only the ID cards you will need for the day. Thieves only need a few important pieces of personal information to begin the process of stealing your identity. It is good practice to carry a limited number of cards in case your wallet is lost or stolen. Also the fewer cards you carry, the fewer organizations you will need to call to report the cards missing. Never carry your birth certificate or social insurance (SIN) card in your wallet.
• Keep track of your bills. A common way of stealing a person's personal information is by stealing mail or having a person's mail redirected to another address. Learn your creditors' billing cycles and follow-up with a creditor if you don't receive a bill or with Canada Post if your mail volume has dropped substantially.
• Protect your social insurance number (SIN). If someone asks for your SIN, get in the habit of stating that you're uncomfortable disclosing your number and offer another form of identification. There are only certain organizations that are required to ask for your SIN. If an organization asks for your SIN, ask them why they need it, how it will be used, and where it will be stored.
• Keep your information private. This month, consider reorganizing your files so that personal information is stored in a lockable filing cabinet, drawer or cupboard. Storing personal information in your home does not necessarily mean it won't be seen by others. It is good practice to secure documents containing personal information in a lockable area, especially if you have roommates, employ outside help or have someone entering your home for service work or repairs.
• If you're moving, it's a good idea to have your mail forwarded to your new address, especially since some mail, including credit card bills and tax documents, may contain personal information that could be used for fraudulent purposes. It is also good practice to have your mail held or redirected if you are planning to be away from home for an extended period of time.
• Carefully review all of your bank account and credit card statements. Ensure that all the transactions are correct and report any discrepancies to your financial institution or credit card issuer.
• If it sounds too good to be true, it probably is. Be wary of any offers you get over the phone, through the mail or online. Be suspicious and contact the business to verify the legitimacy of any request for your personal information.
• Review your credit report annually to ensure there are no errors or discrepancies. Reviewing your credit report can help you find out if someone has opened unauthorized financial accounts in your name. There are three credit reporting agencies in Canada: Equifax Canada, Northern Credit Bureaus Inc. and TransUnion Canada. You can request free copies of your credit report from credit reporting agencies by mail. Online versions of reports are also available for a small fee.

The Fraud Prevention Forum is a concerned group of private sector firms, consumer and volunteer groups, government agencies and law enforcement organizations. Through its partners, the Forum, which is chaired by the Competition Bureau, works to prevent Canadians from becoming victims of fraud by educating them on how to recognize it, report it and stop it.

For more tips, or to download the CBA’s free booklet, Safeguarding Your Money, visit the Fraud and Security section of the Canadian Bankers Association website. Booklets are also available by mail by calling 1-800-263-0231.

Canada’s banks take the issue of privacy, security and fraud prevention very seriously. They work hard to prevent their operations and customers from being used for any kind of financial crime and to raise awareness about the ways that customers can protect themselves.

As a consumer, you also have an important role to play in preventing fraud. This month we'll be taking a look at scams that attempt to talk you into revealing personal and financial information to a thief.