These days it’s pretty common for Canadians to provide their personal information to other people on a daily basis – on the phone, online, and in writing. Whether you’re buying something over the Internet, filling out a ballot for a prize or calling a company to order a service, you are providing your personal information. This information identifies who you are but, if it falls into the wrong hands, it could be used for criminal or fraudulent purposes.

You also provide personal and financial information to your bank. Protecting the privacy and confidentiality of that personal information is an important part of the relationship of trust between a bank and its customers and it’s something that your bank takes very seriously. In fact, privacy has always been a cornerstone of banking, and strong measures to protect customers’ personal information have long been a part of the banks’ policies and practices.

A longstanding commitment to privacy

The banking industry was the first to go beyond a statement of principles and develop a comprehensive privacy code of conduct in 1986, followed by a model privacy code in 1991. These codes were so comprehensive that many of their values are now reflected in federal privacy legislation known as the Personal Information Protection and Electronic Documents Act (PIPEDA), which came into effect for federally regulated industries – including airlines, banks, broadcasters and telecommunications companies – in 2001 and for all other businesses in 2004.

PIPEDA governs how all businesses collect, use, disclose, safeguard and provide access to their customers’ personal information. The Privacy Commissioner of Canada ensures that all organizations comply with PIPEDA by investigating complaints and conducting audits, as well as publishing information, conducting research and promoting awareness of privacy issues.

Banks take privacy seriously – and so should you

All banks have privacy policies in place that are designed to ensure that, as a customer, your personal information is always protected, kept accurate and up-to-date. Each bank has a privacy officer – a senior level position – who is responsible for closely monitoring the bank's activities and ensuring that privacy policies and laws are followed. Protecting a customer's privacy is one of the most valuable service that a bank can provide. There are, however, things you can do to ensure your private information stays private. Here are a few tips:

• Know who you’re dealing with. Before you reveal any personal information, find out how it will be used and if it will be shared.
• Use common sense and be cautious when sharing personal information. You wouldn’t give information to just anyone on the street. Use the same discretion when you’re on the phone or surfing the Internet.
• Ask for a company’s privacy policy or find the link to its privacy statement when you visit its website.
• Minimize the identification information and number of cards you carry in your wallet. Only carry the ones you’ll need. It’s best, for example, to leave your birth certificate and Social Insurance Card at home in a safe place.
• Don’t throw documents with personal information in the garbage or recycling. Be sure to tear or shred receipts, copies of credit applications, insurance forms, physician statements and credit offers you get in the mail.
• Give your Social Insurance Number (SIN) only when absolutely necessary. Ask to use other types of identification when possible.

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. Our free brochure, Protecting Your Privacy, is available online or 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 protecting your privacy.