IDENTITY THEFT

Dubbed the fastest growing white-collar crime of the 21st century by the FBI, identity theft claims millions of victims across North America each year. Identity theft is occurring mainly through society by way of virtual exposure and a vulnerable defence system. In Canada, identity theft plagues government, business and consumer alike, claiming nearly 1 in 15 Canadian victims and leaving close to 50% of Canadians fearing exposure, and losses of CD$16.3 million as a result. In the US, the FBI estimates losses from this communicable crime cost American businesses and consumers US$50 billion and affects approximately 10 million victims annually.

The reality is personal consumer information is being scattered across the business sector as a result of advances in information technology, telecommunications and computer processing, thus facilitating an accessible, open network between consumer and company; a venerable ID thief buffet. Any organization or business using, storing or trading digital information regarding employees or consumers is vulnerable to data breaches which can end up costing them from $40,000 to $92,000 per incident to clean up, according to a March 8, 2007 article published by Huronia Business Times.

Published: August 2007
Document Type: Briefing,
Author(s): Elise Desjardine

IDENTITY THEFT COVERAGE:

Coverage for all types of crime in which someone steals or misuses personal or financial identifiers of someone else by using their credit card, drivers' license, social insurance number or other personal identification number to commit fraud or other criminal activity.

Coverage is added to your Personal Property policy for approx. $25.00 per year. This coverage includes legal information & expense reimbursement.

• Costs of notarizing affidavits or similar documents to resolve credit issues.
• Lost wages (up to $500.00 per week for 4 weeks).
• Fees for re-application of loans which are declined due to incorrect information as a result of misuse or fraudulent use of your identity.
• Reasonable legal fees to defend lawsuits from merchants or collection agencies.
• Remove any criminal or civil judgments wrongly entered, challenge the accuracy or completeness of any information in a consumer credit report.
• Telephone and postal/courier expenses.

Coverage extends to spouse, relatives of either, any person under 21 in your care and students temporarily living away from home while attending school, college or university.