2007 NEWSLETTER to clients of Knox Insurance Brokers Ltd. From Randy Bushey, A.I.I.C., General Manager	Close newsletter
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TOPIC: Identity Theft

What is IDENTITY THEFT??

IDENTITY THEFT (also referred to as identity fraud) is the taking of the victim’s identity for the purpose of:

• fraudulently obtaining credit, credit cards from banks and retailers;
• stealing money from the victim’s existing accounts;
• applying for loans in the victim’s name;
• establishing accounts with utility companies, rental property managers, etc. to run up balances that will not be ultimately paid.

How does IDENTITY THEFT  happen??
Unfortunately, it’s easy.  In many cases, all that is needed is your Social Insurance number, together with your birth date.  CBC* cites recent evidence from the US indicating that in up to 50% of cases, this information had been fraudulently accessed at or through the victim’s workplace.

How do I know if I am an IDENTITY THEFT victim?
This risk is not new; but the proportion of risk is unprecedented.  The OPP and the RCMP have compiled much relevant information on their Phonebusters anti-fraud website (www.phonebusters.com).
Although there are many signs, the typical indicators that your identity is being used include:

• A creditor informs you that an application for credit was received with your name and address for which you did not apply.
• You receive credit card statements or other bills in your name for which you did not apply.
• You no longer receive credit card statements or you notice that not all of your mail is delivered.
• A collection agency informs you that it is collecting a defaulted account established with your identity and you never opened the account

How can Knox Insurance help me with the risk of IDENTITY THEFT??
Coverage can be inexpensively added to your Homeowners, Condo Owners, or Tenant’s policy to reimburse you for lost time and legal expense associated with restoring your identity to its rightful owner – YOU!  Talk to us; we can help.    
*CBC News: Today, Friday, January 12, 2007

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