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An Equifax expert shares steps you should take from the moment you find out you’ve been a victim of fraud.
Know someone who’s been a victim of fraud? It’s a sensitive subject: There’s financial loss and the addition of guilt and embarrassment can worsen things significantly.
As scams and bank fraud become more complex, it’s important to know what to do in case you are victimized.
MoneySense’s Penelope Graham asked the Head of Consumer Advocacy and Compliance at Equifax Canada, Julie Kuzmic, about fraud recovery.
The expert shared steps Canadians should take from the moment they find out they have been a victim of fraud, as well as what they should consider down the line as they recover.
How long does recovery typically take? What should be your first steps after you find out you’ve been a victim of fraud? What does the credit dispute process actually look like?
Watch the full video for the answers to these questions and more:
A: It depends on the specifics of each case: How many financial institutions were involved, what actually happened, and what steps need to be taken to resolve it. No single recovery timeline that applies to everyone.
A: Contact your financial institutions, contact law enforcement, and place fraud alerts on your credit reports.
A: You submit the details of the fraud to the credit bureaus, along with supporting documentation. The bureaus are then required to investigate the dispute, which can take some time to work through.
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