86% of Canadians Believe They are Increasingly at Risk of Identity Fraud

In a world where data breaches and hacks are happening with increasing regularity, a recent survey conducted on behalf of Mogo Finance Technology Inc. (“Mogo”) (TSX: MOGO) (NASDAQ: MOGO) revealed that 86% of Canadians believe they are increasingly at risk of identity theft and identity fraud (i.e. someone using your stolen identity such as birthdate, social insurance number, address, etc., to get a credit card or a loan in your name) – yet only 24% of respondents currently have identity fraud protection.

“As the world continues to move digital, we are seeing data breaches in the news almost weekly, putting every Canadian increasingly at risk of identity fraud,” said David Feller, Founder and CEO of Mogo. “We believe every Canadian needs a solution to proactively watch for signs of suspicious activity and unexpected inquiries into their credit bureau as the consequences of identity fraud – financial losses, reduced creditworthiness – can be so severe and can take years to resolve.”

The survey conducted by Maru/Blu on behalf of Mogo, which included more than 1,500 participants, revealed the following:

  • 86% of Canadians believe that in today’s digital world, they are increasingly at risk of identity theft and identity fraud.
  • While Canadians know the risk, only 24% have some sort of identity fraud protection solution.
  • 85% of Canadians believe that if they are a victim of identity theft or fraud, it will have an impact on their financial life.
  • 35% of Canadians know someone who has been a victim of identity fraud.

While a majority of Canadians understand the risk of identity fraud and the potential impact, many lack protection. Mogo is offering the following tips and solutions to help Canadians defend themselves against the rising threat of identity fraud from data breaches:

  • Know who is checking your credit. When your information has been compromised, the fraudster will likely attempt to take credit out in your name. Lenders will do a credit check prior to extending the credit.
  • Monitor your credit score monthly. Monthly changes to your score are usually the result of your own activity (e.g. using your credit card, paying your bills on time, or applying for a mortgage or credit product). However, changes to your score could also be related to fraudulent activity (for example, someone has your personal information like social insurance number or driver’s license and gets credit in your name)
  • It’s good practice to change your passwords on all of your online accounts monthly and never put your full birthdate on social media.

MogoProtect
When your personal identity gets compromised through data breaches, fraudsters can use it to impersonate you and get credit in your name, whether that’s a credit card, mortgage or even auto loan. By the time you find out about it, the impact can be severe and take years to resolve.  MogoProtect monitors your Equifax credit bureau and notifies you by push notification and email whenever a company makes an inquiry, which happens when you consent to a credit check while opening a new bank account or completing an application for credit. If you receive an alert related to something that you did not authorize, MogoProtect will guide you through the next steps to help prevent the fraud. At $8.99 per month, MogoProtect is the lowest priced solution on the market. For a limited time, users can sign up with the promo code “freeprotect” to receive three months for free.1

Survey Methodology
In June 2018, Maru/Blue executed an online survey of 1,514 randomly selected Canadian adults who are Maru Voice Canada panelists. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region (and, in Quebec, by language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

About Mogo
Mogo — a Vancouver -based financial technology company — is focused on building one of the “go-to” finance apps for millennials in Canada. Built mobile first, users can sign up for a free MogoAccount in only three minutes and get access to 6 products including free credit score monitoring, the MogoCrypto account which enables buying and selling of bitcoin, identity fraud protection, the Mogo Platinum Prepaid Visa® Card, mortgages, and personal loans. The platform is engineered to deliver multiple financial products at scale through one account and enable the rapid launch of new features and products. With more than 600,000 members and growing, Mogo continues to empower consumers with simple solutions to help them improve their financial health. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).

1 MogoProtect is currently only available to age of majority residents of BC, AB, MB, ON, NB, PE and NL.

SOURCE Mogo Finance Technology Inc

June 18 – July 13: Virtual Classrooms – CAIB Exam Preparation

June 18 – July 13: Virtual Classrooms – CAIB Exam Preparation

ILScorp CAIB Exam Prep Virtual Classroom Programs are a combination of structure and flexibility.

ILScorp Virtual Classroom programs are built on a structure of daily assignments and due dates that you must meet, whether it’s taking an online chapter quiz; completing daily questions; watching weekly review videos; or participating in a discussion with fellow classmates. However, within the virtual classrooms structure you have the freedom to choose the best times to participate that sync with your individual schedule. Moderated by long-time insurance educator Todd Hochban, the ILS Virtual Classroom Programs prepare you to write your insurance licensing exam in just four weeks, sending your insurance career to new heights!

Details

Start:
June 18
End:
July 13
Cost:
$550
Website:
https://www.ilscorp.com/event/virtual-classrooms-caib-exam-preparation/

Organizer

ILScorp
Phone:
1.800.404.2211
Email:
info@ilscorp.com
Website:
www.ilscorp.com
ALBERTA –  Continuing Education FAQs

ALBERTA – Continuing Education FAQs

The Insurance Agents and Adjusters Regulation of Alberta sets out the Continuing Education Requirements for  insurance agents, brokers and adjusters

Here are the answers to some of the most common questions asked by Agents, Brokers and Adjusters in Alberta.

What are the Certificate Terms for Continuing Education?
Life and Accident & Sickness insurance agents, General insurance agents and Adjusters are required to complete in each certificate term at least 15 hours of approved continuing education courses. Effective July 1, 2014, a “certificate term” means the period beginning on July 1 and ending on the next June 30.

How do I know that I have satisfied my CE requirements?
You must log in to AIC and check your CE Summary Report. You are required to have completed 15 CE hours of approved courses each year in order to process the renewal of your license. All approved courses are found in the CE Course Lookup Section on the AIC  web site. Contact ILScorp directly for assistance if you are unable to find a course.

Are there any exemptions to the continuing education requirement?
Yes. Individuals who hold a General insurance agent’s certificate limited to hail insurance or livestock insurance and individuals who hold an Adjuster’s certificate limited to hail insurance, travel insurance or equipment warranty insurance are not required to complete a continuing education requirement.

Are there exemptions for Maternity Leave or Long Term Disability?
There are no provisions under the Insurance Act or Regulations to allow an exemption for those agents who are on long term disability or maternity leave.

Is there carry over of hours?
The Insurance Agents and Adjusters Regulation allows for a carry forward up to 7.5 hours of continuing education credits from one year to be used in the next year per class of license.

What are the required hours for new Alberta agents?
1.25 hours per licensed month. Agents who apply for a certificate of authority (license) with 3 or less months remaining in the certificate term are not required to complete the Continuing Education requirement. If your first license was issued on April 1st, you will not be required to complete a CE requirement until you renew your certificate in the following year.

How do I determine if a course is accredited?
All courses which have been approved by the Accreditation Committee are listed on the Alberta Insurance Council website CE Course Lookup. ILScorp offers Alberta accredited courses for General / Adjuster as well as Life/A&S.

Accredited CE Courses

Why can’t I enter the date that I completed my CE courses?
As you enter the course id number on the AIC website, a number of courses will be presented to you in a drop down for your selection. You must select the name of the course from the drop-down. A calendar will then be made available to select the date of completion. Some courses may have only been approved within a specific date range.

When entering a CE course on the AIC website, I receive a message that says “You are attempting to save a course in a closed CE term.” Can I still add the course?
You may still add courses in a CE term that has already been closed. Since you will not be able to modify or delete the course once it has been saved, you will be asked if you wish to continue to save the course. Click the “Continue” or “Cancel” button to proceed.

When do I need to have all my CE credits completed?
When you renew your certificate of authority you are required to demonstrate that you have completed 15 hours of approved continuing education courses for each certificate being renewed by entering all approved courses under your profile.

Agents/adjusters who have not entered sufficient continuing education credits will not be able to renew their certificate(s) until sufficient courses have been entered.

What happens if I do not complete sufficient CE hours? Can I renew my license and earn my CE credits later?
All insurance agents and adjusters who are required to complete a CE requirement will not be able to renew their certificate(s) until they have demonstrated that they have sufficient CE credit hours. Failure to complete the CE by June 30th will result in your certificate of authority automatically expiring and you will not be authorized to act as an insurance agent or adjuster until you have satisfied your CE requirement and re-applied for your certificate(s).

Should I send in the CE certificates provided to me by the course providers?
No, these certificates are only required if the agent/adjuster becomes part of a random audit.

As a new agent can I use credits I earned from course taken before my license was issued?
New agents/adjusters may use credits earned by an approved course towards their first reporting period providing the course was taken in that certificate term.

www.ilscorp.com

New Course – Insurance Distribution Channels

Demand for insurance products and services remains as strong as ever but there has been a fundamental shift in the channels consumers choose to make their purchases. Insurance is generally bought directly through an insurer (through its captive agents, the web or other direct channels) or through independent agents and commercial brokers who provide access to the products of several insurers. Agreements bind brokerages and insurance companies together. The terms of these can vary according to the companies involved. These agreements will document the relationship that exists between the two parties.

By the end of this course you will be able to:

  • Explain independent and direct channels of insurance distribution in Canada
  • Describe agreement between a broker and an insurer
  • Describe factors considered by a brokerage to choose an insurer
  • Describe factors considered by an insurer to choose a brokerage

Become an ILScorp group member to save even more.

Included as part of the ILScorp Adjuster CE Subscription.
Included as part of the ILScorp General CE Subscription.

Access Duration from the Date of Purchase: 6 months
Credit Hours: 2
Credit Type: General/Adjuster – Technical and RIBO Management
Credit #: AIC #48001; MB#30086
Accrediting Provinces: BC, AB, SK, MB, ON

This course is included as part of your ILS General CE and/or Adjuster CE Course Subscription

Read more
Virtual Classrooms – CAIB Exam Preparation

Virtual Classrooms – CAIB Exam Preparation

ILScorp CAIB Exam Prep Virtual Classroom Programs are a combination of structure and flexibility.

ILScorp Virtual Classroom programs are built on a structure of daily assignments and due dates that you must meet, whether it’s taking an online chapter quiz; completing daily questions; watching weekly review videos; or participating in a discussion with fellow classmates. However, within the virtual classrooms structure you have the freedom to choose the best times to participate that sync with your individual schedule. Moderated by long-time insurance educator Todd Hochban, the ILS Virtual Classroom Programs prepare you to write your insurance licensing exam in just four weeks, sending your insurance career to new heights!

Details

Start:
May 14
End:
June 8
Cost:
$550
Event Category:
Website:
https://www.ilscorp.com/virtual-classrooms/

Organizer: ILScorp

Phone:
1.800.404.2211
Email:
info@ilscorp.com
Website:
www.ilscorp.com

 

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