Cyber Crime: The cyber threat to you and your household is real. Are you protected?

Personal Cyber Crime is dramatically rising in Canada, and the scammers may be coming for you.

Did you know the Canadian Anti-Fraud Centre (CAFC) estimates that Canadians have lost more than $100 million due to online fraud? Even more troubling, the CAFC also estimates 1 in 5 people will fall victim to identity theft. When someone's identity is stolen, the fraud can follow them for years.

Whether it’s an investment or online shopping scam, criminals can pose as reputable businesses and even government officials. Your private information is what they’re after. With just a few personal details, criminals can force you into transferring them money, committing credit card fraud or demanding ransoms for infected laptops. Hub's robust personal cyber policy protects you against the basics as well as covering you against broader threats such as cyber crime, cyber bullying, and cyber stalking. The threats are real.

Cyber insurance has traditionally been marketed to businesses, but the cyber crime landscape has changed. Increased technology at home means that individuals are now targets too. That’s why HUB’s personal cyber protection offers best in class coverage at competitive pricing. We’ve partnered with Lloyd’s of London and Cyberscout, a leader in cyber insurance services that provides expert guidance and support you will need should you become the victim of a cyber crime.

Could this happen to you? Consider these real-life cases:

*Note: Names are changed to protect the identity/source

Thieves use stolen ID for retail therapy

Katie Smith* worked for a large manufacturer, was saving for retirement and being a good neighbour when she received a voicemail from a department store about activity on her newly opened account. The only problem was she didn’t have a credit card from that store. Someone had used her CRA account, date of birth and address to open an account there and at 14 other retail stores, ultimately running up $18,000 in fraudulent charges in her name.

Ransomware renders laptop unusable

A ransomware virus infected a client’s laptop. The criminals demanded a $1,500 ransom to recover their device. Cyberscout negotiated with the hacker. Once proof was provided that the data could be decrypted if the demand was met, payment was negotiated and settled through Bitcoin payment facility. The data was recovered for $1,950 (ransom and $450 in professional fees). The client did not have to pay anything out of pocket as their personal cyber policy covered the cost.

The disappearing $300,000 home loan

John and Nancy Ritter* were set to buy a new home. You can imagine the horror when their home loan funds suddenly disappeared. A thief used stolen personal information to initiate a fraudulent wire transfer of $300,000 from the couple’s credit union to another bank account. Wire transfer fraud is a growing problem and wealthy individuals are one-and-a-half times more likely to fall victim. In the Ritters’ case, with the help of Cyberscout, the funds were recouped.

ID theft scammers prey on seniors

Eileen and Laurence Cashman* carefully planned their retirement, securing an affordable apartment in a seniors building. They didn’t know their home address would make them more vulnerable to identity thieves. A temporary employee working in their building stole their CRA account and used them to open emails and online Social Security accounts, view their bank account balances, and access their life insurance. Seniors are often vulnerable because they have nest eggs, are less computer savvy and more trusting. Cyberscout protected the Cashman’s identity and credit.

This Casanova was an imposter

Paul Siqueiros* knows his way around Facebook. He updates his own personal page, and as a realtor, has a company page to attract new clients. He’s very social. But he never dreamed how much in demand he was until more than 50 women reached out to him asking: “Is this the man I’ve been dating online?” A scammer who had befriended Paul on his business page had used a "social bot"— software that appears to be a person on social networks — to create a profile on several dating sites. The fake profile had Raul's name, photos of him and of his children, as well as personal details. Some women were so smitten they obliged requests to send the scammer money via Western Union. Cyberscout used Siqueiros’ story to help educate others.

Swimming pool swindle

The Smiths* believed they were paying a contactor to install a swimming pool at their home. The invoice they received had been manipulated by fraudsters, and funds were instead sent to the criminal’s bank account. Cyberscout support was needed to help secure the reimbursement of the lost funds.

With HUB’s personal cyber protection, you could be covered by these threats:

Cyber Attack

Computers, laptops, tablets and smart home devices can be exposed to viruses, malware, and spyware that can slow them down or render them useless. This can happen by opening an attachment from an unknown email, clicking on online ads or downloading unofficial software. If infected, you could face loss or damage to your files and systems. These are costly to repair or replace.

Cyber Extortion

It doesn’t have to be for ransomware, this coverage will also pay for extortion amounts that will lead to the safe retrieval of sensitive information. Data such as contact information or photos on your cell phone or computer.

Identity Theft

Identity theft includes everything from cheque forgery and the use of stolen credit cards to sophisticated scams in which an impostor adopts another person’s identity through personal information to gain access to their assets. Cloaked in your stolen identity, a fraudster can cash your cheques, raid your bank accounts, bilk your credit card company and even load a big mortgage on your house.

Cyber Crime

Being coerced into sending money to a criminal posing as a company or other reputable organization. A criminal obtaining your credit card or creating a new one in your name and making fraudulent charges.

Online Shopping Fraud

With the growth of e-commerce comes the increased risk of fraudulent websites. When payment has been made, but an order has not been fulfilled, an insured’s financial loss can be covered

Data Breaches

All the contact information you keep electronically such as friends’ phone numbers, addresses and birthdays is a treasure trove of information for criminals. In the wrong hands, it can be used for malicious intent.

Cyber Bullying/Stalking

When you or a household family member receive two or more harassing, intimidating or persistent electronic communications, the coverage can help alleviate the threat by providing legal, technical and other support services

Smart Devices

Malware infecting smart home devices

Learn more about the rise of cybercrime.

With HUB’s personal cyber policy by Cyberscout, you’ll have 24/7 access to:

Expert cyber incident management
Facilitation of Ransomware payment
IT forensic, third-party and data breach specialists
Contact with law enforcement
Cyber monitoring, legal support
Equipment repair costs
Reimbursement for financial loss
Valuable educational resources, tools, and more!

CYBERCRIME: THE THREAT IS REAL

Frequently Asked Questions:

Is it too late to do anything if my identity is stolen?

No! Please call 1-833-626-0828 and Cyberscout will assist in placing credit freezes and other administrative support to rectify the situation with various authorities.

What do I do if I’m dealing with a potential claim situation?

Immediately call 1-833-626-0828 and speak with a Cyberscout representative who will provide assistance and ensure your reporting obligations are satisfied.

How is the premium paid?

The premium is paid on an annual basis in one lump sum via credit card.

Can a policy be cancelled midterm?

Yes. A policy can be cancelled midterm, however please be advised that 100% of the premium is fully earned and will be retained.

If I have coverage through my home insurance policy, who is the first payor?

That depends on the “other insurance clause” in the homeowners policy. It is likely that both policies will share in the loss assuming the homeowners’ policy is not listed as “primary.”