Sécurizone, an anti-fraud service, is offered to the National Bank's customers. Is it a good idea to subscribe?
This service essentially includes identity monitoring online as well as on secret websites or the dark web. In addition, it offers legal assistance for identity restoration and psychological support. The enhanced version (Securizone 360) also provides access to credit scores and credit reports from Equifax and TransUnion.
Depending on the plan offered, you'll have to pay $7.95 or $9.95 per month ($11.95 or $14.95 for the family plan). Securizone applies to both bank accounts and bank-issued credit cards.
Among other major banks, Nationale appears to be the only one offering such a paid service. However, I ask myself a question: Isn't it a bank's job to protect your money? Banks already charge service fees. Why should you pay for an additional service? Let's take a closer look.
Protection against identity theft and fraud
“Whether you subscribe to an alert service directly from Equifax or a financial institution, it in no way protects you from identity theft or credit card fraud,” says François Daigle, vice president of professional services at Okiok, an IT security company.
Sylvie De Bellefeuille, lawyer and budget consultant at Option Consommateurs, recognizes that these services provide a certain level of security for many people. “I personally wouldn’t subscribe to such a service,” she adds.
The latter reminds us that the Consumer Protection Act offers protection against fraud: the customer is generally only liable for $50 if their card is lost, fraudulent or stolen. And again, some cards reimburse all losses.
On the other hand, no law requires financial institutions to protect their customers in the event of fraud. “The interpretation is at the discretion of the financial institutions,” continues Ms. De Bellefeuille. I’ve seen some pretty nebulous situations.”
Non-paid services
You may already have these services without having to pay a monthly subscription.
Several financial institutions offer free alerting services and access to credit scores. On the other hand, certain group insurance policies offer legal assistance or psychological support in the event of fraud or identity theft.
Additionally, many insurers offer free assistance coverage for both homeowners and renters that comes with standard home contents insurance. These services usually include legal and psychological support. Finally, many credit cards offer these support services free of charge.
Note that the Consumer Protection Agency has only received one complaint about Sécurizone over the years.
Advice:
- Instead of paying for a monitoring service, we might as well adopt some basic techniques to protect our identity, such as systematically checking monthly statements from our bank and credit card accounts, shopping online from a trusted merchant, and securely managing our PIN (don't tell anyone, avoid PINs like 12345), don't respond to text messages and emails asking you to open an internet link.
- If you believe you are a victim of fraud, contact your financial institution or credit card issuer as soon as possible. You may be at risk of being denied a refund if you take too long to notify us.
- Steps to report fraud according to the Financial Consumer Agency of Canada: https://www.canada.ca/fr/agence-consommation-matiere-financiere/services/regler-non-authorized-transaction.html
- Equifax and TransUnion, which prepares your credit report, also offer alert services. However, you have to pay.
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