A popular series of television commercials asks, "What's in your wallet?" The answer is, probably too much. Identity theft is a serious problem in Canada, and sometimes leads to real estate title fraud, says title insurance provider First Canadian Title .

Identity theft occurs when someone uses your personal information to open credit card and bank accounts, set up cell phone accounts, rent accommodation or equipment, or even to get a job in your name. Someone can use your information to forge a transfer deed and register title to a property in his own name, then forge a discharge of an existing mortgage and borrow against the clear title. By the time you realize there's a fraudulent mortgage on the property, the money and the bad guy are long gone.

"Although real estate title fraud is far less frequent than other forms of fraud involving identity theft, it is a violation that can have devastating and long-lasting effects on its victims," says Gary Ford, vice-president of First Canadian Title. "And one of the great injustices about this type of fraud is that perpetrators are rarely caught."

One of the first things to do to prevent being a victim of identity theft is clean unnecessary cards out of your wallet. Social insurance cards and birth certificates should be kept in a secure place such as a safety deposit box. You should also carefully guard your account numbers for your bank accounts, health card, driver's license and credit card. Don't let your mail pile up in your mailbox, and shred any receipts, copies of credit applications, insurance or medical forms and credit offers that you receive in the mail, First Canadian advises.

Title insurance covers all legal expenses related to restoring title. First Canadian also offers identity theft coverage when you obtain a title insurance policy.

The Canadian Association of Accredited Mortgage Professionals (CAAMP) says some other ways to avoid becoming a victim of real estate title fraud include keeping up-to-date with your credit and financial reports, and making sure there are no unauthorized transactions. Ask credit bureaus for your credit rating and review it regularly. CAAMP says you should rely on a real estate professional when buying or selling a home, and choose someone you trust. When arranging a mortgage, make sure you understand what you are signing.

In addition to various email and telephone scams designed to pry your personal information from you, the Competition Bureau recently commissioned a survey that assessed 12 types of mass marketing fraud that targets Canadians. It found that 58 per cent of Canadians reported they had been targeted, and that one million Canadians have fallen victim to a mass marketing fraud. The bureau says the total amount that Canadians have lost is at least $450 million.

"The survey results debunk the myth that the usual mass-marketing fraud victim is older and poorly educated," says the study. "In fact, anyone can be a victim … younger Canadians, including people 18 to 29 years of age, are highly susceptible to being victimized by mass marketing fraud operators, as are Canadians 30 to 44 years of age, reinforcing the fact that seniors are not disproportionately targeted by fraud artists in the country."

The 12 types of consumer frauds studied were chosen based on common complaints to the Canadian Anti-Fraud Call Centre. They were:

Prize, lottery and sweepstakes fraud - The victim is told he won something, but has to purchase something or pay an advance fee to get the prize. There is no prize.

West African or 419 fraud - The victim is asked to help transfer a large sum of money from another country to Canada, and asked to pay a fee before the "fortune" can be released. There is no fortune.

Employment/work from home fraud - The victim is offered a job or a chance to work at home, but must pay an advance fee to obtain materials. The materials are never sent.

Cheque cashing/money transfer fraud - The victim is given cheques or funds to cash and transfer, but they are counterfeit or stolen.

Overpayment for sale of merchandise - The target receives a counterfeit cheque or money order for more than the asking price of what they are selling, and asked to cash the cheque and send back the difference to the sender.

Advance fee loan - The victim is offered a loan, but first they must pay an advance fee. The loan never happens.

Upfront fee for credit card - The victim must pay an advance fee for a credit card, which never arrives.

Bill for unsuitable merchandise - The victim orders something from the Internet or a mail-order catalogue and pays up front, but never receives the goods.

Health products and cures - The victim buys a health product or cure that doesn't work.

Advance fee vacation - The victim is promised a free or discounted vacation as long as they pay a fee up front. There is no vacation.

High-pressure sales pitch vacation fraud - The target is offered a free gift or reward to attend a sales presentation, where he is subjected to high-pressure sales tactics and/or misleading offers.

Investment fraud - The victim is offered an investment opportunity promising higher than normal returns, but loses most of the money.

Remember the golden rule: if it sounds too good to be true, it probably is.

March is Fraud Prevention Month in Canada and around the world, which has prompted the Competition Bureau and more than 100 partners to launch the Fraud Prevention Forum Page . It includes lots more information about fraud in Canada, along with interactive Web tools and updated fraud warnings.