A significant share of Canadians have reported being targeted by fraud recently
Amid a turbulent economic backdrop, nearly half (49%) of Canadians have reported being targeted by fraud recently, according to new data from TransUnion.
During the second quarter, fraudsters in Canada have ramped up their scam attempts against telecommunications (up by 400% annually), insurance (up by 90%), and online communities such as forums and dating apps (up by 75%).
Digital fraud attempts, where transactions originated in Canada and targeted global businesses, also spiked by 40% when comparing the first half of 2022 to the first six months of 2023.
“As consumers and businesses continue to use digital transactions to engage in commerce, fraudsters are increasingly using them for their own benefit,” TransUnion said.
Across all industries, the suspected digital fraud rate was at 4.5%, up from 3.2% during Q2 2022. The global digital fraud rate stood at 5.3%.
Daniela DeTommaso of FCT stated that conducting additional checks and identity verification with new clients were essential steps to mitigate and prevent further cases of fraud emerging in the mortgage space.https://t.co/4qwADgOkf0#mortgagenews #mortgagebrokers #mortgagefraud— Canadian Mortgage Professional Magazine (@CMPmagazine) June 5, 2023
What are the most prevalent types of fraud in Canada?
The TransUnion survey found that the most frequent fraud attacks were phishing at 47%, vishing at 43% (fraudulent phone calls meant to trick consumers into revealing data), and smishing at 41% (fraudulent text messages).
“Given the prevalence of fraudulent scams targeting Canadians, and the reality that fraudsters are ever more sophisticated and are constantly evolving to attempt to overcome digital security measures, it’s critical that Canadians take steps to protect themselves,” said Patrick Boudreau, head of identity management and fraud solutions at TransUnion Canada.
“From safeguarding sensitive information, to protecting physical wallets and cards, and leveraging credit report monitoring, there are a number of easy steps consumers can undertake day to day.”