Nearly Half of Canadians Report Being Targeted by Digital Fraud as Scammers Exploit Familiar Communications and Accounts

What happened

TransUnion analysis found 49% of Canadians surveyed reported being targeted by a fraud scheme through email, online, phone call or text messaging in a recent three-month period, including 6% who said they became victims.

Confirmed

Global impact / market context

Widespread fraud attempts can raise costs for banks and payment firms handling disputes and refunds, while consumers may spend less online if they fear scams, potentially affecting revenue for retailers and financial companies during the holiday shopping season.

Analyst inference

Phishing was reported by 47% of targeted Canadians, fraudulent phone calls by 44% and fraudulent texts by 40%. Criminals exploit familiar communications and existing accounts, and AI and automation help them create convincing identities at greater scale.

Analyst inference

What to watch

1. Phishing, fraudulent phone calls and fraudulent text messages were the most commonly reported tactics, reaching Canadians through everyday communications and existing customer relationships, according to TransUnion. Confirmed
2. Watch whether banks and payment companies increase spending on fraud detection and customer authentication, which could raise operating costs and affect profit per sale for financial firms. Analyst inference
3. Regulators could consider rules requiring stronger identity checks for texts, calls and emails that imitate trusted brands, which may add compliance costs for telecom and financial companies. Proposed

Evidence

• globenewswire.com