Forty-nine per cent of Canadians, nearly half of the respondents of TransUnion’s latest analysis, said they were recently targeted by a fraud scheme. At the same time, suspected digital fraud is on the rise in Canada — a problem that not only impacts consumers, but dealership employees as well.
Based on the company’s survey, which was conducted between April to July 2023, digital fraud attempts (the type where the transaction originates in Canada and is targeting global businesses) jumped 40 per cent when comparing the first half of fiscal year 2022 to H1 2023.
“There are a number of important considerations to take into account when attempting to measure the impact of digital fraud on any one particular industry,” said Patrick Boudreau, Head of Identity Management and Fraud Solutions at TransUnion Canada, in a statement.
All industries are being targeted by digital fraud, with the suspected digital fraud rate in Canada currently at 4.5 per cent from 3.2 per cent a year ago. In comparison, the global rate is now 5.3 per cent, up from 4.5 per cent year-over-year.
However, some areas have experienced larger increases in suspected digital fraud than others during the H1 2022 to H1 2023 timeframe: telecommunications (up 400 per cent), insurance, (up 90 per cent), and online communities (such as online dating and forums) — up 75 per cent). It should also be noted that retail had the highest rate of suspected digital fraud.
Boudreau said certain factors need to be considered, like the overall size and rate of growth of different industries. This is “not only to contextualize fraud related data, but also to anticipate where fraudsters may continue to focus their efforts going forward.”
