Suspected Digital Fraud Coming from Canada Up Nearly 11% Since H1 2023, Reveals New TransUnion Analysis

Core Insights - In H1 2024, Canada experienced a notable rise in suspected Digital Fraud, with 5.74% of all digital transactions being flagged as fraudulent, marking an 11% increase from H1 2023 [2][4] - Over half (54%) of Canadians reported being targeted by fraud attempts, with phishing being the most prevalent method [3][4] - Canadian businesses incurred approximately 6% revenue loss, equating to $78 billion, due to fraud over the past year [4] Digital Fraud Statistics - The volume of suspected Digital Fraud attempts from Canada increased by 11% YoY in H1 2024, despite only a 0.7% increase in overall transaction volume [2] - The top three industries with the highest rates of suspected Digital Fraud attempts from Canada in H1 2024 were Gambling (9.6%), Retail (9.2%), and Government (7.7%) [5] - The industries with the highest YoY increase in suspected Digital Fraud attempts were Logistics (172.9%), Gambling (79.3%), and Video Gaming (67.8%) [5] Business Impact - Canadian business leaders reported that the most significant causes of fraud loss included Scam/Authorized fraud (31%), Account takeover (19%), and Synthetic identity fraud (18%) [4] - The increase in digital transactions and fraud attempts is leading to potential revenue losses and higher operational costs for businesses [4][6] Fraud Prevention Recommendations - Businesses are encouraged to adopt fraud prevention technologies such as identity verification, IP intelligence, and synthetic identity detection to mitigate risks [6]