New Equifax Report: Fraud Concerns are Escalating with 89 per cent of Canadians Saying Companies Must Do More

Core Insights - Concerns about fraud are rising among Canadians, with 89% believing companies need to enhance personal data protection [1][3] - Seniors and Quebec residents express the highest levels of concern regarding fraud prevention measures [1][5] Fraud Trends - Auto fraud rates have increased, with Q4 2024 rates at 0.26%, up 2 basis points from Q3 2024 and 9 basis points from two years ago [3] - New-to-credit and new-to-Canada consumers face significantly higher auto fraud rates, at 0.51% compared to 0.22% for established consumers [3] - Mortgage fraud rates have decreased from 0.46% in Q4 2023 to 0.19% in Q4 2024, but falsified financial documents remain a major issue, constituting over 90% of mortgage fraud cases [4] Public Sentiment and Action - 55% of respondents believe identity thieves will always be ahead, and 51% are unsure how to respond to fraud [5][6] - 96% of seniors aged 65+ agree that companies must improve fraud protections, while 94% of Quebec residents demand more action from companies [5][6] - 88% of respondents think both public and private sectors should collaborate to combat financial crime [6] Recommendations for Improvement - 61% of respondents suggest banks should implement stronger security protocols, and 59% believe companies should use more sophisticated fraud detection tools [6] - There is a call for improved public fraud education from the government, with 84% of respondents supporting this initiative [6][7] - Canadians are encouraged to take personal steps to safeguard their data, with 77% recognizing the need for personal diligence [6]