TransUnion Study Finds More than Half (56%) of Canadians Said They Were Targeted by Fraud in Second Half of 2024

Core Insights - The report highlights that 17% of Canadians reported losing money due to fraud in the past year, with a median loss of $2,013 [1][2] - Digital fraud targeting Canadians has increased, with 56% of surveyed individuals indicating they were targeted through various channels [2][4] - Phishing emerged as the most common fraud method, affecting 43% of those targeted [7][8] Fraud Statistics - 9% of Canadians who were targeted by fraudsters fell victim to the schemes [2] - 39% of respondents cited fraud concerns as the primary reason for abandoning online shopping carts [5][6] - 46% prioritize the security of personal data over cost savings and quality when choosing online businesses [6] Industry-Specific Insights - The gaming sector experienced the highest rate of suspected digital fraud attempts at 11.1%, an 80% increase from 2023 [8][10] - The logistics industry saw a significant year-over-year increase in suspected fraud attempts, up 203%, although the overall rate was modest at 1.9% [9][10] - Telecommunications experienced the largest decrease in suspected fraud attempts, down 88% from the previous year [9][10] Consumer Behavior - 70% of Canadians indicated that fraud concerns would deter them from returning to a website [6] - 51% of those affected by fraud contacted relevant companies, while 48% placed a freeze on their credit [6][12] - 13% of victims took no action after discovering they had been defrauded [4][12] Fraud Methods - Smishing (fraudulent text messages) accounted for 40% of reported fraud attempts, while vishing (fraudulent phone calls) made up 35% [13] - Third-party seller scams on legitimate online retail websites were reported by 19% of respondents [13] Conclusion - The findings underscore the growing prevalence of digital fraud in Canada, with significant implications for consumer behavior and industry practices [1][2][4]