A recent survey conducted TransUnion has found that almost half of Canadians have reported being targeted a fraud scheme. The survey shows a 40 percent increase in digital fraud attempts originating in Canada and targeting global businesses during the first half of 2023 compared to the same period last year.
The survey also highlights significant increases in suspected digital fraud in the telecommunications, insurance, and online communities sectors. Telecommunications saw a 400 percent increase, insurance witnessed a 90 percent increase, and online communities experienced a 75 percent increase in suspected digital fraud.
The suspected digital fraud rate across all industries in Canada has risen to 4.5 percent, up from 3.2 percent in the past year, and globally, the rate has risen to 5.3 percent compared to 4.5 percent year over year.
The survey reveals that 43 percent of the Canadians surveyed reported being targeted fraud but did not become victims, while 6 percent fell victim to fraud after being targeted. The most common methods of targeting were phishing attempts, with 47 percent of respondents reporting being targeted through deceptive emails, websites, social media posts, or QR codes. Voice phishing, or “vishing,” targeted 43 percent of respondents, and SMS phishing, or “smishing,” targeted 41 percent.
To avoid falling for scams, TransUnion advises regularly monitoring credit reports for unauthorized activity and disputing unfamiliar charges. Additionally, it is recommended to avoid carrying unnecessary personal documents, install lockable mailboxes to prevent mail theft, and exercise caution when sharing personal information online or over the phone. It is also important to review utility and subscription bills carefully, use unique and strong passwords for each account, and place a Potential Fraud Alert on credit files if fraud is suspected.
Overall, the survey highlights the need for increased vigilance in safeguarding personal and financial information to protect against the rising threat of digital fraud.
Sources: TransUnion
