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Fraud in the Age of Continuous Trust

Gated

Why trust must be assessed throughout the customer relationship

Nearly half of Canadian business leaders (47%) said they're extremely or very concerned fraud risk is evolving faster than their organizations can detect and prevent it. More than one-third (34%) said the increasing scale and/or sophistication of fraud is placing significant pressure on their businesses.

The TransUnion® H2 Update to the Top Fraud Trends Report draws on TransUnion's global intelligence network and surveys of Canadian consumers and business leaders. It shows why traditional fraud prevention strategies are losing effectiveness, where risk is moving and which capabilities to prioritize.

Key fraud trends in Canada include :

Identity risk now extends beyond account opening

  • Account login drew the largest share of suspected digital fraud in Canada (42.4%)
  • Criminals are targeting existing accounts, not just new ones

Communications expose customers to account fraud risk

  • Phishing topped the schemes targeted Canadians reported (47%)
  • In a recent three-month period, 6% of Canadians fell victim to a fraud scheme

Exposed identity data fuels synthetic fraud

  • More than one in five Canadians (22%) reported identity or account details stolen in a data breach
  • Synthetic fraud now accounts for more than 14% of onboarding credit losses

To explore Canada’s fraud landscape and how it compares to other markets, complete the form to download the full report.

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