TransUnion, consumer credit reporting agency, recently found in its 2023 State of Omnichannel Fraud Report that digital fraud is still globally on the rise. Though at a particular height during the pandemic, digital fraud is currently an issue throughout Canada.
The 2023 report showed 3% of all consumer transactions originating in Canada in 2022 were suspected to be fraudulent, an increase from the suspected 2% in 2019. However, there has been a continued increase of digitally made transactions within the Great White North, showing a 103% rise in the last few years.
Suspected digital fraud attempts have therefore increased in total volume, due to the popularity and convenience of digital payments and transactions. Global attempts have risen 80% between 2019 and 2022, compared to a 189% rise in Canadian digital transactions during that period.
Of Canadians surveyed by TransUnion, 57% reported that they experienced being targeted by scams.
Patrick Boudreau, Head of Identity Management and Fraud Solutions at TransUnion Canada, said, “Digital fraud trends point to industries that saw significant growth in consumer digital engagement.
“In Canada, we have seen dramatic increases in digital fraud attempts within the retail, logistics, financial services, and travel and leisure sectors. Staying ahead of these constantly evolving and ever more sophisticated fraudsters is a challenge that no company or organization is exempt from.”
According to further insights from TransUnion’s global intelligence network and consumer survey, the pandemic-led shift toward increasingly digital transactions furthers the overall risk to both individuals and organizations, which is now greater than pre-pandemic risk levels.
Boudreau continued, “The pandemic crystallized the reality that fraudsters focus their efforts to prey on organizations and institutions that have direct access to money, products or services with easily transferable monetary value.”
