Canada sees rise in credit card fraud in Q2: Equifax Canada report

A global data analytics company says Canada has seen a significant spike in credit card fraud in this year’s second quarter.

Equifax Canada says the rate of credit card fraud jumped to 0.75 per cent in the second quarter of this year, compared with 0.44 per cent last year.

That means out of every 10,000 credit card transactions, about 75 are fraudulent.

“Fraudsters are no longer targeting specific consumer groups it seems, rather indiscriminately striking across the credit spectrum as of late,” said Carl Davies, Head of Fraud & Identity at Equifax Canada in a statement.

“The surge in credit card fraud is concerning and requires vigilance from lenders, policymakers and consumers alike.”

The consumer credit reporting agency says the data indicates that fraudsters are increasingly targeting middle-aged Canadians, with the sharpest increases seen in Ontario and Atlantic Canada.

The agency also says the spike comes despite application fraud rates across the country falling to their lowest point, since the third quarter of 2022.

Application fraud is when someone lies or uses stolen information on an application for credit, a loan or another financial service.

With files from The Canadian Press.

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