New data shows rampant digital scams and a widening preparedness gap puts clients at risk
Canadians are under increased pressure from scammers and fraudsters trying to access their financial data or steal their identities.
New figures from Equifax Canada show that one in three consumers has been hit with deceptive job offers or fake CRA messages by text within the past quarter, an alarming signal that digital fraud is becoming relentless and more personal.
Its newly released report highlights that despite widespread concern many still lack clarity on how to respond if their identity is compromised. While most said they would contact police or their bank, only half cited a credit bureau, and nearly one in ten admitted they would have no idea how to react in that situation.
A quarter of respondents reported receiving fraudulent emails, 13% acknowledged clicking a suspicious link, and 6% already know the consequences of identity theft first hand.
“We can’t treat scams as background noise anymore,” says Julie Kuzmic, Head of Consumer Advocacy and Compliance at Equifax Canada. “We are seeing a strong public sentiment that the threat of fraud is happening in real time on our phones, in our inboxes, and also targets our children. Canadians are telling us these threats feel constant and personal, and too many are left wondering what to do when they’re targeted.”
Ninety-seven per cent of respondents believe protecting themselves online is critical and 93% say the same for safeguarding their families. Concerns are wide-ranging with many fearing children being exploited, the risk of information being hacked from personal devices, the possibility of being manipulated through technology to surrender private data, and the threat of impersonation on social channels.
“Fraud today is deeply personal. It’s arriving by text, email, or social media in ways that feel familiar and authentic,” notes Kuzmic. “Our research shows that the broader community’s biggest concern is protecting their families, especially children, from being taken advantage of online. That’s a fear we need to address head-on with the right tools and solutions to protect ourselves and our families.”
Canadians’ sense of vulnerability has steadily intensified over the past decade; in 2015 just over half felt susceptible to identity theft, by 2023 that figure exceeded 80%, and today it is close to unanimous.
Equifax urges consumers to remain skeptical of unsolicited digital outreach, take the time to validate any requests for information, strengthen password practices, secure home networks, and stay alert to emerging scam tactics.
Recently, the daughter of a fraud victim blamed two of Canada's big six banks after her father was defrauded of over $1.7 million after receiving calls he believed to be from his FIs and letters that appeared to be from government agencies.
