Equifax Canada Survey Reveals Heightened Fraud Concerns Among Seniors and Quebec Residents
A recent survey from Equifax Canada indicates growing worries regarding fraud among Canadians, especially among seniors and residents of Quebec. Conducted in anticipation of Fraud Prevention Month, the survey reveals that 89% of Canadians believe companies should enhance protections for personal data. Notably, key findings show that 55% of respondents feel that identity thieves are perpetually ahead, leaving many confused about how to effectively combat fraud. A significant number of seniors (96%) advocate for improved safeguards, with 94% of Quebec residents expressing similar concerns. The report also notes a rise in auto fraud rates while mortgage fraud rates are declining. It underscores the critical need for collaborative efforts between corporations and government entities to address fraud effectively. Equifax emphasizes that consumers should regularly monitor their credit reports and maintain vigilance against identity theft.
Positive Indicators
- Equifax Canada’s survey highlights robust consumer demand for improved fraud protection and education, positioning the company as a key advocate for better safeguards against financial crimes.
- A decline in mortgage fraud rates from Q4 2023 to Q4 2024 suggests that effective measures may be in play, potentially bolstering consumer confidence in Equifax’s offerings.
- The findings emphasize the importance of corporate and government collaboration in fraud prevention, enhancing Equifax’s role in advocating policies beneficial to both its business and the broader community.
- Equifax Canada promotes proactive measures for identity protection among consumers, reaffirming its commitment to educate and secure individuals in the financial landscape.
Challenges Ahead
- The fact that 89% of survey respondents feel that companies need to improve their data protection reveals a significant trust deficit regarding Equifax’s capacity to safeguard consumer information.
- The survey’s findings indicate that financial fraud is a significant worry for Canadians, particularly among seniors, suggesting that Equifax’s current strategies may not sufficiently address rising fears and vulnerabilities.
- The increase in auto application fraud, especially among new-to-credit and new-to-Canada consumers, raises concerns about the efficacy of Equifax’s fraud detection and prevention efforts in these at-risk demographics.
Frequently Asked Questions
What are the core findings of the Equifax Canada fraud survey?
The survey identifies escalating fraud concerns among Canadians, especially seniors and Quebec residents, with 89% advocating for improved data protections.
Why are seniors particularly concerned about fraud?
Among those aged 65 and older, 96% report feeling vulnerable, underscoring a significant need for enhanced protections compared to younger age groups.
What is the current status of auto fraud rates in Canada?
The auto application fraud rate reached 0.26% in Q4 2024, which marks a 9 basis point increase over two years, significantly impacting new-to-credit consumers.
Are mortgage fraud rates increasing or decreasing in Canada?
Mortgage fraud rates have seen a decline from 0.46% in Q4 2023 to 0.19% in Q4 2024, though the presence of falsified documents remains a challenge.
What steps can Canadians take to protect themselves from fraud?
Canadians are encouraged to check their credit reports, utilize multi-factor authentication, and stay informed about emerging fraud schemes.
Disclaimer: This summary is an AI-generated overview of a press release disseminated by GlobeNewswire. It may contain errors. See the full release here.
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Full Release
Seniors and Quebecers Report the Greatest Fraud Concerns
– Equifax Canada Market Pulse Fraud Trends and Consumer Survey report –
TORONTO, March 04, 2025 (GLOBE NEWSWIRE) — Concerns about fraud are escalating among Canadians, with a new Equifax Canada survey conducted ahead of Fraud Prevention Month revealing that 89 per cent of those surveyed believe companies must do more to protect personal data. Seniors and Quebec residents are particularly worried, demanding stronger fraud prevention measures and broader fraud education.
Key findings of the survey:
- More than half (55 per cent) of respondents believe identity thieves will always be one step ahead, with 51 per cent unsure of how to combat fraud.
Seniors Demand Better Fraud Protections, Auto Fraud Rates Rise
Recent research highlights growing concerns among Canadians about financial fraud, especially among older residents. A survey reveals that 96% of seniors aged 65 and older feel vulnerable to fraud, advocating for enhanced security measures from businesses. In comparison, only 75% of younger adults (ages 18-24) share this sentiment.
Public Sentiment on Fraud Prevention
- Residents of Quebec exhibit the highest demand for corporate action on fraud prevention, with 94% of respondents calling for improved measures. Conversely, only 86% of Albertans express similar concerns.
- 64% of Canadians recognize that financial fraud is linked to serious criminal activities such as human trafficking and the illegal weapons trade.
- 58% struggle to keep up with emerging scams, leading to feelings of insecurity regarding personal safety.
- Nearly half (48%) report knowing someone who has fallen victim to identity theft.
“Fraud prevention is a significant concern for many Canadians. Data indicates that every dollar lost to fraud costs victims and financial institutions much more in the long run. Companies must take immediate action to strengthen protections against fraud,” stated Carl Davies, Head of Fraud & Identity at Equifax Canada. “Canadians, particularly the older population, are demanding more robust safeguards against financial crimes and identity theft.”
Auto Industry: A Growing Concern
The auto industry is increasingly identified as a prime target for fraud. Recent data from Equifax Canada illustrates a rise in auto application fraud, reaching 0.26% in Q4 2024, up 2 basis points from the previous quarter and an increase of 9 basis points compared to two years ago. The majority of fraudulent activity—almost 80%—relies on falsified documents and inflated income claims. Notably, new entrants to credit and those new to Canada experience auto fraud rates more than double that of established consumers, at 0.51% compared to 0.22%.
Mortgage Fraud Trends
Equifax Canada reports a modest recovery in the Canadian mortgage market, with a decrease in mortgage fraud rates, which fell from 0.46% in Q4 2023 to 0.19% in Q4 2024. Nonetheless, issues persist with falsified financial documents, making up over 90% of mortgage fraud cases. “This decline may be temporary. As interest rates lower, we may witness an influx of first-time homebuyers in 2025, potentially increasing fraudulent behaviors,” cautioned Davies.
A Call for Enhanced Actions
Survey results suggest that Canadians believe a collaborative approach is essential in combating fraud:
- 88% of respondents stress that both public and private sectors must work together to tackle financial crime.
- 84% believe the government should enhance public fraud education, with 91% of seniors strongly agreeing.
- 77% acknowledge the necessity of personal initiatives to protect their data, though many feel unprepared.
- 61% advocate for banks to employ more stringent security measures.
- 59% urge companies to adopt advanced fraud detection technologies.
Equifax Canada recommends that individuals take proactive steps to safeguard their identities. Emphasizing the importance of regularly checking credit reports, enabling multi-factor authentication for sensitive accounts, avoiding unsecured public WiFi during financial transactions, and staying informed about new fraud techniques can fortify personal security. Consideration of fraud protection services offered by Equifax Canada is also advised.
“With evolving fraud tactics, Canadians must remain alert,” added Davies. “By enhancing corporate policies, government supervision, and individual vigilance, we can effectively combat fraud.”
* Equifax surveyed 1,590 Canadians ages 18-65 from February 7-9. A random sample of this size has a margin of error of +/- 2.5% at a 95% confidence level.
About Equifax
Equifax (NYSE: EFX) believes that knowledge drives progress. As a global leader in data, analytics, and technology, Equifax aids financial institutions, businesses, and government bodies in making informed decisions. The company leverages a unique combination of data, analytics, and cloud technology to provide critical insights that empower progress. Headquartered in Atlanta, Equifax engages in operations or investments across 24 countries in North America, Central and South America, Europe, and Asia Pacific. For more details, please visit Equifax.ca.
Contact:
Andrew Findlater
SELECT Public Relations
[email protected]
(647) 444-1197
Angie Andich
Equifax Canada Media Relations
[email protected]
This article was originally published on Quiver News. Read the full story.
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