Financial Crime World

Title: “Over Half of Canadians Fall Victim to Financial Fraud in First Half of 2023: TransUnion Survey”

Key Findings

  • Over half of Canadians were targeted by financial fraud in the first half of 2023.
  • There was a 40% increase in fraud attempts compared to the previous year.
  • Young Canadians (millennials and Gen Z) were the most vulnerable, with 61% and 54% being targeted, respectively.

Survey Reveals Escalating Financial Fraud Cases in Canada

A recent TransUnion survey gathered responses from 3,000 adults in Canada, revealing the extent of the financial fraud issue. The survey was conducted between January and June 2023. The results showed a significant increase in fraudulent activities, including identity theft, credit card scams, investment schemes, and online phishing attempts.

Vulnerability of Younger Canadians

The most vulnerable to financial fraud were younger Canadians, with millennials and Gen Z being disproportionately targeted, at 61% and 54%, respectively. In 2022, the Canadian Anti-Fraud Centre received over 24,000 reports of identity theft, costing victims over CAD 46.5 million.

Collaborative Efforts to Combat Financial Fraud

Financial institutions and Canadian law enforcement agencies are working together to raise awareness and combat these scams. Canadians are encouraged to report fraud cases to their financial institutions and the Canadian Anti-Fraud Centre.

Preventing Financial Fraud: Tips from TransUnion Canada

To protect themselves from financial fraud, Canadians are advised to:

  1. Check account statements regularly
  2. Use strong and unique passwords
  3. Avoid unknown email links or phone calls

Ongoing Fight Against Financial Fraud

Despite these efforts, financial fraud cases in Canada continue to rise, making it crucial for Canadians to remain proactive in securing their financial information.

For more information on how to protect against financial fraud, visit: