A new Payments Canada study reveals that Canadian businesses experience a higher rate of payment fraud than consumers—20% versus 13%, respectively. The most common fraud types include impersonator fraud (25%), intercepted e-Transfers (22%), and credit card fraud (20%). Larger commercial businesses were more likely to experience fraud, with 26% reporting incidents.
Despite growing awareness, fraud rates remained stable from 2023. Many businesses take precautions, such as using trusted sites and enabling two-step authentication, though password management still needs improvement. Notably, 70% of businesses were partially or fully reimbursed by financial institutions.
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