A Payments Canada survey highlights that 15% of Canadians encountered payment fraud recently, with the fintech’s report emphasizing that an elevated risk of fraud is negatively influencing the payment behaviours of many: One-third of us struggle to distinguish between legitimate and fraudulent communications, the data suggests.
Unauthorized credit card transactions are common, with nearly 40% affected by this one type of fraud. Young Canadians, using social media and electronic payments more, are at higher risk of another kind: push payment fraud. Broadly speaking, Payments Canada suggests precautions like limiting information sharing, using two-step authentication, and shopping on trusted sites to reduce fraud risks.
Want to know more? Check out the source code on Fintech.ca.