Decoder.ca

Canadian Tech in 100 Words

Payments Canada

Canadian Businesses Face Higher Payment Fraud Rates Than Consumers

by

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.

Want to know more? Check out the source code here.

Payment Fraud Remains a Concern Among Canadians, Latest Survey Shows

by

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.

Real-Time Rail Launch Delayed Until 2026, Payments Canada Announces

by

Payments Canada has announced that the launch of Real-Time Rail (RTR), the anticipated system for near-instant financial transactions, is postponed until 2026. Originally scheduled for 2019, RTR’s development has encountered delays, with the final phase of “clearing and settlement build” pending before industry testing can commence in 2025.

Payments Canada, which has collaborated with IBM and CGI on this project, seeks to enhance the speed and efficiency of the national payment infrastructure. Interim co-CEO Jude Pinto expressed commitment to updating stakeholders as the project progresses. This system aims to revolutionize how Canadians manage transactions by enabling real-time processing.

Want to know more? Check out the source code on The Logic.