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Fraud Rates Increase in Canada Post COVID-19 Lockdown

As COVID lockdowns lift, fraudsters are shifting their focus to the industries showing the most growth.  As suspected, fraudsters are evolving to a digital world.

new study by TransUnion finds the rate of digital fraud attempts rose 16.5% globally in the second quarter of 2021 compared to the same time period in 2020. In Canada that rate increased 44.9%. Other top industries in Canada were retail, up 139.4% and logistics, up 90.3%.

Gambling increased 36.2% in fraud attempts globally. Logistics, telecommunications and insurance saw the biggest declines during this period.

The fraud attempts on financial services were up 149% globally at the start of 2021 from the year before. But in the second quarter that rate of increase eased to 29.7% in Canada and 18.8% globally.

Another study by TransUnion reveals that one in three Canadians have been targeted by a digital fraud scheme related to COVID-19. Fraudsters commonly use email, text messages and websites to steal personal information. In Canada 41% of those targeted said this was the method. The second highest was stolen credit cards or fraudulent charges at 25%.

As countries began to open up COVID-19 lockdowns, travel, and other leisure activities became more mainstream, fraudsters clearly made this industry a top target. However, Digital fraud is continuously growing in Canada – at twice the world’s pace. Originally reported by the Financial Post.