Interac: 80% of Canadians are facing fraud fatigue

Canada-based Interac has released a new survey regarding the fraud attempts made on Canadians and offers tips on mitigating them.

Identity fraud is a concern with 78% saying Canadians lack information on protecting their identity data online. Almost 47% believe their information is at greater risk of fraud now than before the COVID-19 pandemic.

Canadians may be unknowingly providing personal information through social media posts, gaming or entertainment apps, online marketplaces or through email that can be collected and used by fraudsters in scams. The sophistication of fraud attempts is compounding the threat. 

Nearly 4 in 10 Canadians (38%) have experienced a scam where the fraudster used personal information to appear as a trusted source, including their full name (61%), address (27%), and date of birth (12%). This practice is used to create a false sense of security and highlights the importance of safeguarding sensitive personal information.

Interac underlines the importance of Canadians practicing good digital hygiene to protect against fraud, and advised to not share identifying details in social media posts, adopt multi-factor authentication when possible, and use multiple complex passwords across often used websites.

To help counter fraud fatigue, Interac has made a Digital Check-up tool available to Canadians. It encourages digital self-care and helps consumers to keep a close eye on the strength of their data security, harnessing the advice of industry experts.