April 22nd, 2024

Canadians concerned about growing identity, mortgage fraud: Equifax

By The Canadian Press on February 27, 2024.

A new survey shows identity and mortgage frauds are at the top of mind for Canadians, Equifax says.Equifax logos are shown on paper in Toronto on Oct.17, 2019. THE CANADIAN PRESS/Christopher Katsarov

TORONTO – A new survey from credit reporting agency Equifax shows Canadians are increasingly concerned about identity and mortgage frauds.

The Equifax report shows 74 per cent of people believe frauds affect their auto insurance payments, pressuring them with the financial burden of the growing crime.

The company, which surveyed 1,614 Canadians aged 18 to 65 between Feb. 2-4, says 76 per cent of respondents believe financial hardships may have pushed people to commit fraud and theft, especially in the auto sector and through stolen identity. The survey carries a margin of error of +/- 2.5 per cent, 19 times out of 20.

The report suggests the proportion of identity fraud in auto fraud applications has doubled since 2019, with secured lending institutions especially vulnerable to these attacks.

Carl Davies, head of fraud and identity for Equifax Canada, says identity fraud is no longer confined to traditional financial products but has permeated into industries such as the auto sector, posing significant challenges for lenders and consumers.

He adds the rise in identity fraud rates shows the urgent need for enhanced security measures and greater vigilance across all sectors.

This report by The Canadian Press was first published Feb. 27, 2024.

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