By 
According to Stocklytics.com, Canadians lost $123 million during the first quarter of 2024.
RELATED: Research reveals one-in-every-100 online service users involved in fraud network
Stocklytics financial analyst, Edith Reads commented on the findings:
“Identity fraud poses a significant threat to both individuals and organizations in Canada, with its rise reflecting the evolving tactics of cybercriminals in exploiting vulnerabilities.”
Fraud is defined as an act of deceiving for financial or personal gain. It can be carried out externally by threat actors across the globe or internally via your employees exploiting their access privileges.
Identity fraud occurs when someone wrongfully obtains and uses another person’s data. This includes their name, Social Insurance Number (SIN), credit card information, or other identifying details, typically for financial gain.
Furthermore, the rise of digital transactions during the pandemic brought a new reality for Canadians. Increased transactions meant more opportunities for fraudsters, and suspected digital fraud attempts skyrocketed 202% from 2019 to 2023.
Fraudsters employ various means to steal personal information. This includes phishing emails, data breaches, and social engineering tactics. Armed with this sensitive data, criminals can open fraudulent accounts, make unauthorized purchases, and even commit more severe crimes under the victim’s identity.
The whole story and statistics can be found here.: Canadians Lose $123 Million to Identity Fraud in the First Quarter of 2024
