Survey says 89% of Canadians acknowledge fraud as a threat but only few consider prevention a priority
Despite growing concerns about financial fraud, only a small percentage of Canadians actively prioritize prevention, according to a Mastercard survey released ahead of Fraud Prevention Month in March.
The survey found that while 89 percent of Canadians acknowledge fraud as a threat to individual and community financial well-being, only 7 percent consider prevention a priority.
The findings also highlight that 76 percent of Canadians worry about the impact of fraud on their financial security.
However, 65 percent describe themselves as knowledgeable about financial fraud, while 16 percent admit they lack understanding.
Additionally, 77 percent believe they can identify fraudulent activity, but 3 percent say they consistently struggle to recognize fraud.
More than half of respondents—53 percent—believe that responsibility for fraud prevention is shared between individuals, businesses, and financial institutions.
Despite concerns about fraud, 90 percent of Canadians trust that their credit card transactions remain secure.
Small businesses, which form a major part of the Canadian economy, remain particularly vulnerable to fraud.
The survey indicates that 70 percent of Canadians are more likely to trust businesses that implement advanced security measures such as biometrics and passkeys.
