As Fraud Prevention Month approaches this March, a new nationwide survey from Mastercard highlights the growing concern among Canadians about the rising threat of financial fraud. Despite 89 per cent of Canadians acknowledging the growing threat to individual and community prosperity, only seven per cent are actively prioritizing fraud prevention, according to the survey.
Fraud threats are becoming increasingly complex, and Canadians need to stay vigilant.
Amisha Parikh, Vice President of Security Solutions at Mastercard, Canada: “Our objective is to stay one step ahead of fraudsters to protect businesses and consumers. Mastercard is revolutionizing the speed and precision of our anti-fraud solutions through the continued implementation of new technologies, including the evolution of Artificial Intelligence.”
The survey findings reveal that over three-quarters (76 per cent) of Canadians are generally concerned about the potential impact of fraud on their financial health and well-being. Furthermore, while 65 per cent of respondents consider themselves knowledgeable about financial fraud, 16 per cent admit to lacking awareness. In terms of identifying fraud, 77 per cent of Canadians are confident they can spot fraud attempts, with only a small minority (three per cent) unable to consistently identify fraudulent activities.
The survey also highlighted a sense of shared responsibility when it comes to preventing fraud. More than half (53 per cent) of Canadians believe they share responsibility with businesses and financial institutions in protecting themselves from fraud.
Mastercard’s Commitment to Cybersecurity Innovation
Despite the rising concern, Mastercard continues to lead the way in cybersecurity and fraud prevention. 90 percent of Canadians trust their credit card transactions to be secure, a sentiment Mastercard delivers on by continuously innovating to protect digital transactions from emerging threats.
By leveraging advanced technologies such as biometric authentication, tokenization, and contactless payments, Mastercard enhances security while ensuring a seamless experience for consumers and businesses. These innovations strike the balance between robust fraud prevention and user convenience.
Mastercard has also made significant investments in Canada’s cybersecurity landscape. The company has committed $510 million to its Global Intelligence and Cyber Centre of Excellence in Vancouver, tapping into Canada’s tech workforce to accelerate the development of fraud prevention solutions. Furthermore, Mastercard has invested over $10 million in partnerships with academic institutions and non-profits across the country, helping grow Canada’s highly skilled tech workforce and ensuring the country remains a leader in global innovation.
Supporting Small Businesses in Canada
Small businesses, which form a substantial part of Canada’s economy, are particularly vulnerable to the damaging effects of financial fraud, including loss of consumer trust. Mastercard’s research shows that 70 percent of Canadians would have more trust in businesses that use advanced security technologies like biometrics and passkeys.
Recognizing this, Mastercard is committed to supporting small businesses with the tools and resources necessary to protect against rising cyber threats. Through the Mastercard Cybersecurity Assessment Tool, which is available for free on the Mastercard Trust Centre, business owners can better understand their cybersecurity needs and take action to safeguard their businesses.
“Mastercard believes small businesses are the backbone of Canada’s economy,” says Parikh. “We continually invest in new solutions and strategic partnerships to better equip small business owners and entrepreneurs with the tools to defend against fraud.”
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