Most Worrying Credit Card Fraud Statistics: Focusing on the Canadian Market

Credit card fraud is an immense problem in Canada. In fact, according to recent studies, the number of credit card fraud cases has been increasing steadily over the past few years.

Below, we'll outline some of the most relevant numbers and most recent data in order to shine a light on this growing issue.

Canadian Credit Card Fraud Statistics for 2025 - Editor’s Choice

• 53% of Canadians were victims of financial fraud.
• 46% of victims of financial fraud in Canada lost $500 or less in 2024.
• Over $569 million was lost to scams and fraud in 2023.
• The adoption of two-factor authentication in Canada surged by 15% in the past three years.
• The majority of fraud victims in Canada are aged 20-49.

13% of Canadians experienced payment fraud in 2024.

(Payments Canada)

This was about the same as the year before when 14% experienced fraud, indicating similar annual patterns in recent years.

26% of people in Canada keep their financial passwords on a piece of paper.

(CPA Canada)

This number might seem surprising at first, but not everyone is comfortable using technology to keep track of their finances. 

On the other hand, 18% of those surveyed said they keep their passwords in a separate file on their computers, while 17% keep them on an app, on their smartphone, or a tablet.

24% of people have experienced credit card fraud.

(CPA Canada)

Although there are many techniques fraudsters use to steal people's personal information, credit cards are still one of their favourite methods. It's not surprising that almost a quarter of Canadians have had a credit card fraud case at some point in their lives. 

At the same time, 8% of the respondents said they had been the victim of email phishing fraud, and 5% shared that they had been the victim of identity theft. Luckily, there are steps you can take to protect yourself from fraudsters, such as being vigilant when using ATMs, being careful when inputting your personal information online, and keeping an eye on your credit card statements.

53% of Canadians were victims of financial fraud.

(Equifax Canada)

One-third of them (34%) confirmed they experienced credit or debit card fraud, 24% said they had been the victim of email phishing, and 12% had fallen prey to a telephone scam.

The data also showed that people between the ages of 35 and 44 were more likely to be financial fraud victims than any other age group. Right behind them were people between the ages of 18 and 34. People older than 65 were the least likely to be victims of financial fraud, with 45% saying they had experienced this type of crime.

84% of Canadians double-check their bank statements to prevent fraud.

(Equifax Canada)

When it comes to preventing fraud, Canadians are taking matters into their own hands. In fact, the mentioned Equifax study from 2016 showed that 84% of them regularly check their bank statements to ensure there are no fraudulent charges. 

Other popular methods of preventing fraud include limiting the information you share about yourself on social media accounts (90%), regularly changing passwords on credit card accounts (39%), and checking credit reports (27%).

Over $569 million was lost to scams and fraud in 2023.

(BioCatch)

The most common type of fraud Canadians reported was identity theft, followed by extortion, personal information fraud, and phishing.

As of October 31, 2024, there were 40,623 reports of fraud in Canada.

(Canadian Anti-Fraud Centre)

The number of fraud victims was 28,634, whereas the total amount of money lost by the end of October was $503 million, a massive increase from just two years earlier.

41% of Canadians set automatic alerts for every credit card or bank transaction.

(CPA Canada)

This is a great way to prevent fraud because you will be immediately notified if there's any suspicious activity on your account.

Once you do that, you can rest assured knowing that you'll be one of the first to find out if someone tries to use your credit card or bank account without your permission.

In 2023 there were 21,737 victims of identity fraud in Canada.

(Statista)

The number decreased by 2.93% from the previous year, but fraud levels are still more than double they were just a decade ago.

​​Seven out of 10 Canadians provide their sensitive information solely on secure websites.

(CPA Canada)

Canadians are becoming more aware of the importance of online security and are taking steps to protect themselves. However, there's still a long way to go before we can say that everyone is taking this advice seriously.

Only 2% of Canadians have no credit/debit cards.

(Equifax Canada)

This means that the remaining 98% of citizens are potential victims of credit card fraud. And although there are many reliable credit card providers in Canada offering superior security features, no one is immune to this type of crime.

According to data published in the Financial Fraud Survey in 2016, 24% of respondents said they have just one card in their possession, 32% of them have two cards, and 40% confirmed they have three or more cards. The remaining 2% decided not to answer this question or didn't know the answer.

38% cases of fraud in Canada were related to unauthorized transactions in 2024.

(Payments Canada)

This was the most common type of financial fraud, followed by impersonator contacts at 34% and stolen credit card information used for unauthorized purchases at 18%.

46% of victims of financial fraud in Canada lost $500 or less in 2024.

(Payments Canada)

Conversely, 13% of victims lost more than $500.

The number of Canadians using two-factor authentication for accessing their accounts increased to 65% in 2024.

(Payments Canada)

The fear and awareness of the state of fraud is seen in the fact that two-factor authentication adoption in Canada has risen by 15% in just three years.

The majority of fraud victims in Canada are aged 20-49.

(BioCatch)

While many believe that the older population would be more susceptible to financial fraud in the increasingly digital world, the reality is that the majority of victims in Canada are now aged below the 50-year threshold.

52% of Canadians in 2024 were concerned about credit card fraud.

(TransUnion)

Only identity theft ranked higher at 53% when it comes to the primary concerns of cyber threats.