Summary
This document is a report detailing the fraud trends observed in the first half of 2023, as discussed during a webinar hosted by Equifax Canada. The report features insights from Equifax Canada’s Director of Fraud Consulting and a panel of experts who analyzed fraud data across various industries, including automotive, mortgage, credit cards, banking, and telecommunications. Key findings indicate a significant rise in fraudulent applications, particularly in the automotive sector, which saw a 28 percent increase, and the mortgage sector, which experienced an 18.8 percent rise in fraud rates. The document also explains the differences between first-party and third-party fraud, providing examples of each. Additionally, it offers recommendations for consumers to protect themselves against identity fraud and discusses the importance of robust internal security measures for businesses to mitigate insider risks. The report concludes with a mention of Equifax's FraudIQ Manager™, a platform designed to enhance fraud prevention efforts.
