Majority of Canadians worry about fraud but only few take preventive action

A Mastercard survey conducted ahead of Fraud Prevention Month in March found that while Majority of Canadians (89 percent) recognize the increasing threat of financial fraud, only seven percent prioritize prevention.

The survey highlights a gap between awareness and action, even as fraud risks continue to evolve.

Mastercard’s research revealed that 76 percent of Canadians worry about fraud affecting their financial well-being. While 65 percent consider themselves knowledgeable about financial fraud, 16 percent identify as unknowledgeable.

Additionally, 77 percent believe they can detect fraud, though only three percent say they consistently struggle to distinguish it.

More than half of respondents (53 percent) believe that protecting themselves from fraud is a shared responsibility between individuals, businesses, and financial institutions.

Despite concerns, 90 percent trust that their credit card transactions remain secure.

Small businesses, a significant part of Canada’s economy, are more vulnerable to financial fraud.

According to the survey, 70 percent of Canadians place greater trust in businesses that use advanced security technologies, such as biometrics and passkeys.

According to Mastercard, AI technology plays a key role in fraud detection by assessing and mitigating risks while maintaining trust in transactions.

“Our objective is to stay one step ahead of fraudsters to protect businesses and their consumers,” said Amisha Parikh, vice president, Security Solutions, Mastercard Canada.

“Mastercard believes small businesses are the backbone of Canada’s economy,” Parikh stated.

To help small businesses protect themselves, Mastercard offers the free Cybersecurity Assessment Tool through the Mastercard Trust Centre. This tool helps business owners assess their cybersecurity needs and focus on growth.