Credit card fraud statistics: Key insights and protection tips for 2025

Discover some of the latest Canadian credit card fraud statistics and learn how to protect yourself and your money from scams and identity theft.

Credit card fraud is on the rise in Canada and around the world. According to the Nilson Report, global losses caused by payment card fraud are expected to reach over $43 billion U.S. dollars by 2028. With more advanced technology and savvy individuals looming, it’s more important than ever before to protect yourself and your accounts from falling victim to a credit card scam or hack. 

Discover the latest credit card fraud statistics below to learn how prevalent this issue is and how you can prevent it from happening to you. 

Key personal finance statistics at a glance:

• Canadians have lost $503 million to fraud as of October 2024.
• Fraud is slightly higher in census metropolitan areas (CMAs) at 17% than in other areas of Canada.
• 76% of Canadians believe that current economic challenges could drive more individuals towards committing credit card fraud and theft, highlighting the potential for increased criminal activity during financial hardships.

Regional fraud statistics in Canada

Canadians love their credit cards, which becomes clearer when looking at Canadian credit card facts. Whether you’re looking at the country as a whole or specific regions, here are some statistics on personal finance and credit card fraud throughout Canada: 

1. 1 Canadians have lost $503 million to fraud as of October 2024, according to the Canadian Anti-Fraud Centre (CAFC).
2. 2 65.9% of reports to the CAFC across all provinces in 2022 include fraud victimization. 
3. 3 Equifax Canada reports that Ontario has the highest mortgage fraud rate.
4. 4 Quebec reported nearly double the number of fraud reports in 2022 to the CAFC compared to the previous year.

Fraud is slightly higher in census metropolitan areas (CMAs) at 17% than in other areas of Canada, with Edmonton, Victoria and Calgary having the most, according to Statistics Canada.

Most common types of credit card fraud

Having your credit card hacked and receiving a credit fraud alert is one of the most gut-wrenching feelings. Whether you’re an everyday consumer or a business, you’re at risk of payment fraud without the proper protections. In fact, businesses experience more payment fraud in Canada than consumers do.

Knowledge of avoiding common fraud schemes will help you identify suspicious activity and keep your accounts safe. Learn some of the statistics on common types of credit card fraud to know when you should be extra cautious. 

1. 1 According to TransUnion Canada, 14% of fraud schemes reported in December 2023 involved stolen credit cards or fraudulent charges. 
2. 2 Also shared by TransUnion Canada, phishing attempts were the most reported type of fraud scheme in Canada.
3. 3 According to Payments Canada, the top three types of fraud in Canada are unauthorized transactions on a bank or credit card statement, being contacted by an impersonator, and making an unauthorized purchase from a stolen credit card.
4. 4 In 2023, TransUnion Canada shared that more than 5% of all Canadian transactions were targeted by suspected fraud.

The retail industry in Canada had the highest amount of suspected fraud in 2023, as reported by TransUnion Canada.

Credit card fraud by demographic

It’s common for the latest credit card frauds to target specific demographics. For example, grandparent scams target older adults by creating a fake emergency where money is immediately needed to help their grandchild get out of trouble. 

Ensure you’re always aware of any new credit card scam to avoid becoming a victim. Read some of the following demographic-based credit card fraud statistics to learn more about how you may be targeted.

1. 1 Earning more money or having multiple credit cards puts you at higher risk for credit card fraud. PYMNTS discovered that 33% of those who earn more than $100,000 have experienced fraud.
2. 2 Equifax Canada shares that more than 76% of Canadians believe current financial hardships could cause more people to commit credit card fraud and theft.
3. 3 In 2022, CAFC reports showed that all age groups were targeted by fraud, with the 30-39 age group reporting the highest number of fraud victimizations compared to any other age group.
4. 4 The majority of victimization reports to the CAFC in 2022 came from those between the ages 20-49, showing a trend towards fraud schemes stemming from social media and other web-based applications.

Emergency fraud heavily targeted seniors in 2022, accounting for $7.7 million lost, according to the CAFC.

Identity theft statistics

Credit card theft can lead to more serious types of fraud, like complete identity theft. Protecting your personal information of all kinds helps to lower your risk. Identity theft can have major negative implications on your life, including your credit, with perpetrators creating accounts or taking loans out with your information that you’re now liable for when they aren’t paid.  

Learn more about identity theft statistics below:

1. 1 Canada’s identity theft rate was 52.96 per 100,000 residents in 2023, according to Statistics Canada. That rate is up significantly compared to 2022 (24%) signaling how massive Canada's identity fraud problem really is.
2. 2 In the second quarter of 2024, Equifax Canada found 48.3% of all fraudulent applications were flagged for identity theft — a 12.59% increase from the same quarter the year before.
3. 3 Equifax Canada also shared that 75.21% of all fraudulent applications stemmed from identity theft in 2023.
4. 4 24% of Canadians reported credit card fraud in 2022, according to the CPA Canada Fraud Survey.

Complete identity theft was the top fraud type TransUnion Canada found in financial services in 2023.

Tips to protect yourself from credit card fraud

If you’ve noticed credit card fraud charges on your statement, you know firsthand how harrowing the experience is. Protect yourself against credit card fraud by following these helpful tips:

Regularly monitor your statements

Whether you look at your mailed monthly credit card statement or periodically check online, it’s important to make sure your statements match your actual spending. Then, if you notice a charge you didn’t make, you can look further into it and report it if it’s indeed fraudulent.

Enable two-factor authentication (2FA)

Adding additional protections to all of your accounts makes them more difficult to hack. Just as you shouldn’t use the same password for all of your accounts, you should implement 2FA onto any accounts that allow it. The added step and layer of security means you have more control over logging into your accounts.

Set spending limits

Restricting yourself to a specific budget means you’re more likely to notice when somebody spends additional money without your consent because you’re paying more attention to your accounts than an average person.

Shop on trusted websites

When shopping online, make sure you’re only making purchases on secure and trusted websites. An easy way to check this is to look at the URL. A secure website’s URL will start with HTTPS instead of the unsecured version HTTP. Also, make sure that the shop’s name is spelled correctly.

Regularly verify your credit report

Checking your credit report regularly can notify you of any discrepancies, including what loans and credit accounts are taken out in your name. Canadians can sign up for an instant free credit report through Equifax and TransUnion Canada. Through these entities, you can also implement credit freezes where no new accounts can be made unless you thaw or unfreeze your credit.

Steps to take if you're a victim of credit card fraud

If you’re a victim of credit card fraud, act quickly. Financial experts and law enforcement recommend these steps to mitigate damage and prevent further fraud:

• Report the fraud to your bank or credit card company immediately
• Contact credit bureaus (Equifax Canada and TransUnion)
• File a report with local police
• Inform the Canadian Anti-Fraud Centre

Taking these steps promptly can help limit your liability, protect your credit score, and assist authorities in their efforts to combat financial crimes.

Learn how to protect yourself with Money.ca

The latest credit card fraud statistics show how prevalent credit card fraud is in Canada. Educating yourself on these trends will help you be vigilant and protect your personal and financial information from suspicious actors. Read the latest credit card news with Money.ca to stay informed and discover your most secure options. 

Cory Santos Credit card editor

Cory Santos Credit card editor

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk. He's also the creator and author of the annual Money.ca Credit Card Awards.

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