A recent survey conducted by TransUnion revealed that nearly half of Canadians (49 percent) reported being targeted by a scam recently.

According to the survey, there was a 40 percent increase in digital fraud attempts originating in Canada that targeted global businesses during the first half of 2023 compared to the same period last year.

The survey also found that the communications, insurance, and internet sectors saw the largest increases in suspected digital fraud during this timeframe, with increases of 400 percent, 90 percent, and 75 percent, respectively.

In Canada, the rate of suspected digital fraud across all industries rose to 4.5 percent, compared to 3.2 percent last year. The rate also saw a global increase, climbing to 5.3 percent compared to 4.5 percent year-on-year.

Patrick Budrow, head of identity and fraud solutions at TransUnion Canada, stated in a press release, "There are a number of important considerations to keep in mind when trying to measure the impact of digital fraud on any particular industry." "Certain factors need to be taken into account, such as the overall size and growth rate of the different industries. This is not only to put fraud-related data in context but also to anticipate where fraudsters may continue to focus their efforts in the future."

According to the survey, 43 percent of Canadians surveyed, totaling over 10,000, reported experiencing fraud but did not become victims of it. On the other hand, six percent said they fell victim to fraud after being targeted.

When it comes to how they were targeted and the scams used against them, 47% of respondents reported being targeted through phishing attempts, which typically use deception to steal personal or financial data through emails, websites, social media posts, or QR codes.

Among those surveyed, 43% reported being targeted by voice phishing, also known as "vishing," which involves fraudulent phone calls aimed at tricking individuals into revealing sensitive information. Additionally, 41% experienced fraud through SMS phishing, or "smishing," which involves fraudulent text messages designed to trick recipients into revealing their personal or financial information.

Tips on how to avoid falling for scams...

To protect against fraudulent scams, TransUnion recommends regularly monitoring your credit report for any unauthorized activity and questioning any unfamiliar purchases listed on your statement.

Also, avoid carrying unnecessary items such as extra credit cards, birth certificates, SIN cards, or passports in your wallet unless required. Ensure you install a lockable mailbox at your residence to mitigate the risks of mail theft.

Additionally, be cautious when sharing personal information over the phone or online, especially if you did not initiate the contact. Fraudsters often use phishing emails, spoof calls, or text messages to obtain sensitive data. Always verify the legitimacy of the requester before sharing any personal or financial information.

Another valuable tip is to thoroughly and regularly review your utility bills and subscriptions. By carefully examining this data, you can ensure that all charges are legitimate and belong to you, helping to detect any fraudulent activity early.

For the security of your phone and computer, it is essential to resist the temptation of using similar passwords across different accounts. Instead, choose unique and strong passwords for each account to enhance your security. Additionally, make sure to securely store your passwords and PINs so you do not have to write them down, reducing the risk of unauthorized access to your accounts.

If you suspect that you may become a victim of fraud, even if no misuse of your credit or personal information has been reported yet, it is wise to place a potential fraud alert on your credit file, as this alert informs potential lenders that there may be fraudulent activity associated with your information and provides them with your contact phone number to verify, adding an extra layer of protection to your financial security.