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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 North American Payments Insights: Canada – Fraud and Changing Consumer Preferences
Employed Consumers More Likely to Be Victims of Fraud:
- Employed consumers in Canada present a more lucrative target for potential scammers than their unemployed counterparts.
- 31% of employed consumers have been victims of fraud in the past 12 months, compared to 16% of unemployed consumers.
- 15% of employed consumers have been victims of card fraud in the past 12 months, compared to 11% of unemployed consumers.
- 8% of employed consumers have been victims of fake organizations in the past 12 months, compared to 3% of unemployed consumers.
- 8% of employed consumers have been victims of identity theft in the past 12 months, compared to 4% of unemployed consumers.
- 7% of employed consumers have been victims of telemarketing fraud in the past 12 months, compared to 3% of unemployed consumers.
Mercator Advisory Group has released a new primary research report titled 2021 North American Payments Insights: Canada – Fraud and Changing Consumer Preferences, summarizing the research findings from the fraud and payments behavior sections of the North American PaymentsInsights survey of 1,001 Canadian-based adults. The report highlights consumer payment behavior in response to experiencing payment related fraud in the pandemic induced shift to online shopping. Additionally, the report draws attention to the shifts in consumer payment habits and changing consumer preferences influenced by the pandemic. Finally, it touches upon consumers’ experience with credit card payment holidays and the implications this may have for credit card issuers. Various aspects of how Canadian consumers interact with the payments’ ecosystem are brought together to highlight key trends in consumer behavior, preferences, and motivations influenced by consumer perceptions and experiences with payment related fraud during a rapidly changing payment environment. Readers will be presented with a detailed analysis of the impact of demographic characteristics on consumer behaviors and inclinations, general consumer trends, as well as actionable insights for industry players to consider.
“The unprecedented expansion of online shopping during the pandemic has created a rise in fraud events that have affected Canadian consumers across all demographic categories. This necessitates a thorough reconsideration of how major players in the payments space deal with fraud prevention and the vendors they use for this. As fraud attacks affect a larger number of consumers, it is vital that payments service providers take measures to assure consumers that their payment information is secure.” – Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.