Canadians Alarmed by Rising Payment Fraud and Deepfake Threats

• •91% of Canadians fear their online data could be exploited for impersonation.
• •78% of respondents are concerned about deepfake technology affecting biometric security.
• •52% of Canadians have not received guidance from their banks on deepfake threats.

A recent Capco survey reveals that 91% of Canadians are concerned about online data security, particularly regarding impersonation and identity theft. The survey, which included 1,000 Canadian adults, found that card theft, identity theft, and account takeover are the top fraud concerns, each cited by about 45% of respondents. Additionally, 78% expressed worries about deepfake technology undermining voice and facial recognition security. Despite these fears, 52% reported not receiving guidance from their banks on deepfake risks. Over the past two years, 36% of respondents experienced attempted payment fraud, with unauthorized purchases and phishing attempts being the most common issues. The findings come as Canada prepares to implement a Real-Time Rail payment system, highlighting the urgency for financial institutions to enhance security measures.