Nearly Half of Canadians Report Being Targeted by Digital Fraud as Scammers Exploit Familiar Communications and Accounts

Digital fraud targeting Canadians has surged, with businesses and consumers both at risk.

What the company is saying

TransUnion (NYSE:TRU) is highlighting a sharp escalation in digital fraud threats in Canada, emphasizing that 49% of Canadians surveyed were targeted by fraud schemes in a recent three-month period and 6% became victims. The company frames phishing (47%), vishing (44%), and smishing (40%) as the most prevalent tactics, stressing that fraudsters are exploiting familiar communication channels and existing customer relationships. Andrew Sigfrid, Senior Director of Fraud Solutions, is quoted to reinforce the need for vigilance and ongoing investment in fraud prevention by both consumers and businesses. The report underscores a 226% increase in suspected digital fraud in financial transaction attempts with Canadian clients from H1 2022 to H1 2026, and a 108% rise in account login fraud attempts. TransUnion positions itself as a provider of advanced fraud prevention solutions, referencing its global scale (over 13,000 associates in 30+ countries) and its role as a key credit bureau in Canada. The tone is factual, with a sense of urgency around evolving fraud tactics and the need for continuous monitoring and protection.

What the data suggests

The disclosed figures show a dramatic rise in digital fraud risk for both Canadian consumers and businesses. Nearly half (49%) of surveyed Canadians reported being targeted by fraud, with 6% falling victim. Phishing was the most common tactic (47%), followed by fraudulent calls (44%) and texts (40%). The rate of suspected digital fraud in financial transactions with TransUnion’s Canadian clients jumped 226% between H1 2022 and H1 2026, and the share of account login attempts suspected to be fraudulent rose 108% in the same period. In H1 2026, 42.4% of all suspected digital fraud in Canada was tied to account logins, with 1.7% of login transactions flagged as fraudulent (versus 2.5% globally). Synthetic identity fraud accounted for over 14% of onboarding credit losses in Canada for accounts opened in Q4 2023 and measured through Q2 2025. Among Canadian business leaders, 34% cited scam/authorized fraud as the leading source of fraud losses, and 42% reported an increase in such fraud over the past year. Concern is widespread: 47% of business leaders are extremely or very worried that fraud risks are evolving faster than their organizations can respond, and 59% of Canadians are at least moderately concerned about digital fraud this holiday season. The data is robust, with clear sample sizes (1,000 consumers, 200 businesses) and recent survey dates.

Analysis

The announcement is a data-driven update on fraud trends in Canada, presenting realised survey and operational data with clear percentages, timeframes, and sample sizes. The majority of claims are factual and historical, such as the 226% increase in suspected digital fraud and the breakdown of fraud types and losses. Forward-looking statements are limited to general recommendations for vigilance and do not promise future operational or financial outcomes. There is no promotional or exaggerated language regarding TransUnion's own performance or future benefits, nor are there claims of imminent product launches or financial impact. The only reference to capital intensity is a generic statement about past investments in technology, not a new outlay. The tone is factual and proportionate to the evidence, with no inflation of the company's achievements or prospects.

Risk flags

• ●The 226% increase in suspected digital fraud in Canadian financial transactions from H1 2022 to H1 2026 signals a rapidly worsening threat environment, raising operational and financial risks for both businesses and consumers.
• ●Account login is now the largest source of suspected digital fraud in Canada, accounting for 42.4% of cases, and the 108% rise in fraudulent login attempts suggests that existing customer accounts are a major vulnerability.
• ●Synthetic identity fraud is responsible for over 14% of onboarding credit losses in Canada, indicating that fraudsters are successfully bypassing identity verification at account opening, which could lead to sustained credit losses if not addressed.
• ●Business leaders are struggling to keep pace: 47% are extremely or very concerned that fraud risks are evolving faster than their organizations’ detection and prevention capabilities, pointing to a potential gap in current controls.
• ●With 59% of Canadians at least moderately concerned about digital fraud during the holiday season, consumer trust and transaction volumes could be affected if fraud incidents continue to rise.

Bottom line

TransUnion’s latest data shows digital fraud in Canada is not only widespread but accelerating, with a 226% increase in suspected cases over four years and account login fraud now the top risk point. Both consumers and businesses are feeling the impact, as evidenced by 49% of Canadians reporting fraud targeting and 34% of business leaders citing scam/authorized fraud as their largest source of losses. The company’s messaging is credible and data-driven, with robust survey methodology and clear breakdowns of fraud types and their impact. The near-term risk is acute, especially with heightened consumer activity expected during the holiday season. Investors should recognize that the fraud landscape is deteriorating, and demand for advanced fraud prevention solutions is likely to remain strong. The most important takeaway is that fraud risk is now a persistent and growing operational challenge for Canadian financial institutions and their clients, with immediate implications for loss rates and customer trust.

Announcement summary

(NYSE: TRU) TransUnion released its H2 2026 Update to the Top Fraud Trends Report, highlighting that 49% of Canadians surveyed reported being targeted by a fraud scheme via email, online, phone call, or text message during a recent three-month period. Of those targeted, 6% said they became victims. Phishing was the most commonly reported tactic among targeted Canadians at 47%, followed by fraudulent phone calls (vishing) at 44%, and fraudulent text messages (smishing) at 40%. The rate of suspected digital fraud in financial transaction attempts with TransUnion’s Canadian clients increased 226% from H1 2022 to H1 2026. Account login accounted for 42.4% of all suspected digital fraud in Canada in H1 2026, and the percentage of account login attempts in Canada suspected to be digital fraud increased by 108% from H1 2022 to H1 2026. In Canada, 1.7% of account login transactions were suspected to be digital fraud, compared to 2.5% globally, where account login represented 53.0% of all suspected digital fraud. Synthetic identity fraud accounted for more than 14% of onboarding credit losses in Canada among accounts opened in Q4 2023 and measured through Q2 2025. Scam and authorized fraud was the most frequently cited source of fraud losses among Canadian business leaders, with 34% saying it caused the most losses for their organizations in the past year. Among Canadian business leaders surveyed, 42% said scam or authorized fraud have increased over the past year, and 47% said they are extremely or very concerned that fraud risks are evolving faster than their organization’s ability to detect and prevent them. Other sources of reported fraud loss in Canada included synthetic identity (17%), first party (16%), third party (14%), and account takeover (13%). Globally, the breakdown was scam/authorized fraud (29%), synthetic identity (18%), first party (15%), third party (17%), and account takeover (17%). With the holiday season approaching, 59% of Canadians said they are at least moderately concerned about being victimized by digital fraud. The Canada business survey included 200 respondents and was conducted June 5–10, 2026, in partnership with Dynata. The Canada consumer survey included 1,000 adults and was conducted July 17–27, 2026, in partnership with Dynata. TransUnion operates in more than 30 countries and has over 13,000 associates, including operations in Canada.

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