Credit card application fraud targets Canadians aged 56 to 65
The findings land against a backdrop of mounting financial pressure on Canadian households and a broader fraud environment that, according to the Canadian Anti-Fraud Centre (CAFC), cost Canadians more than $704 million in reported losses in 2025 alone — with the true toll likely far higher given that only five to 10 per cent of fraud incidents are ever reported.
Established cardholders in the crosshairs
The Equifax Canada data, published as part of the company’s Market Pulse Fraud Trends and Insights Report, points to a deliberate shift in how fraudsters are selecting their targets. Rather than casting a wide net, identity thieves appear to be concentrating on Canadians in their late 50s and early 60s; a cohort that typically holds well-established credit histories and, with them, access to higher credit limits.
The vulnerability is compounded by behaviour. Because Canadians aged 56 to 65 tend to check their credit reports less frequently, fraudsters have a longer window to operate undetected. Meanwhile, Quebec recorded the country’s highest rate of third-party credit card application fraud.
The pattern has implications beyond the individuals directly affected. Financial advisors whose clients fall within this demographic are increasingly being asked to help those clients understand and respond to the threat – a role that has grown as fraud tactics have grown more sophisticated.
Wealth Professional has previously reported on how one in 10 targeted Canadians fell victim to fraud between August and December 2024, with phishing and smishing among the most common methods.
