Most Canadians fear payment fraud as deepfake threats grow
Despite that widespread anxiety, more than half of respondents (52%) said they had not been provided with — or could not recall receiving — any guidance from their financial institution about the deepfake threat.
The gap is more pronounced among older Canadians: 60% of those aged 55 to 65 reported receiving no such guidance, compared with 48% of those aged 25 to 35.
“Payment fraud has become increasingly globalised, industrialised and technology-enabled, making it one of the most significant challenges facing Canadian consumers and the country’s payments ecosystem. As Canada prepares for the launch of the RTR, fraud prevention will remain a top strategic priority across the industry,” Gaelan Woolham, Partner and Canada Head of Financial Crime, Risk, Regulation and Finance at Capco, said.
“To stay ahead of evolving fraud tactics, organisations must be clear on emerging threats, customer concerns, experiences and expectations — and be ready to leverage advanced technologies, enterprise data and AI capabilities to prevent and respond to fraud in real time.”
Security outweighs convenience — but friction still frustrates
When choosing a financial institution for payment services, respondents ranked security (60%) and advanced fraud protection (46%) as their two most important considerations — ahead of customer service quality (39%) and transaction speed (36%).
