Mastercard’s new nationwide survey, launched ahead of Fraud Prevention Month in March 2025, reveals significant concerns among Canadians regarding financial fraud and its potential impact on financial health and well-being. Despite the alarming statistics, many Canadians appear to lack the urgency in combating fraud, with only seven percent prioritizing prevention efforts. This finding underscores the importance of enhancing awareness and implementing robust fraud prevention measures to protect consumers and businesses.
Canadians’ Awareness and Knowledge of Financial Fraud
High Awareness but Low Proactivity
The survey indicated that over 89 percent of Canadians acknowledge the threat that financial fraud poses to both individual and community prosperity. However, it also highlights a gap in proactive behavior, as many do not actively prioritize fraud prevention. Notably, more than three-quarters (76%) of Canadians are worried about the potential impact of fraud on their financial health. Despite this high level of concern, the survey suggests that Canadians may not be taking sufficient steps to protect themselves from financial fraud. While awareness is a critical first step, there appears to be a disparity between recognizing the threat and implementing measures to counteract it. This gap in proactive behavior potentially leaves a significant portion of the population vulnerable to financial fraud, despite their acknowledgment of its risks.
Perceived Knowledge vs. Actual Preparedness
While 65 percent of Canadians consider themselves knowledgeable about financial fraud, a significant portion, 16 percent, self-identify as unknowledgeable. Additionally, the survey shows that a majority, 77 percent, believe they can identify fraud attempts, yet only a small fraction, three percent, admit to struggling with consistent fraud identification. This discrepancy between perceived knowledge and actual preparedness indicates a need for improved education and resources. Canadians may overestimate their ability to detect fraud, leading to a false sense of security. To effectively combat financial fraud, it is crucial to bridge this gap by providing comprehensive education on fraud prevention and equipping individuals with the tools and knowledge necessary to protect themselves.
Shared Responsibility and Technological Solutions
The Role of Individuals, Businesses, and Financial Institutions
Importantly, over half of the respondents (53%) believe that protecting against financial fraud is a shared responsibility between themselves, businesses, and financial institutions. This highlights the need for collaborative efforts in combating fraud effectively. Individuals must take personal responsibility for safeguarding their financial information, while businesses and financial institutions must also play their part in implementing robust security measures. By fostering a collaborative approach, the collective efforts of all parties involved can create a formidable defense against financial fraud. This shared responsibility is crucial in ensuring the security of financial transactions and protecting the financial well-being of the community.
Mastercard’s Technological Innovations
Amisha Parikh, Vice President of Security Solutions at Mastercard Canada, emphasizes the company’s commitment to staying ahead of fraudsters through advanced technology and innovation. Mastercard uses AI technology to assess and mitigate risks, thereby infusing trust in every transaction. The objective is to protect businesses and their consumers by revolutionizing the speed and precision of anti-fraud solutions. Mastercard’s technology suite includes biometric authentication, tokenization, and contactless payments, all designed to enhance security while ensuring user convenience. These solutions not only protect against fraud but also maintain a seamless, frictionless user experience, striking a balance between robust fraud prevention and ease of use. By leveraging these advanced technologies, Mastercard aims to create a safer financial environment for all stakeholders involved.
Investments in Security and Support for Small Businesses
Enhancing Security with Advanced Technologies
Mastercard’s technology suite includes biometric authentication, tokenization, and contactless payments, all designed to enhance security while ensuring user convenience. These solutions not only protect against fraud but also maintain a seamless, frictionless user experience, striking a balance between robust fraud prevention and ease of use. By incorporating these advanced security measures, Mastercard aims to instill confidence in its users by ensuring their transactions are secure and protected. This combination of cutting-edge technology and user-centric design underscores Mastercard’s commitment to providing a secure and convenient financial experience for all Canadians.
Supporting Small Businesses
The survey also highlights concerns pertaining to small businesses, which form a substantial part of Canada’s economy but are particularly vulnerable to financial fraud. Financial fraud not only causes direct financial losses to these businesses but also erodes consumer trust and, by extension, impacts local economies. Notably, 70 percent of Canadians express higher trust in businesses that employ advanced security technologies, such as biometrics and passkeys. In response to rising threats, Mastercard has committed to helping small businesses remain resilient and secure. The Mastercard Cybersecurity Assessment Tool, available for free through the Mastercard Trust Centre, enables business owners to assess and understand their cybersecurity needs and options. This focus allows small businesses to prioritize growth while protecting against fraud.
Mastercard’s Commitment to Innovation and Education
Investments in Cybersecurity and Workforce Development
One of Mastercard’s recent significant investments is the $510 million allocated to the Global Intelligence and Cyber Centre of Excellence, located in Vancouver. This center aims to tap into Canada’s rich cyber and tech talent pool and thriving technology ecosystem to accelerate the introduction of innovations to the market. Moreover, Mastercard has invested over $10 million in partnerships with academic institutions and non-profits through the Cyber Centre to cultivate a highly skilled tech workforce. By investing in education and workforce development, Mastercard seeks to ensure that Canada remains at the forefront of global innovation and security, continuously advancing its capabilities in the fight against financial fraud.
Providing Tools and Resources for Small Businesses
Mastercard’s recent national survey, released ahead of Fraud Prevention Month in March 2025, highlights the significant worries Canadians have about financial fraud and its potential repercussions on their financial health and overall well-being. The data unveils that while the statistics around fraud are alarming, there seems to be a prevailing sense of complacency among Canadians. Shockingly, only seven percent of those surveyed have made fraud prevention a priority. This alarming revelation emphasizes the urgent need to increase awareness and implement strong fraud prevention measures. Educating the public and reinforcing security protocols can help protect consumers and businesses alike. The findings serve as a critical reminder of the ongoing battle against financial fraud and the importance of proactive measures to mitigate risks. As financial fraud continues to evolve, collective efforts are necessary to safeguard financial stability and ensure peace of mind for all.
