New Mastercard Research: Consumers in Canada worry about the impact of fraud on financial health

Mastercard's range of innovative fraud detection tools and solutions help protect and ensure payment security for consumers and businesses  

TORONTO, Feb. 24, 2025 /CNW/ - In a constantly evolving digital world, fraud threats seem to be coming from every direction, making it more challenging for Canadians to feel and remain secure. Launching ahead of Fraud Prevention Month in March, Mastercard's new nationwide survey reveals that despite 89 per cent of Canadians recognizing the growing threat of financial fraud to individual and community prosperity, only seven per cent prioritize prevention. As a global leader in cyber and fraud detection, Mastercard is helping ensure the protection of each transaction using AI technology to assess and mitigate risk, while delivering trust in payments.  

"Our objective is to stay one step ahead of fraudsters to protect businesses and their consumers. Mastercard is revolutionizing the speed and precision of our anti-fraud solutions through the continued implementation of new technologies, including the evolution of Artificial Intelligence" says Amisha Parikh, Vice President, Security Solutions, Mastercard, Canada. "Our technology enhances our ability to foresee potential fraudulent attempts. This is part of our commitment to infuse trust into every interaction to help protect Canadians and their businesses." 

Additional findings from the Mastercard research includes:

• More than three quarters of Canadians (76%) are generally worried that fraud attempts could impact their financial health & well-being.
• 65% of Canadians self-reported as being knowledgeable regarding financial fraud, and (16%) self-identified as being unknowledgeable.
• More than seven in ten (77%) Canadians believe that they can identify fraud, with only a small minority (3%) unable to consistently distinguish fraud.
• Over half of Canadians (53%) believe they have a shared responsibility with businesses and financial institutions to protect themselves.

Mastercard is at the forefront of combating financial fraud 

Although Canadians are alarmed about rising financial fraud, an overwhelming 90 per cent say they trust their credit card transactions to be secure. Across Mastercard's global network and in Canada, Mastercard delivers on that trust through continuous innovation to help protect transactions from emerging digital threats.

By tapping into innovative technologies like biometric authentication, tokenization and contactless payments, Mastercard enhances security while ensuring convenience for both consumers and businesses, helping strike the perfect balance between robust fraud prevention and seamless, frictionless user experience. These solutions help confront the challenges within the sophisticated, ever-evolving payment fraud landscape.  

For example, Mastercard invests in Canadian innovation and developing solutions that help consumers and small businesses protect their financial data, including a $510M investment in its Global Intelligence and Cyber Centre of Excellence. Located in Vancouver, the Global Intelligence and Cyber Centre of Excellence taps into the country's talented cyber and tech workforce and thriving technology ecosystem to help bring innovations to market even faster. In addition, the company has invested more than $10M in partnerships via the Global Intelligence and Cyber Centre of Excellence with academic institutions and non-profits nationwide to grow Canada's highly skilled tech workforce and ensure Canada remains at the forefront of global innovation.

Building healthier and more prosperous local economies 

Small businesses represent a large majority of Canada's economy, yet they are noticeably more vulnerable to the damaging effects of financial fraud, including loss of consumer trust. However, seventy per cent of Canadians say their trust in businesses is higher when they employ advanced security technologies, such as biometrics and passkeys. It is crucial that small businesses have access to fraud prevention tools, resources and technologies to protect their bottom line, consumer trust and the health of Canada's local economies.

Mastercard is committed to helping Canadian small businesses to stay resilient and protected against rising cyber threats. The Mastercard Cybersecurity Assessment Tool is available for free and on demand through the Mastercard Trust Centre, which helps business owners understand their cybersecurity needs and options so they can focus on what matters the most - growing their business. 

"Mastercard believes small businesses are the backbone of Canada's economy," says Parikh. "We continually invest in new solutions and strategic partnerships to better equip small business owners and entrepreneurs with the tools to defend against fraud."

Survey Methodology: A representative of N= 1,000 Canadians was issued the online survey between January 31 and February 10, 2025, balanced and weighted on age, gender and region. (Comparative margin of error = +/- 3.1%) 

Some of the stats provided have been calculated by combining the two positive response options (e.g., 'Agree' + 'Strongly Agree') or the two negative options (e.g., 'Disagree' + 'Strongly Disagree') to measure overall sentiment.

About Mastercard (NYSE: MA) 

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential. 

SOURCE Mastercard