Credit Card Application Fraud Climbs as Identity Thieves Disproportionately Target Canadians Aged 56 to 65

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Postmedia has not reviewed the content. by GlobeNewswire Credit Card Application Fraud Climbs as Identity Thieves Disproportionately Target Canadians Aged 56 to 65Author of the article:Auto, mortgage and telecommunications application fraud declineTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account– Equifax Canada Market Pulse Fraud Trends and Insights –TORONTO, Sept. 29, 2026 (GLOBE NEWSWIRE) — Credit card application fraud climbed eight per cent year-over-year in Q2 2026, bucking the trend of declines across auto, mortgage and telecommunications applications, according to Equifax Canada’s latest Market Pulse Fraud Trends and Insights.The overall credit card application fraud rate, defined as the proportion of fraudulent credit card applications relative to the total credit card applications, rose by eight per cent compared to one year ago, reaching 0.91 per cent in Q2 2026, driven primarily by third-party identity theft.This advertisement has not loaded yet, but your article continues below.The overall consumer application fraud rate stood at 0.66 per cent in Q2, up five per cent from a year earlier. The first-party fraud rate, where applicants misrepresent their own personal or financial information, was 0.35 per cent, while third-party identity theft was 0.27 per cent. “While these percentage number increases may look small, the impact and dollar value could have a major impact on Canadians,” noted Carl Davies, Head of Fraud and Identity at Equifax Canada.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe increase in credit card application fraud is occurring against a backdrop of continued financial pressure on Canadian households. Separate Equifax Canada consumer credit data shows total consumer debt reached $2.68 trillion in Q2 2026, up 4.18 per cent year over year.Alongside rising debt levels, the overall severe delinquency rate (payments 90 or more days past due) increased 11.7 per cent to 0.68 per cent, and severe credit card delinquency climbed 6.8 per cent to 4.2 per cent. This is notable because rising delinquencies and financial pressure can be linked to increased fraud rates.This advertisement has not loaded yet, but your article continues below.Targeting Canadians with greater access to credit Canadians aged 56 to 65 were the most frequently targeted group, as identity thieves seem to be focusing on established cardholders, exploiting their potentially higher credit limits. Because Canadians aged 56 to 65 tend to check credit their 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.“Credit card application fraud is increasingly being driven by identity theft, and fraudsters focusing their efforts on Canadians aged 56 to 65 deserves attention,” said Davies. “Fraudsters are looking for opportunities to use legitimate personal information to open new accounts, which makes it important for consumers of all ages, but especially the 56 to 65 age group, to monitor their credit reports regularly and act quickly when they see any activity they do not recognize.”True identity fraud, where a criminal uses another person’s genuine personal information without consent to open an account, was the leading source of third-party credit card application fraud nationally.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Auto Fraud Cools, but First-Party Misrepresentation DominatesThe auto application fraud rate declined to 0.21 per cent in Q2 as auto credit inquiries fell nine per cent year-over-year and new originations declined by 9.2 per cent. First-party fraud accounted for 0.19 per cent, compared with just 0.02 per cent for third-party fraud.Nearly 90 per cent of fraudulent auto applications involved first-party misrepresentation, including falsified employment information, altered financial documents and conflicting personal information. Ontario recorded the country’s highest auto application fraud rate, while applicants aged 26 to 35 accounted for the largest share of fraudulent activity.“The fraud picture is not moving in one specific direction,” explained Davies. “With credit cards, identity theft is the biggest concern. In auto lending, it is applicants misrepresenting their own circumstances. Understanding the differences in what type of fraud is occurring is important because the methods used to detect and prevent fraud also need to be different.”This advertisement has not loaded yet, but your article continues below.Mortgage and Telecommunications Application Fraud Decline: Ontario and Alberta record highest mortgage application fraud ratesMortgage application fraud rate declined to 0.20 per cent in Q2 and consisted almost entirely of first-party misrepresentation. Ontario recorded the highest provincial mortgage application fraud rate at 0.28 per cent, followed by Alberta at 0.19 per cent.Telecommunications application fraud also continued its downward trend, falling to 0.32 per cent. The first-party fraud rate declined to 0.25 per cent, while the third-party fraud rate held at 0.02 per cent.“The shift in fraud rates really shows a growing split between different types of fraud. The increase in fraud for everyday banking products such as credit cards and banking/deposits may indicate broader household stress. While the declines in auto, mortgage, and telecommunications fraud are in part due to population contraction and sluggish credit demand,” noted Davies. “Canadians lost an estimated $645M to fraud last year. It’s a problem we are committed to continuing to fight, evidenced by the estimated $3B in fraud losses we help prevent annually. We want to do everything we can to help better protect Canadians from any type of fraud,” concluded Davies.This advertisement has not loaded yet, but your article continues below.Equifax Canada® Market Pulse Fraud Trends and Insights leverages market-leading data and analytics to deliver critical insights for Canada’s financial ecosystem to help protect consumers and help Canadians live their financial best. Equifax Canada offers a full suite of credit monitoring and ID protection solutions to protect Canadian consumers.About EquifaxAt Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.Contact:Andrew FindlaterSELECT Public Relationsafindlater@selectpr.ca(647) 444-1197Angie AndichEquifax Canada Media RelationsMediaRelationsCanada@equifax.comThis advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.