If the cost of living is of great concern to Canadians, so should the security of their assets. According to a Léger survey carried out for Option consommateurs and made public on Wednesday, 29% of those questioned reported having been victims of bank fraud in 2023.
This means money withdrawn from a bank account or credit card without the consent of the holder. Fortunately, 81% of victims were able to recover the stolen funds, although some reported having to take additional steps with their bank to get reimbursed.
As of March 31, 2024, the Canadian Anti-Fraud Center reported 7,908 victims of fraud representing financial losses of $123 million. Last year, nearly 42,000 Canadians reported fraud worth a total of $569 million.
“This data demonstrates the importance of increasing the legal protection offered to consumers in the event of bank fraud in order to place greater responsibility on financial institutions,” says Alexandre Plourde, lawyer and analyst at Option consommateurs, in a press release.
A sign that the phenomenon worries many, more than a quarter of respondents (26%) tried to access their credit file through the company of the two main credit agencies, TransUnion and Equifax. A proportion, however, deemed insufficient by Option consommateurs, which considers this practice to be “one of the main ways to ensure that you have not been a victim of identity theft”.
Food steals the show
Overall, 68% of respondents said they were concerned about their financial situation. Among the things that worry respondents the most are the costs of food (73%), gas (32%) and rent (31%).
Food inflation has led to changes in the purchasing habits of 83% of respondents, who now favor more economical brands (44%) or, more worryingly, buy less food (32%). In addition, 23% of them say they prioritize the cost of food, without regard to its nutritional value.
More than half of respondents also reported a significant increase in housing costs (54%) due to rent increases or mortgage fees or moving. These people reacted by reducing their spending on leisure and food, among other things.
As part of the publication of this survey, Option consommateurs also announced the results of the third edition of its Trust Barometer. This exercise measures the trust Canadians place in eight industries (banks and financial institutions, retail, travel, insurance, automobiles, real estate, telecommunications and food).
In 2023, the financial sector obtained the best score (57%), tied with retail. At the bottom of the pack, the food sector, which has won the trust of less than half of those surveyed (48%), slightly ahead of the telecommunications sector (50%).
Many sources of frustration
The investigation pinpoints several other ailments.
Nearly seven in ten respondents (69%) indicated that they are or have already subscribed to a service paid for through automatic monthly payments whose contract renews automatically, such as streaming and meal boxes. Of this number, 47% have already forgotten to cancel their subscription and 43% report having difficulty unsubscribing.
In 2023, 39% of respondents posted a negative review about a company online. A third of these people say that the company contacted them after their complaint either to resolve their problem or to ask them to remove their comment.
While 92% of respondents have made an online purchase in the past year, not everyone is satisfied with their experience. In fact, 35% of respondents reported problems with their purchases.
Still in consumption, 15% of those questioned said they had already paid for their purchases through financing companies which allow them to be spread over several payments. This rate is higher for the purchase of household appliances (20%) and lower for clothing (11%) and beauty products (10%).
The survey was conducted online from February 14 to 26, 2024 among a random sample of 2,502 Canadians aged 18 and over.