TORONTO, ON (April 15, 2026) Equifax Canada’s latest Market Pulse Fraud Trends and Insights data reveals a notable shift toward first-party fraud, where individuals intentionally misrepresent their own financial information. First party fraud rates across Canada rose 31 per cent year-over-year between Q4 2024 and Q4 2025. Rates were higher in Ontario and Alberta, and were more pronounced among younger demographics nationwide.

The findings point to a shift in fraud risk. While third-party fraud continues to be a major threat, a growing share of risk is now coming from applicants using their own identity but providing false, inconsistent, or exaggerated financial information.

“This concerning growth in first-party fraud activity is a trend no lender can afford to ignore,” said Carl Davies, Head of Fraud & Identity at Equifax Canada. “Traditional third-party attacks remain prevalent, but we are also seeing more cases where consumers appear to be manipulating their own information to gain access to credit or banking products.”

Credit Card: Spike in First-Party Fraud

An increase in first-party credit card fraud highlights a concerning shift in consumer behaviour, with first-party credit card fraud nearly doubling year-over-year, rising from 0.08 per cent in Q4 2024 to 0.15 per cent in Q4 2025, alongside elevated delinquency pressure in the category.

Equifax found that contradictory or mismatched data submitted by applicants became the dominant form of first-party fraud in credit cards, rising from 59 per cent of first-party cases in Q4 2024 to 77 per cent in Q4 2025. Ontario represented the highest regional exposure, with fraud-related credit loss in the sector reaching as high as $123 million. 

Banking and Deposits: The Increase in Falsified Financials

A similar pattern is emerging in banking and deposits. In that category, third-party fraud attempts declined from 0.45 per cent in Q4 2024 to 0.32 per cent in Q4 2025, while first-party fraud increased from 0.51 per cent to 0.68 per cent over the same period.

The nature of the fraud is also changing. Cases involving falsified financial information in banking and deposits increased substantially from 1.5 per cent of first-party cases in Q4 2024 to 21 per cent in Q4 2025, while account abuse increased from 14 per cent to 24 per cent.

“AI-based technology helps to detect falsified documents and identities,” added Davies. “As fraud tactics evolve, Equifax offers reliable AI-powered tools that can help lenders identify both third-party attacks and signs that an applicant may be misrepresenting their financial position.”

Mortgages and Auto Loans: Hidden Losses Amidst Declining Rates

Mortgage and auto application fraud rates moved in the opposite direction overall, with auto fraud down 19.4 per cent year-over-year and mortgage fraud down 12.5 per cent. Even so, the data shows that potential losses tied to suspected fraud within delinquent portfolios remain significant.

Data also showed consumers aged 26 to 45 accounted for most suspected fraudulent mortgage applications, while those aged 35 and under represented the highest share of fraud-related credit loss in auto delinquency balances.

Products such as FraudIQ™ from Equifax Canada empower businesses to mitigate risk in real time and prevent future fraud losses. The cloud-based fraud prevention platform is powered by advanced analytics and rich data sources and leverages the power of the Equifax FraudIQ Exchange consortium, Canada’s largest known fraud exchange, consisting of multi-sector fraud data from top banks, financial institutions, telecoms, auto, and other organizations. Fraud prevention platforms from Equifax have helped organizations prevent an estimated $3B in fraud loss annually.

About Equifax

At 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.