The report released by Equifax Canada showed automotive fraud was up by 54 per cent year over year, with identity theft and falsified credit applications largely driving the rise.
was up by 54 per cent year over year, and the credit bureau said it is largely driven by the continued prevalence of identity theft and falsified credit applications.
He said costs like rent, mortgages, interest rates, upcoming mortgage renewals and a tough job market all contribute. When asked what percentage this would amount to, Davies said approximately 60 to 65 per cent of auto fraud is first-party, while the other 35 to 40 per cent is third-party — where a “bad actor” steals someone’s identity or takes over accounts in order to obtain a vehicle — or organized crime.Davies said auto fraud has become appealing to criminals, especially as he said there’s little recourse because it can be difficult to identify the perpetrator and bring prosecution.
Synthetic identity fraud increased from 2.8 per cent in the second quarter of 2023 to eight per cent this year. This type of fraud sees a criminal combine real and fake data to create new identities, such as changing a date of birth or first name “just enough for it to make it look like a different individual than the person whose identity that you’ve stolen.”
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