Studies Credit Cards

Credit Card Fraud Statistics In Canada

Last updated on February 6, 2020

Many Canadians prefer using a credit card over cash or debit.

Credit cards offer rewards and are a useful tool to build your credit score. However, credit card fraud is still a large risk when using your credit card.

Here are the credit card fraud stats for 2020 – compiled by the Simple Rate research team.

General stats on credit card usage in Canada

75 million

Number of credit cards in circulation in Canada

89%

of Canadians who reported to have at least one credit card

2

Average number of credit cards carried by Canadians

$2,627

The average credit card debt in Canada

52%

of Canadians pay back their card in full every month

15%

of Canadians have a credit card spending limit under $2,000

44%

of Canadians have a credit card spending limit between $2,000 and $10,000

41%

of Canadians have a credit card spending limit over $10,000

Credit card fraud statistics in Canada

$800 million

The total financial loss from credit fraud in Canada

71%

Increase in the number of accounts who have reported at least one case of credit card fraud. This number is 2x higher than that of identity theft in Canada.

$300

The median amount stolen via credit card fraud

19%

of Canadians who were a target of credit card fraud were aware that they were a victim

39%

of Canadians surveyed have admitted to not using their credit card in certain cases because they were worried about their account being compromised

58%

of Canadians surveyed reported they cover their pinpad when entering their credit card pin at a merchant

86%

of people review their transactions every month


NOTES:

Average credit card debt in Canada is $2,627. 52% of Canadians pay back their card in full every month.

There are 75 million credit cards in circulation in Canada. The average Canadian carries two credit cards. 89% of Canadians have reported to have at least one credit card. 82% of people have reported that they choose their cards based on rewards offered.

Only 8% of Canadians surveyed claimed they didn’t know anything about the rewards programs their cards offered.

15% of Canadians have a credit card spending limit under $2,000. 44% have a credit card spending limit between $2,000 and $10,000. 41% have a credit card spending limit over $10,000.

According to The Canadian Bankers Association, the total financial loss from credit fraud is a staggering $800 million. Over the last decade, the number of accounts who have reported at least one case of credit card fraud has increased by 71%. This number constitutes 2x that of identity theft.

The median amount stolen via credit card debt was $300.

Shockingly, only 19% of Canadians who were a target of credit card fraud were aware that they were a victim. Of the surveyed Canadians, 39% have admitted to not using their credit card in certain cases because they were worried about their account being compromised.

Another interesting finding was that 58% of people surveyed reported they cover their pinpad when entering their credit card pin at a merchant. 86% of people review their transactions every month.

SOURCES: Government Of Canada, Statcan, Canadian Bankers Association, RBC, TD Plus, MBNA, Scotiabank, BMO, CIBC and National Bank, Equifax, The Globe And Mail, CPA Canada

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