Auto Fraud Surges 54% in Canada, Driven by ID Theft and False Credit Applications

Ontario sees the largest increase as rising vehicle prices and economic pressures contribute to the spike, Equifax Canada reports.

Equifax Canada reports a 54% year-over-year increase in automotive fraud, largely driven by identity theft and falsified credit applications.
Ontario experienced the most significant rise in auto fraud rates, with cases doubling since Q2 2023.
First-party fraud, where consumers misrepresent their financial situation, accounts for about 60% of auto fraud cases.
The proportion of identity theft in fraudulent credit applications grew to 48.3% in Q2 2024, up from 42.9% in the same period last year.
Equifax Canada urges businesses and consumers to use identity theft protection tools and remain vigilant to combat the increasing fraud.