Canadians Expected to Lose More Than $569M to Scams in 2024

BioCatch's press release summarizes its 2024 Digital Banking Fraud Trends in Canada report, noting that reported fraud case counts have dropped to about 34% of last year’s levels while overall losses may reach or exceed $569 million (2023 level) as fraudsters concentrate on fewer but higher-value scams. The report highlights a shift toward social-engineering and impersonation scams (with over 70% of impersonation losses in five-figure cases), one in seven scam sessions showing signs of remote access trojans (RATs), and growing use of AI and deepfakes to scale and sophisticate attacks.