In an era of information overload, Payments Canada says it is taking a stand against misinformation and fraud, as highlighted by Victoria McMullen, Director of Marketing and Communications, in a thoughtful reflection on The 2024 SUMMIT panel discussion.
Informative insights from the session—featuring professionals such as Jason Bouzanis (FCAC), Nicholas Galletti (Bank of Canada), and Tamara Mason (CDIC)—underscore the urgent need to safeguard accuracy in Canada’s financial sector, especially with Fraud Prevention Month underway in 2025.
As noted in a blog post by Payments Canada, the digital age has increasingly blurred the lines between truth and deception, amplifying the risks of misinformation and disinformation.
Payments Canada’s latest research study reveals a stark reality: impersonator fraud, where scammers pose as trusted sources, accounts for 34% of payment fraud experienced by Canadians.
Nearly one-third of the population in Canada reportedly struggles to distinguish legitimate payment communications from scams, with many hesitating to pay bills out of fear. Over the years, bad actors have also become better at carrying out malicious activities and even more experienced consumers can be deceived by elaborate scams.
This vulnerability stems from Canada’s complex financial frameworks, which can confuse consumers and leave them susceptible to bad actors exploiting knowledge gaps. However, this also appears to be a global issue due to rapid advancements in technology that have made it very difficult to keep track of changes.
At The SUMMIT, it was reportedly emphasized that building consumer trust can be a type of countermeasure.
McMullen noted strategies like supporting more transparent relationships, explaining operational rationales, and creating accessible information repositories.
These efforts reportedly aim to position various financial entities as authoritative voices, empowering consumers to verify (not simply trust) information before acting on it impulsively or without proper research / due diligence.
However, gaining attention amid the so-called digital noise and resulting confusion is challenging, mainly due to the sheer number of digital messages people now receive on a daily basis.
Understandably, overcommunication risks overwhelming people, so the panel advocated for tailored, timely messaging—understanding intended audience expertise, simplifying technical details, and correcting misinformation without adding to the excessive amount of information that consumers need to go through daily.
Collaboration emerged as a key theme. Despite distinct mandates, Canada’s financial players are said to be interconnected, and are leveraging collective expertise to strengthen the ecosystem.
Payments Canada explains that it contributes through initiatives like Fraud Prevention Month, Financial Literacy Month, The PayPod podcast, and market research, aiming to provide a comprehensive view of the fraud landscape.
These efforts reportedly align with a broader mission to enhance financial health and resilience.
As fraud tactics grow increasingly sophisticated due to the rise of AI and other digital technologies, McMullen stresses that effective prevention requires more than solid infrastructure—it demands a mindset shift as well.
Consumers and business organizations need to become more aware of the latest trends shaping the digital economy. Bad actors are becoming more skilled at leveraging technology to exploit unsuspecting users. That’s why it has become critical to become more vigilant and learn as much as possible about how fraud is carried out in the digital age.
By cutting through misinformation with clearer, more factual communication, Payments Canada and its partners aim to gain and maintain trust, equipping Canadians to make sound, well-informed decisions and protect themselves.
Payments Canada concluded that in 2025, this united front is vital to ensuring a safer payment ecosystem and a robust economy that aligns with positive global growth trends.