A new Capco survey finds most Canadians fear data breaches and AI-enabled fraud, yet many say their bank has failed to warn them
Nearly all Canadians are worried that their online data could be exploited to impersonate them or compromise their financial security, according to a new survey from management consulting firm Capco.
The poll of 1,000 Canadian adults found that 91 per cent fear their online information could be used to answer security questions or enable impersonation, a figure that underscores the deepening anxiety Canadians feel about digital financial crime.
Card and card data theft, identity theft, and account takeover ranked as the top three fraud concerns, each cited by roughly two in five respondents.
The findings arrive as financial advisors and wealth managers across Canada are increasingly fielding questions from clients about the integrity of the digital tools they use every day.
Deepfakes add a new layer of worry
The survey identifies deepfake technology as an emerging fault line in Canadian consumer confidence.
Seventy-eight per cent of those surveyed said they are concerned about the impact of deepfakes on voice biometrics and facial recognition, the very authentication methods that many financial institutions have been rolling out as a more seamless alternative to passwords.
Just over a quarter of respondents characterised voice and facial authentication as "not entirely secure," while six per cent already consider them outright insecure.
Perhaps most striking is the communication gap the survey exposes: 52 per cent of Canadians say they have received no guidance from their financial institution about deepfake risks.
As wealth management professionals look to deepen client engagement and demonstrate value, closing this information gap represents both a responsibility and an opportunity.
"Payment fraud has become increasingly globalized, industrialized and technology-enabled," said Gaelan Woolham, Partner and Canada Head of Financial Crime at Capco. "Financial institutions must be proactive — not reactive — in communicating emerging threats to their clients."
One in three Canadians already targeted
The survey data paints a picture of a threat that is no longer hypothetical for many Canadians.
Thirty-six per cent of respondents said they had been targeted by attempted payment fraud in the two years prior to the survey. Among those targeted, 37 per cent noticed unauthorised purchases on their accounts, 32 per cent encountered phishing attempts, and 20 per cent experienced an attempted card theft.
These numbers are likely to resonate with Canadian financial advisors who spend considerable time helping clients navigate financial disruption.
Understanding how fraud affects clients' financial wellbeing and their emotional confidence in digital systems, is increasingly part of a comprehensive planning conversation.
Security trumps speed when choosing a financial institution
The survey also reveals what Canadians want from the firms that hold their money.
When selecting a financial institution, 60 per cent of respondents cited security as a top factor, while 46 per cent said they would prioritise advanced fraud protection capabilities. Customer service came third at 39 per cent, followed by transaction speed and 24/7 accessibility, each cited by 36 per cent.
That hierarchy (security first, speed second) challenges a prevailing assumption in financial services that frictionless digital experience is the primary competitive differentiator.
Forty per cent of Canadians said they prioritise security absolutely, even at the cost of convenience. At the same time, 33 per cent said complex passwords are frustrating, and 27 per cent find multi-factor authentication inconvenient; a tension that financial institutions and their advisors must navigate carefully.
