Capco Survey: 91% of Canadians Fear Online Data Exploitation Amid Rising Payment Fraud Concerns

Canadian financial institutions face a critical trust gap as 91% of consumers express fear over online data exploitation. With the nation’s Real-Time Rail (RTR) launch approaching, new data reveals that over half of customers feel unsupported by their banks in navigating the rising threat of AI-driven deepfakes and sophisticated impersonation tactics.

What was announced

Capco, a global technology consultancy owned by Wipro, has released its Canada Payment Fraud report based on a survey of 1,000 Canadian adults. The findings highlight a significant disconnect between consumer anxiety and bank communication. While 78% of respondents are concerned about the impact of deepfake technology on voice biometrics and facial ID, 52% report they have not received, or cannot recall being offered, any guidance from their primary financial institution on how to mitigate these specific risks. This lack of communication is most pronounced among older demographics, rising to 60% for those aged 55-65.

The report identifies card data theft (45%), identity theft (45%), and account takeover (41%) as the primary concerns for Canadian consumers. The scale of the problem is evident: 36% of those surveyed have been targeted by attempted payment fraud in the last two years. Among these victims, 37% identified unauthorized purchases, 32% encountered phishing attempts, and 20% faced attempted card data theft. Despite these threats, 85% of respondents maintain some level of confidence in their bank's ability to protect them, though 40% now state that security is their absolute priority when balancing it against convenience. Furthermore, 60% cite security as the most important factor when choosing a payment service provider.

"Payment fraud has become increasingly globalized, industrialized and technology-enabled, making it one of the most significant challenges facing Canadian consumers and the country’s payments ecosystem. As Canada prepares for the launch of the RTR, fraud prevention will remain a top strategic priority across the industry. To stay ahead of evolving fraud tactics, organizations must be clear on emerging threats, customer concerns, experiences and expectations – and be ready to leverage advanced technologies, enterprise data and AI capabilities to prevent and respond to fraud in real time."

Gaelan Woolham, Partner & Canada Head of Financial Crime, Risk, Regulation & Finance at Capco.

The companies involved

Capco is a global management and technology consultancy specifically focused on the financial services industry. The firm operates as a subsidiary of Wipro, a major Indian multinational corporation providing information technology, consultant, and business process services. Wipro acquired Capco to bolster its presence in the high-end consulting space for banking and capital markets. Capco occupies a distinct position in the market by bridging the gap between traditional business strategy and deep technological implementation, particularly in areas such as risk management, regulatory compliance, and digital transformation. The firm’s research often focuses on the intersection of consumer sentiment and operational readiness within the global payments ecosystem, providing benchmarks for Tier 1 banks and fintechs as they navigate shifts toward real-time processing and AI-integrated security frameworks.

What FF News has reported before

FF News has closely tracked Capco’s insights into the evolving threat landscape and the regulatory response to emerging technologies. We previously covered their analysis of the American market in Capco Survey: 89% of US Consumers Fear AI-Driven Identity Theft and Deepfake Fraud, which showed similar anxieties regarding deepfakes south of the border. The firm’s commitment to ethical technology was highlighted when Capco Secures OpenAI Governance Award for Responsible AI Leadership in Financial Services. Additionally, our reporting has touched on their regulatory expertise, such as in FCA Crypto Reforms: Capco Expert Outlines Path to Mainstream Digital Asset Integration, demonstrating their broad influence across digital asset and payment policy.

What this means

The Canadian banking sector is at a crossroads. The impending arrival of the Real-Time Rail increases the velocity of money, but it also reduces the window for fraud detection. The fact that over half of consumers feel uninformed about deepfakes suggests that banks are failing at the most basic level of defense: customer education. While institutions are investing heavily in back-end AI detection, they are neglecting the "human firewall." As fraudsters shift from simple phishing to sophisticated AI-generated impersonation, banks that fail to provide "just-in-time" security messaging risk losing the high levels of consumer trust they currently enjoy. The industry must move beyond reactive security and adopt a proactive, educational stance to prevent the RTR from becoming a high-speed highway for illicit actors.