Equifax Canada: Budget Planning and Fraud Prevention ‘Top the List’ this Holiday Season
November 14 2023 - 5:00AM
Facing financial pressures, Canadians are planning to be more
budget-conscious and security-minded for the 2023 holiday shopping
season, according to a new survey* from Equifax Canada.
KEY FINDINGS
- 68 per cent of respondents said they plan to budget for holiday
shopping this year, up from 57 per cent in 2022.
- Credit cards remain the preferred payment method for holiday
purchases for most people (67 per cent); the number climbs even
higher to 72 per cent for younger adults (aged 18-34).
- 44 per cent feel more vulnerable to fraudsters and identity
thieves during the holidays, with 70 per cent saying they need to
do more to protect their personal data, up from 60 per cent in
2022.
“The findings from this survey suggest people are taking steps
to be more mindful of their spending and their personal information
during the holidays,” said Julie Kuzmic, Senior Compliance Officer,
Consumer Advocacy, Equifax Canada. “It is important to remember
that you can take control of your credit and protect your identity
at any time of year. Some simple actions like budgeting and
checking your credit reports can help you avoid overspending and
find potential signs of fraud.”
HOLIDAY SPENDING AND DEBTIn a recent survey**,
37 per cent of business owners expressed having less confidence
about the 2023 holiday season than they did last year, while only
15 per cent expressed having more confidence.
Younger people (aged 18-34) are more likely to carry over
holiday debt and regret their purchases (46 per cent and 38 per
cent, respectively) versus people 55 and older (19 per cent and 13
per cent, respectively).
Shopping local is on the rise for the 2023 holiday season, with
61 per cent of shoppers planning to do so, up from 51 per cent in
2022. A 10 per cent increase in shoppers planning to shop locally
could be a boon to small business owners, who are facing a
challenging holiday season.
“It’s so important to support small businesses this holiday
season, and beyond,” said Jeff Brown, Head of Commercial Solutions
at Equifax Canada. “Small businesses create jobs, support local
communities, and offer unique products and services that consumers
value.”
PROTECTING AGAINST FRAUD AND IDENTITY THEFTOf
respondents in the survey*, 44 per cent said they feel more
vulnerable to fraudsters and identity thieves during this time of
year. Fortunately, most of the survey respondents are taking steps
to protect themselves from identity theft, with 84 per cent
checking their credit card bills for suspicious activity, 72 per
cent using up-to-date antivirus software, 27 per cent purchasing
identity theft protection products, and 87 per cent limiting the
information they share on social media. Despite these efforts, 70
per cent agree that they need to do more to protect their personal
data, up from 60 per cent in 2022.
“Fraudsters and identity thieves don’t take time off for the
holidays, so it is essential to remain vigilant and to take steps
to protect yourself,” added Kuzmic. “Be careful about where you
shop and be mindful of the information you share online.”
TOP TIPS TO HELP CONSUMERS AVOID FRAUDSTERS AND IDENTITY
THIEVES1. Only shop with trusted retailers and be careful
at the checkout2. Regularly check your credit reports and bank
statements for suspicious activity3. Be careful about what
information you share on social media and be careful about clicking
on links in emails or text messages 4. Use strong passwords that
are changed regularly and two-factor authentication for your online
accounts5. Avoid using public Wi-Fi to shop online
Visit the Equifax Canada website for additional tips to help you
budget and protect yourself and your family against fraudsters and
identity thieves.
*An online survey of 1,564 Canadians was completed between
September 15-18, 2023, using Leger’s online panel. The margin of
error for this study was +/-2.5 per cent, 19 times out of
20.
** Equifax Canada commissioned Leger to conduct an online survey
with 300 Canadian small (271) and medium-sized (29) business
owners/leaders/decision makers within the Food, Construction,
Retail, and Travel Industries. It was completed between August 28
and September 13, 2023, using Leger’s online panel.
ABOUT EQUIFAXAt Equifax (NYSE:
EFX), we believe knowledge drives progress. As a global data,
analytics, and technology company, we play an essential role in the
global economy by helping financial institutions, companies,
employers, and government agencies make critical decisions with
greater confidence. Our unique blend of differentiated data,
analytics, and cloud technology drives insights to power decisions
to move people forward. Headquartered in Atlanta and supported
by nearly 15,000 employees worldwide, Equifax operates or has
investments in 24 countries in North America, Central and South
America, Europe, and the Asia Pacific region. For more information,
visit Equifax.ca.
Media Contacts:
Andrew FindlaterSELECT Public
Relationsafindlater@selectpr.ca (647) 444-1197 |
Heather AggarwalEquifax Canada
Media RelationsMediaRelationsCanada@equifax.com |
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