TransUnion Canada

Canadian Consumer Credit Market Reaches a New High, Driven by Credit Demand from New-to-Credit Canada Consumers

Retrieved on: 
Tuesday, February 27, 2024
Yoy, Acquisition, TransUnion Canada, CII, Growth, Ageing, Research, TransUnion, Bank

TORONTO, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Against a macroeconomic backdrop of persistently elevated inflation and high interest rates, TransUnion data indicates more Canadians are engaging in the credit marketplace, leading to a steady growth in credit participation. The number of consumers holding at least one active credit product grew by 3.6% year-over-year (YoY) in the fourth quarter of 2023 to an unprecedented 31.5 million, with approximately 96% of Canada’s credit-eligible population – consumers aged 18 and older – having access to at least one traditional credit product. At the same time, New-to-Credit Canadians represented $1 billion growth in balances over the past year.

Key Points: 
  • As part of the CIIR, TransUnion maps consumer credit market health with its Credit Industry Indicator (CII).
  • The CII is a country-specific measure of consumer credit health trends, focusing on four pillars: demand, supply, consumer behaviour and performance.
  • This growth was primarily led by the rising consumer credit participation as balances and the number of consumers in the credit market have continued to grow at a healthy pace.
  • Canadians’ average credit balance has trended up, given the underlying macroeconomic environment pressures and consumers’ increased reliance on credit, resulting in increasing minimum payment obligations for consumers.

Suspected Digital Fraud Originating from Canada Soars in 2023; Canada with Third Highest Increase in Fraud Rates Among 19 Countries Analyzed by TransUnion

Retrieved on: 
Wednesday, February 21, 2024
Gambling, Financial services, Growth, Fraud, Yoy, Organization, TRU, TransUnion, Data analysis, TransUnion Canada, Telecommunications, Community, Cryptocurrency

TORONTO, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Canada experienced a significant increase in suspected digital fraud attempts in 2023, with more than 5% of all transactions where the consumer was located in Canada being targeted by suspected fraud, revealed a new data analysis from TransUnion (NYSE: TRU). While the rate of suspected digital fraud grew YoY globally by 8% from 2022-2023, Canadian-based fraud significantly outpaced the global rate with a 39% increase in 2023 from 3.6% in 2022. Canada had the fifth highest rate of suspected digital fraud and the third highest rate increase from 2022-2023 out of the 19 countries analyzed.

Key Points: 
  • 39% growth in the rate of suspected digital fraud attempts year-over-year (YoY) for transactions originating from Canada in 2023.
  • 8.4% of e-commerce transactions in 2023 were targeted by suspected fraud attempts originating from Canada.
  • 258% increase in the rate of suspected digital fraud attempts originating from Canada within telecommunications sector from 2022-2023.
  • Canada had the fifth highest rate of suspected digital fraud and the third highest rate increase from 2022-2023 out of the 19 countries analyzed.

Nearly One Third of Canadians Expect to Be Unable to Pay their Bills in Full, 33% of Whom Plan to Increase Reliance on Credit to Stay on Top of Bills or Loans – TransUnion Study

Retrieved on: 
Tuesday, January 9, 2024
Research, TransUnion Canada, Generation Z, Face, Gen, Environment, Travel, TransUnion, Bank

TORONTO, Jan. 09, 2024 (GLOBE NEWSWIRE) -- TransUnion’s most recent Consumer Pulse study* shows that almost half (43%) of Canadians surveyed felt their household finances are worse than planned, up two percentage points from Q3 2023. This compares to 57% who felt their household finances are as planned or better (Gen Z was the highest among generations at 70%). While more than half (59%) overall said their household income stayed the same in the last three months, 21% reported it increased and 19% said it decreased in that time period. Despite the steady pace or increase in household income for the majority of Canadians, TransUnion data shows a continued shift in spending and saving behaviours which appear to be fueled by the impact of the prevailing cost of living pressures on disposable income and buying power.

Key Points: 
  • Q4 2023 TransUnion Canada Consumer Pulse study key findings:
    43% report that their household finances are worse than planned in Q4.
  • 48% expect household income to remain the same over the next 12 months, 41% expect an increase, and 11% expect a decrease.
  • 33% expect their bills and loan repayments to increase over the next 3 months.
  • 39% of Gen Z and 35% of Millennials plan to apply for new credit or refinance existing credit.

Canadians Increase E-Commerce Activity During Black Friday Shopping Period Despite 80% Concerned about Falling Victim to Online Fraud Over Holidays – TransUnion study

Retrieved on: 
Tuesday, December 12, 2023
TransUnion, Cyber Monday, Government, Prevalence, Privacy, Gen, News, Fraud, Identity theft, Black Friday, TransUnion Canada, Generation Z, Online shopping

TORONTO, Dec. 12, 2023 (GLOBE NEWSWIRE) -- A recent survey conducted by TransUnion® reveals that almost half (47%) of Canadians report they were targeted by online, email, phone call or text messaging fraud in the last three months*, of which 8% fell victim. A separate TransUnion study on 2023 Holiday E-commerce Fraud** indicates that the rate of potential fraud for e-commerce transactions where consumers are located in Canada over the “Cyber Five” holiday shopping period increased by 4.5% compared to the same period in 2022, yet was 66.5% lower than during the rest of 2023 (Jan. 1 – Nov. 22, 2023). The five-day holiday shopping period (referred to as the “Cyber Five”), spans the Thursday before Black Friday to Cyber Monday.

Key Points: 
  • 80% of Canadians surveyed are concerned about falling victim to online fraud during the 2023 holiday season.
  • The five-day holiday shopping period (referred to as the “Cyber Five”), spans the Thursday before Black Friday to Cyber Monday.
  • This is despite 80% of Canadians who expressed concern about falling victim to online fraud during the holiday season in general.
  • ***Canadians who responded as being extremely, very, moderately or slightly concerned about being victimized by digital fraud this holiday season.

Canadian Credit Market Reaches Record High Participation

Retrieved on: 
Tuesday, December 5, 2023
TransUnion, TRU, Research, CII, Generation Z, Yoy, Appetite, Growth, TransUnion Canada, Generation, Video game

Total Canadian credit active consumers holding at least one credit product at an all time high of 31.2 million.

Key Points: 
  • Total Canadian credit active consumers holding at least one credit product at an all time high of 31.2 million.
  • This was fuelled by a surge of Generation Z consumers (born 1995-2010) and new Canadian immigrants entering the credit market.
  • While demand from these diverse groups of consumers, including new-to-credit borrowers, led the growth of the Canadian credit market during Q3 2023, consumers across all risk tiers* showed increased demand for credit.
  • This growth was primarily led by the rising consumer credit participation as balances and the number of consumers in the credit market have continued to grow.

Fairstone Takes Proactive Steps to Strengthen Financial Knowledge during November's Financial Literacy Month

Retrieved on: 
Wednesday, November 1, 2023
Karma, Knowledge, Identity theft, TransUnion, ClearScore, Organization, TransUnion Canada, Social responsibility, JA, Credit score, Eye, Credit, Equifax Canada, Financial Literacy Month, Credit Karma, Insurance, Payment card, Management, Fraud

MONTREAL, Nov. 1, 2023 /CNW/ - As November marks the beginning of Financial Literacy Month, Fairstone Bank of Canada and its wholly-owned subsidiary, Fairstone Financial Inc. (hereinafter collectively "Fairstone"), are proud to reaffirm their commitment to the financial well-being of Canadians.

Key Points: 
  • MONTREAL, Nov. 1, 2023 /CNW/ - As November marks the beginning of Financial Literacy Month, Fairstone Bank of Canada and its wholly-owned subsidiary, Fairstone Financial Inc. (hereinafter collectively "Fairstone"), are proud to reaffirm their commitment to the financial well-being of Canadians.
  • This year, as we dive into Financial Literacy Month, Fairstone introduces the inaugural national "Check Your Credit Score Day" on November 2nd!
  • "We believe that knowledge is power when it comes to personal finances," said Grant Wyard-Scott, Chief Operating Officer at Fairstone.
  • Recognizing that financial literacy is the cornerstone of financial health, Fairstone offers a range of resources to enhance Canadians' financial knowledge and support informed decision-making.

Bracing for a Possible Recession, 34% of Canadians Build Up Savings, Following a Record High in Stockpiled Savings Through the Pandemic; 54% Cut Discretionary Spending, Reveals TransUnion Study

Retrieved on: 
Monday, July 10, 2023
Optimism, Housing, Face, Identity theft, Research, Appetite, Generation Z, TransUnion Canada, Risk, Fraud, TransUnion, Rare-earth element, Bank, Retail, Health insurance, Cryptocurrency, Online shopping, Millennials

TORONTO, July 10, 2023 (GLOBE NEWSWIRE) -- TransUnion’s most recent Consumer Pulse study* shows that almost half (43%) of Canadians felt their household finances were worse than planned. Nearly a third (32%) anticipate they will be unable to pay their bills and loans in full, of which 22% plan to borrow from a friend or family member to help pay them off. Around one third (36%) of study respondents believe that Canada is currently in a recession, and 27% believe that Canada will enter a recession in the second half of 2023. These prevailing concerns over financial headwinds and threat of a possible recession is affecting consumer spending, saving behaviours and appetite for taking on more debt, reveals TransUnion’s new study.

Key Points: 
  • “Concerns around inflation, rising interest rates, housing affordability, and the perceived threat of a potential recession are affecting how Canadians are managing their household finances.
  • Not just in view of today’s financial challenges – but in preparing for what’s ahead.”
    Canadians brace for a potential recession by stockpiling savings.
  • Canada saw record levels of stockpiled savings throughout the pandemic; while much of these savings have since been utilized, Canadians still appear to be in savings mode.
  • Over one third (34%) said they are preparing for a possible recession by building up savings.

Canadian Businesses Can Drive Stronger Growth and Reduce Identity Fraud Risks with TruValidate Identity Exchange from TransUnion®

Retrieved on: 
Wednesday, June 7, 2023
Telecommunications, Risk management, TRU, NTC, Organization, TransUnion Canada, Friction, Acquisition, Risk, Machine learning, Open Identity Exchange, Fraud, NYSE, TransUnion, Cryptocurrency, Online shopping

Early adopters of the solution have benefitted from increased acquisition while preventing fraud.

Key Points: 
  • Early adopters of the solution have benefitted from increased acquisition while preventing fraud.
  • Identity Exchange can help businesses expand their customer base.
  • “Identity fraud in its various forms is one of the most challenging issues faced by businesses today – but it is a preventable crime.
  • “By having a clearer picture of who is behind the transaction, businesses can drive fraudsters away, drive better experiences, and drive stronger growth.”

Fraud Concerns Determine who Canadians choose to do Business with, Reveals New TransUnion Survey

Retrieved on: 
Wednesday, March 22, 2023
Canada, Insurance, Identity theft, TRU, TransUnion Canada, Fraud, NYSE, TransUnion, Online shopping

TORONTO, March 22, 2023 (GLOBE NEWSWIRE) -- In a recent survey, TransUnion (NYSE: TRU) explored the sentiment and behaviours of Canadians in relation to fraud concerns when engaging online with companies, financial service providers, and retailers. The analysis reveals a delicate balance between Canadians wanting to feel their personal and financial information is protected – but without compromising their digital experience. Nearly a third (30%) of Canadians surveyed have switched their online transactions to another website due to fraud or security concerns. In addition, 34%, said they are either extremely or very likely to switch companies to get a better digital experience.

Key Points: 
  • The analysis reveals a delicate balance between Canadians wanting to feel their personal and financial information is protected – but without compromising their digital experience.
  • Nearly a third (30%) of Canadians surveyed have switched their online transactions to another website due to fraud or security concerns.
  • “Concerns about fraud risks are top-of-mind for consumers when engaging online – and have significant influence on who and how they choose to transact with.
  • Services like TransUnion’s credit monitoring and fraud alerts can play a significant role in helping protect Canadians from fraud risks,” Boudreau added.