Canadian Lenders Face $123 Million Loss from First-Party Fraud Surge

Credit card lenders in Ontario reported fraud-related losses reaching $123 million. This is part of a broader trend where individuals deliberately misrepresent their own financial information to gain access to credit or banking products. First-party fraud rose 31% year over year in Canada between the fourth quarter of 2024 and the fourth quarter of 2025, according to Equifax Canada. In the credit card sector, first-party fraud rose from 0.08% in Q4 2024 to 0.15% and in Q4 2025. Contradictory or mismatched data submitted by applicants became the dominant form of fraud in this category, increasing from 59% to 77% of first-party cases.