The currency of truth: Fighting fraud with facts
Author
Victoria McMullen
Director, Marketing and Communications
Victoria oversees the development and implementation of Payments Canada’s internal and external communication and marketing strategies to foster stronger relationships, influence stakeholders and enhance the organization's reputation within the payment ecosystem.
At The 2024 SUMMIT, I had the opportunity to participate in a discussion alongside experts who strive to tackle the challenge of maintaining communications authority and safeguarding accuracy in Canada’s financial sector. Panelists included Jason Bouzanis of the Financial Consumer Agency of Canada (FCAC), Nicholas Galletti of the Bank of Canada and Tamara Mason of the Canada Deposit Insurance Corporation (CDIC). With Fraud Prevention Month upon us, I’ve been reflecting on our conversation and the connection between misinformation and fraud.
In our digital age, truth often gets lost in the noise of information overload. Trusted voices of authority get drowned out, opening the door for bad actors to easily perpetuate misinformation and disinformation. This is how deceptive information can convince people to make decisions they wouldn’t usually make.
Fraudsters often weaponize misinformation and disinformation to target, manipulate and trick their victims. A recent Payments Canada study revealed that impersonator fraud — messages and phone calls that appeared to be from a trusted source — represented 34 per cent of payment fraud experienced by Canadians. Nearly one-third of Canadians struggle with knowing which payment-related communications they receive are legitimate or potential scams and many are even hesitant to pay their bills out of fear of being scammed in the process. Based on these findings, it’s clear we all have a role to play in countering these false narratives, ensuring Canadians are equipped with factual information to make informed decisions.
During our discussion at The SUMMIT, we talked about just how difficult this challenge can be. Canada’s financial frameworks are robust, technical and complex, making them difficult for the average consumer to understand. Some Canadians may not have even heard of the financial entities that safeguard our economy. Bad actors capitalize on this knowledge gap to confuse and mislead potential victims, making them all the more susceptible to fraud.
When consumers know which sources to trust for reputable information, they can consult those sources before making a hasty decision that could cost them financially. Our panelists shared how their organizations build consumer trust and position themselves as an authoritative, respected source, such as:
- Developing strong relationships with your audiences through transparent and authentic communications. Trust is a long game.
- Providing a clear rationale behind why you operate the way you do and make the decisions you make. Remind the public that their best interests are paramount.
- Building a publicly accessible repository of information and resources. Anticipate the information people are looking for and be the place where they can find the answers.
Gaining consumer attention and trust is just the first step in tackling misinformation. In an age where every voice has a platform, it can be difficult for critical information to stand out. However, overcommunicating to rise above the noise might only overwhelm, contributing to the problem. How do we strike the right balance to ensure our messages are heard? Our panelists shared a number of best practices their organizations use to keep Canadians educated and engaged:
- Understand your audience, including their level of subject-matter expertise, to tailor your communications. You may need to find creative ways to target populations that are more difficult to reach with standard messaging.
- Be mindful of your audience’s capacity to retain technical information. Give them the information they need to know at a level of detail they understand.
- Take an active ‘detect and correct’ approach to misinformation as it arises, before it gets destructive.
- Be careful not to contribute to information overload. Instead, “seed” your information to make it easier to retain.
- Deliver your information at the right time. Consumers are more likely to be receptive to information when it's timely and relevant to them.
Finally, our conversation shifted to reinforcing our efforts through collaboration. While we each operate within our own distinct mandates, the players in the financial system are interconnected. Leveraging each other’s expertise can only make our industry stronger.
Payments Canada is proud to contribute to campaigns like Fraud Prevention Month and Financial Literacy Month to enhance the financial health of Canadians. Through our market research, thought leadership, The PayPod podcast, The SUMMIT and more, we also help provide a comprehensive understanding of Canada’s payment fraud landscape to support the industry in combatting ever-evolving threats.
It is more critical than ever for Canada’s financial ecosystem to adopt a united front to combat misinformation and make payments safer for all. As malicious attacks become more sophisticated, fraud prevention requires more than just physical infrastructure; it requires a mindset shift. We must inspire Canadians’ trust in our financial system to empower them to make sound decisions that protect them from fraud and its consequences. By cutting through the noise to ensure the truth prevails, we are all contributing to a resilient economy.
I encourage you to join us as we continue the fraud conversation at The 2025 SUMMIT in Toronto, happening May 6 to 8. To save $100 on your ticket, I invite you to use my promo code, SUMM25PCVIP.
