Driven by fake credit applications and identity theft, automotive fraud has surged 54 percent from a year ago, a report from Equifax Canada has found.
“That kind of increase really indicates there’s a specific targeted attack to that sector,” said Carl Davies, head of fraud and identity at Equifax Canada, in an interview.
The biggest jump in auto fraud rates was in Ontario, where they doubled since last year, said the report released Tuesday.
Rising vehicle prices in recent years have made the industry a target for fraud, Davies said, while in his opinion, recourse against criminals remains limited.
“When you combine those two, I think that’s driven a lot of the fraud activity into the auto sector this time around,” he said….