Payment Fraud Top Concern for Canadian Agents, Study Says

Fraud prevention is a major priority for Canadian agents, according to market research company Euromonitor.

The study, released today, shows that online payments and an increase in international travel are increasing the risk of fraud—leaving agents worried about the responsibility for protecting clients’ personal information and the consequences if it does become compromised.

Agencies are being driven to find alternative payment options, including Virtual Account Numbers (VANs). A VAN is an automatically generated 16-digit number used for supplier payments that can include payment parameters such as amount, currency, date, and merchant, making it a more secure way to pay or be paid.