How to Reduce Payment Fraud in Canadian eCommerce

Payment fraud remains one of the biggest threats in Canadian eCommerce. As online sales soar and fraudsters grow more sophisticated, merchants and shoppers are searching for payment solutions that maximize security without making checkout a hassle. Here’s how pay by bank options, especially Interac e-TransferⓇ, can help fight fraud, build trust, and keep your business protected.

Why Is Payment Fraud Rising in Canadian eCommerce?

• Increased Digital Transactions: As of 2025, 86% of all Canadian payments occur digitally, making eCommerce a prime target for fraudsters.
• Fraud Costs Are High: For every $1 lost to fraud, Canadian merchants spend $4.52 on remediation, higher than ever before.
• Mobile Risks: Over 37% of that fraud cost is tied to mobile transactions, highlighting the vulnerability of newer payment channels.
• Fraud Hurts Conversion: 64% of businesses say strong fraud prevention is directly tied to customer confidence and sales.

Top Ways Fraud Strikes Canadian eCommerce

• Card Data Breaches: Credit card numbers are a favorite target for hackers, with 21% of Canadian fraud cases involving card data theft.
• Phishing and Account Takeovers: Scammers trick customers into revealing passwords or credentials, then hijack accounts or payments.
• Impersonator Scams: Fraudsters pose as trusted brands or third parties to deceive shoppers and steal funds.

What Is Pay by Bank?

Pay by bank is a payment method where customers complete purchases directly from their bank accounts, often powered by the trusted Interac e-Transfer payment rail in Canada.

Security Advantages of Pay by Bank

• Bank Authentication: Every transaction is verified through the customer’s online or mobile banking, using their bank’s advanced security (multi-factor authentication, biometric login).
• No Card Numbers Shared: Because no credit/debit card data is entered on your site, the risk of card data breaches and data being stored insecurely is eliminated.
• Instant Confirmation: Funds move in real time, making it harder for fraudsters to reverse or manipulate payments.
• Direct Bank Network: Payments travel over the highly secure and regulated Interac network, trusted by virtually every Canadian bank.

What Do the Latest Stats Say?

• 32% of Canadians believe pay by bank is more secure than other payment methods, according to a Payments Canada study.
• Canadians consistently list security as their top priority when evaluating new payment methods, ranking above convenience or speed.

How to Accept Pay by Bank Easily: The Clik2pay Advantage

Adding pay by bank to your eCommerce checkout doesn’t have to be complex. Solutions like Clik2pay make it easy:

• Direct Interac Integration: Offer secure, direct-from-bank payments on your website, via SMS, or by email.
• No Card Data Required: Customers never have to type sensitive card information, dramatically lowering fraud risk.
• Real-Time Settlement: Receive payments instantly, with both merchants and customers getting real-time notifications.
• Bank-Grade Security: Clik2pay leverages Interac’s security protocols, regulatory compliance, and encrypted communication.
• Mobile and Desktop Friendly: Designed for seamless checkout, especially for the 40% of Canadians shopping on mobile.

Offering pay by bank at checkout isn’t just about convenience; it’s about actively reducing your fraud exposure and building trust with Canadian shoppers.