First-Party Fraud Explained: Why More Canadians Are Lying to Get Credit

Cherolle Prince, Director of Fraud and Identity Management at Equifax Canada, unpacks the alarming rise of first-party fraud — when individuals misrepresent their own identity or inflate their income to qualify for credit. With economic pressures pushing more Canadians to the financial edge, Equifax data shows first-party fraud is up over 30% year over year, doubling in both credit cards and banking. Cherolle explains how AI-powered detection tools and lender collaboration are fighting back, and why this growing trend ultimately tightens credit access for everyone — even those who play by the rules.

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