Despite rising fears of being victimized by fraudsters, Canadians may not be well-equipped to protect themselves, reports a survey released Tuesday by TD Bank Group.
Amid shifting market conditions and the higher cost of living, 62 per cent of Canadians agree they are being targeted now more than ever, but nearly half (46 per cent) haven’t taken any measures to educate themselves on fraud prevention or protection in the past year. In fact, close to eight-in-10 (78 per cent) Canadians say they don’t have a high degree of confidence in their ability to identify potential scams or fraud, said the report.
Tima Miroshnichenko
The survey showed 51 per cent of Canadians feel vulnerable to being a target for fraud, while nearly half (47 per cent) believe the combination of hardships and a higher cost of living will expose them more to financial fraud and scams, it added.
“As Canadians report being targeted by a record number of financial fraud attempts, many can benefit from using the tools and resources available to protect themselves and their loved ones,” said Mohamed Manji, Vice President of Canadian Fraud Management at TD. “It’s very important to exercise caution, especially at a time when fraudsters may take advantage of the economic challenges many Canadians are currently facing. In addition to the robust security measures TD has in place for its customers, the best defence against financial fraud is being aware and knowing how to spot it.
“We’re seeing more fraudsters preying on customers through the ‘grandparent’ or ’emergency’ scam. This cruel crime is often successful because it exploits someone’s desire to care for their loved ones. If you get a call from somebody claiming to be a family member or friend in immediate need of funds, hang up the phone and call them back using a number you have for them.”
Both TD and the Canadian Anti-Fraud Centre offer a comprehensive library of articles discussing the latest trends in scams and measures Canadians can take to enhance their awareness and avoid falling victim to fraudsters.
According to the survey, nearly three-quarters (72 per cent) of Canadians reported being targeted by email/text message fraud, up 14 percentage points from last year, while 66 per cent were targeted over the phone. Fraudsters appear to be pivoting away from social media, with only 26 per cent reporting being targeted by this method, a 10 percentage point decrease from 2022. In addition, Canadians shared the scams they found most concerning, including identity theft (52 per cent), title fraud (23 per cent) and fake emergencies (20 per cent), said TD.
When assessing the factors that make Canadians most vulnerable to being a target of fraud, respondents identified age (43 per cent), loneliness or isolation (35 per cent), having recently moved to Canada (34 per cent) and financial hardship or job loss (32 per cent) as the biggest contributors, added the report.
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