‘They need to be mindful of what they share and take steps to protect themselves’
More than half (56 per cent) of Canadians believe they could be a target for financial fraudsters, according to a report from TD Bank Group.
Respondents said that actors that contribute to feeling vulnerable to fraud include loneliness or social isolation (84 per cent), increased online activity such as shopping (82 per cent) and financial hardship or job loss (80 per cent).
“Canadians' perception of how and why they may be vulnerable to fraudsters reflects the changes in how we live and work in a pandemic,” said Tammy McKinnon, Head of the Financial Crimes & Fraud Management Group at TD. “While isolation and loneliness may play a role, more Canadians are aware that as they spend more of their lives online, they need to be mindful of what they share and take steps to protect themselves.”
Women (90 per cent) are more likely to see loneliness and social isolation as factors in being vulnerable to fraud compared with men (78 per cent), according to TD Bank Group. Among age groups, Gen Xers (89 per cent) are the most likely to point to loneliness as a reason someone would be vulnerable to fraud, followed by millennials (79 per cent) and the Gen Z (74 per cent).
Many also say that being too trusting in general (89 per cent), sharing too much information on social media (88 per cent) and simply being too busy to recognize the signs of a scam (81 per cent) make Canadians more vulnerable to attempted fraud.
Twenty-eight per cent of Canadians have been contacted by scammers who already had some of their personal information, according to a separate report.
Types of fraud
A majority (78 per cent) of Canadians report that they have been a target by at least one type of attempted fraud in the last year, according to TD Bank Group’s survey of 1,001 Canadians conducted Feb. 19 and 22, 2021.
Types of frauds seen last year include phishing or email scams and fraudulent text messages.
Close to six in 10 (57 per cent) Canadians have seen fraud attempts increase this year, according to a separate report.
In the first 30 days of 2021, the Canadian Anti-Fraud Centre reported Canadians lost more than $10 million to fraud – a 42 per cent increase over the same period last year – with more than 3,300 reported fraud victims.
Fighting back
Canadians are taking steps to protect themselves against fraud, according to the new survey.
- 79 per cent would not give personal information to someone who calls them and claims to be from their credit card company, bank, or the Canada Revenue Agency;
- 74 per cent would never click on a link in an email that is unfamiliar to them;
- 72 per cent would not send money to someone they met online;
- 60 per cent shred their documents before discarding paperwork; and,
- 57 per cent pay attention to media and information from their bank to help keep well-informed.
“As fraudsters continue to adapt to our new reality, it's encouraging that the majority of Canadians use more than one tactic to help protect themselves,” continued McKinnon. “The consequences of fraud can be devastating, so it's vital to remain vigilant and stay informed about common scams to avoid falling victim to fraud.”
Allstate also shared some steps human resources teams can take to protect employee data:
- Provide thorough and continuous training.
- Develop a comprehensive cybersecurity plan.
- Offer identity protection services as an employee benefit.
