92 per cent of surveyed Canadians feel they
can better arm themselves and their family against financial
fraud and scams by having open discussions with family
members.
TORONTO, Feb. 18,
2025 /CNW/ - With Canadian Anti Fraud
Centre (CAFC) reporting over $630
million lost to fraud in 2024 alone, Canadians
are facing increased challenges as they grapple with a heightened
cost of living and more sophisticated financial fraud
attempts. Ahead of Fraud Prevention Month in March, a
new TD survey has revealed that Gen Z is most likely to shy away
from talking about fraud experiences at home, despite
being the most targeted.
With nearly a third of surveyed respondents (29 per cent)
expressing that they have or would shy away from talking about
fraud experiences at home, Gen Z respondents stood
out, as 51 per cent indicated their apprehension to speak out to
family, compared to 39 per cent of Millennials and 23 per cent of
Gen X. Interestingly, 45 per cent of Gen Z respondents say they
have been the victim of a financial fraud or scam
attempt, compared to 34 per cent of Millennials and 26 per cent of
Gen X. Whether out of embarrassment or a lack of proper education
around fraud, avoiding these conversations can make
detecting fraud more challenging for Canadians.
When it comes to staying better protected, however, 92 per cent
of surveyed respondents agree that identifying scams can be easier
when all family members are involved in discussions around
fraud prevention, highlighting the value that open
conversations can have.
Fighting fraud together
While nearly half of surveyed respondents (46 per cent) reported
feeling vulnerable about being a target of financial
fraud, only one in five (20 per cent) say they are
extremely confident in their ability to identify fraud
or scams. Despite these concerns, conversations about
fraud prevention remain infrequent within Canadian
households, as 73 per cent of respondents admit they do not discuss
or educate their family on financial safety and fraud
prevention, highlighting a potential gap in awareness and
preparedness.
Interestingly, 60 per cent of surveyed respondents say they
would feel like less of a target for financial fraud
if their family members regularly discussed scams and shared
knowledge. Younger generations are particularly inclined to believe
in the power of these conversations, with 73 per cent of Gen Z and
68 per cent of Millennials agreeing, compared to 52 per cent of Gen
X.
"Our survey found that one third of Canadians avoided falling
victim to a financial fraud attempt by talking to
their families," said Sophia Leung,
Executive Vice President, Protect Platform at TD. "Younger
Canadians seem reluctant to share their experiences with
fraud, but they also value open dialogue, so it's
important for families to start the conversation and continually
check in to help each other stay informed about potential
fraud and scams."
What Canadians worry about
As Canadians consider the dangers of financial
fraud and scams, 93 per cent believe that
fraud and fraud attempts will increase in
the next year.
When asked what would worry them most if a family member fell
victim to financial fraud, the survey found that:
- 80 per cent of respondents would worry about financial
loss
- 69 per cent would worry about identity theft
- 48 per cent would worry about the negative impacts on family
members' mental states, like depression or paranoia
- 34 per cent would worry about family members keeping this
information private or a secret if they fell victim
Defending against fraud
"When it comes to avoiding financial fraud and
scams, the best way to look out for yourself and your family is by
staying informed and communicating openly. Our survey saw that 42%
of Canadians do not seek advice on fraud or scams and
26% have gone to social media or the internet for advice. Taking
advantage of the professional tools and resources available to you
is essential, and qualified expert advice can make the difference
between staying protected and falling victim," added Leung.
Whether you are discussing fraud with your family
or not, it's important to remain educated when it comes to
identifying and avoiding financial fraud. TD offers a
suite of tools and resources designed to inform and equip
Canadians.
TD resources include:
- Both the TD Fraud Protection page and the TD
Stories Fraud Hub offer valuable information and
advice for Canadians looking to keep themselves and their family
informed about financial fraud and scam
prevention.
- TD MySpend is a mobile app that can help track purchases and
transactions made from personal TD Canadian dollar savings,
chequing and credit card accounts and automatically group them into
categories, to help provide an understanding of how money is spent.
The app can provide notifications of spending transactions in
real-time, making it easier for you to recognize fraudulent
transactions fast.
- TD Fraud Alerts allow you to receive instant text
messages on your Canadian mobile phone number, notifying you if TD
detects suspicious activity on your TD Credit Cards or TD Access
Cards. When coupled with TD MySpend, Canadians can get even more
immediate updates on purchases and suspicious transactions.
- Card Controls from TD allow cardholders to feel more confident
if they misplace their TD Access Card by providing an added layer
of security. Cardholders can easily lock and unlock their TD Access
Card if it gets misplaced, giving them greater control over their
own ability to avoid fraud and financial scams.
About the TD Survey
This Maru Public Opinion survey conducted on behalf of TD Bank
was undertaken by the sample and data collection experts at
Maru/Blue. 1,530 randomly selected Canadian adults who are
Maru Voice Canada online panelists
were surveyed from January 10th, to
January 13th, 2025. The results of
this study have been weighted by education, age, gender and region
(and in Quebec, language) to match
the population, according to Census data. This is to ensure the
sample is representative of the entire adult population of Canada.
For comparison purposes, a probability sample of this size has an
estimated margin of error (which measures sampling variability) of
+/- 2.5%, 19 times out of 20. Discrepancies in or between totals
when compared to the data tables are due to rounding.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by
assets and serves over 27.9 million customers in four key
businesses operating in a number of locations in financial centres
around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Auto Finance Canada; U.S. Retail,
including TD Bank, America's Most Convenient Bank®, TD
Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and
Insurance, including TD Wealth (Canada), TD Direct Investing, and
TD Insurance; and Wholesale Banking, including TD Securities and TD
Cowen. TD also ranks among the world's leading online financial
services firms, with more than 17 million active online and mobile
customers. TD had $2.06 trillion in
assets on October 31, 2024. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group
