Title: Newcomers to Canada More Vigilant: Scotiabank Poll on Fraud Prevention

Scotiabank’s Findings on New Canadians’ Proactivity Against Financial Fraud

/CNW/ - In anticipation of Fraud Prevention Month in March, Scotiabank released a poll highlighting the heightened vigilance of newcomers to Canada regarding financial scams.

Key Statistics on New Canadians’ Fraud Prevention Measures

The survey reveals that new Canadians, those who have recently arrived in Canada (within the past 10 years), exhibit more proactive behaviors when it comes to financial security and fraud prevention:

Community Discussion: A 47% higher frequency for discussing financial security and fraud prevention within their communities.
Password Manager Apps: 46% more likelihood to use password manager apps for securing online accounts.
Regular Password Updates: A 16% greater frequency in updating passwords to secure their online accounts.

New Canadians’ Experiences with Financial Fraud

These measures become crucial as the survey reveals that nearly four-in-ten newcomers (38%) have been victims of financial fraud, significantly higher than other Canadians’ rate of 17%.

Empowering Newcomers with Essential Tools and Education

Tammy McKinnon, Scotiabank’s Senior Vice President, Global Fraud Management, emphasizes the importance of safeguarding newcomers against financial fraud. As part of its commitment to fostering a secure financial ecosystem, Scotiabank offers resources such as:

Cybersecurity and Fraud Hub: A hub dedicated to educating clients on common scams and providing simulation activities.
Tailored Solutions: Programs like StartRight™ and multilingual services to eliminate obstacles and facilitate secure integration for newcomers.

The Importance of Financial Fraud Education for All Canadians

The survey confirms that both newcomers and other Canadians share the belief in the necessity of increased awareness around financial fraud (95% for newcomers and 91% for all other Canadians).

Scotiabank’s Dedication to Protecting Clients and Securing the Future

Scotiabank, the fifth-largest bank by total assets (approximately $1.4 trillion as of October 31, 2023), remains dedicated to keeping clients’ financial information secure on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).

Methodology

The survey, conducted by Maru Public Opinion, involved 3,026 Canadian adults, with 181 participants being new Canadians. The results were weighted to match Census data and have a margin of error of +/- 1.8% for established Canadians and +/- 7.3% for new Canadians.

Media Inquiries

For more information, please contact Rabbana Omar from Scotiabank’s Global Communications team at rabbana.omar@scotiabank.com or 647-640-2503.