One-Third of Young Canadians Fall Victim to Online Scams: TD Survey π»π°
Key Findings
- One-third of young Canadians aged 18-34 have fallen victim to online scams.
- 62% of young Canadians feel vulnerable, 63% report an increase in scam attempts.
- 43% of young adults would not report a scam out of shame.
TD Bank Group Survey π
A recent TD Bank Group survey revealed that one-third of young Canadians between the ages of 18 and 34 have experienced online scams despite being digitally savvy. This figure is higher than that of older demographics.
Growing up as a digital native does not make you immune to the dangers of online scams.
- Sophia Leung, TD’s fraud expert
Concerns and Prevalence οΏ½οΏ½οΏ½ress
Young Canadians express heightened concerns over financial fraud. Six in ten (62%) feel vulnerable, and six in ten (63%) reported an increase in scam attempts. Nearly all respondents (99%) believe fraud cases will escalate in the coming year. However, only 57% of scam victims reported the incident, with 43% admitting they would not do so out of shame.
The importance lies in staying informed and protecting yourself from future scams.
- Sophia Leung, TD’s fraud expert
Survey Methodology π
The TD Bank Group survey, conducted between January 30 and February 4, 2024, involved 1,085 Canadian participants aged 18 and over.
Types of Scams π©
Despite young adults investing time in anti-fraud education, they still expressed concerns over various types of scams, including:
- Job Scams (19%)
- Investment Scams (15%)
- Cheque Scams (12%)
Prevention and Education π‘οΈ
TD emphasizes the importance of fraud prevention education for Canadians. Canadians are advised to exercise caution with unsolicited job offers that request the use of personal bank accounts for money transfers. For investment schemes, a skeptical approach and taking time before making significant financial decisions are encouraged.
Other Age Groups and Types of Scams π
Seniors lost over $9.2 million to phone scams in 2022. The quick evolution of technology and artificial intelligence makes detecting scams more complex, regardless of age. In January 2023, a multinational firm in Hong Kong lost around $34.5 million to scammers using AI technology and phoney video conference calls with deepfake colleagues.
Canadian Anti-Fraud Centre π
As of December 31, 2023, the Canadian Anti-Fraud Centre had processed 62,365 reports with total losses amounting to $544 million. Reporting scams to the Canadian Anti-Fraud Centre increases awareness and protects others.
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