The survey notes that 51% of Canadians see themselves as vulnerable targets for fraud. However, 46% say they have not tried to educate themselves on fraud prevention in the past year.
The results come amid shifting market conditions determined by the cost-of-living crisis and with more people turning to e-commerce. Nearly 47% believe increasing hardships and a higher cost of living will further expose them to future financial fraud and scams.
In addition, the scams the respondents find most concerning are identity theft (52%), title fraud (23%) and fake emergencies (20%).
A GlobalData survey conducted in September 2022 stated that 25% of Canadians had experienced fraud in the past three years. Of those interviewed, 35% were concerned about identity theft, while 26% worried fraudsters would steal their card details online.
According to TD, nearly 72% of Canadians said they were targeted by email/text message fraud, while 66% reported being targeted over the phone.
Only 26% of respondents said fraudsters tried to scam them on their social media accounts.
The majority feeling embarrassed of being a victim of fraud and who would not tell others were young adults, predominantly Gen Z (66%) and Millennials (44%).
Market reaction to fraud environment
Vice president of Canadian Fraud Management at TD Bank Group, Mohamed Manji, said: “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
“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.”
Lead Analyst for Payments at GlobalData Sam Murrant said in a GlobalData webinar that the only way to combat online fraud is for companies to educate consumers about the risk of social engineering.
The respondents interviewed by TD thought the biggest contributors to becoming a fraud target were age (43%), loneliness or isolation (35%), recently relocating to Canada (34%) and financial hardship or job loss (32%).
“We’re seeing more fraudsters preying on customers through the ‘grandparent’ or ’emergency’ scam”, added Manji.
“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.”