Newcomers to Canada are more vigilant about preventing fraud than other Canadian citizens and residents. That is the conclusion of research undertaken by Scotiabank ahead of Fraud Prevention Month in March. Newcomers are defined as Canadian adults who arrived in Canada in the last 10 years.

Canadian newcomers are more likely to:

  • Regularly discuss financial security and fraud prevention within their community (47% more likely than other Canadians)
  • Use a password manager app (46% more likely)
  • Frequently update passwords to protect their online accounts (16% more likely)

These enhanced measures are not unwarranted says Scotiabank. Its research indicates that new Canadians are at a higher risk of being targeted by financial fraud. Nearly four-in-ten of newcomers have fallen for at least one financial fraud scam. This is a rate significantly higher than for other Canadians. This underscores the fact that despite their efforts to protect themselves, newcomers remain prime targets for fraud. Scotiabank says that both groups—newcomers and other Canadians—agree that more education around financial fraud is needed.

“When it comes to financial fraud, everyone is a target, particularly individuals who may be in vulnerable positions such as newcomers to Canada,” said Tammy McKinnon, Senior Vice President, Global Fraud Management at Scotiabank. “Effective fraud prevention is essential to building a resilient financial ecosystem that all Canadians can trust. At Scotiabank, we’re committed to supporting the fight against fraud and keeping our clients’ financial information safe and secure.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.