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.
Go deeper with GlobalData
“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.”
