Financial Fraud: More young Canadians report being a victim of financial fraud than older Canadians

CPA Canada survey reveals as scammers across the country become increasingly sophisticated, many Canadians are falling victim to financial fraud – and surprisingly young Canadians are the most at risk.

The annual Fraud Study by Chartered Professional Accountants of Canada (CPA Canada) found that despite many reports of scammers specifically targeting a senior demographic, 63% (3 in 5) 18-34 year olds report being a victim of at least one type of financial fraud in their lifetime. This number drops to 39% for ages 35-54 and 31% for those 55+.

The study also found that credit card fraud remains the leading type of financial fraud at 21% of credit card users, followed by email or phishing fraud (8%) and debit card fraud (8% of debit card users).

Here are a few ways to protect yourself from financial fraud:

Be Sceptical: Always be cautious when sharing personal or financial information, especially if you didn't initiate the contact.

Secure Online Accounts: Use strong, unique passwords for online accounts and enable two-factor authentication when available.

Monitor Accounts: Regularly review bank and credit card statements for unauthorized transactions. Set up alerts for any suspicious activity.

Beware of Phishing: Be cautious of unsolicited emails, calls, or texts asking for personal information or money. Verify the sender's identity before responding.

Update Software: Keep your computer, phone, and other devices up to date with the latest security patches.

Use Secure Websites: When making online purchases or sharing sensitive information, ensure the website's URL starts with "https://" and has a padlock symbol.

Shred Documents: Shred sensitive documents before discarding them to prevent dumpster diving for personal information.

Protect Personal Information: Don't share personal information on social media and limit the information you share publicly.

Educate Yourself: Stay informed about common scams and fraud tactics to recognize and avoid them.

Check Credit Reports: Regularly check your credit reports for any unauthorized accounts or suspicious activity.

Secure Wi-Fi: Use strong passwords for your Wi-Fi network and avoid conducting sensitive transactions on public Wi-Fi networks.

Verify Charities: Before donating, verify the legitimacy of charities and organizations asking for funds.

Financial Privacy: Be cautious about sharing financial information with third parties unless absolutely necessary.

Report Suspicious Activity: If you encounter a potential scam or fraud, report it to the appropriate authorities, such as the Canadian Anti-Fraud Centre.

Remember that staying informed, being vigilant, and using common sense are key to protecting yourself from financial fraud.