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Post haste travel5/2/2023 ![]() There are some important steps consumers can take to better protect themselves, CPA Canada said. That’s not to say that falling prey to financial fraud is inevitable. “Many scammers use impersonation tactics to pose as a trusted source to steal money or personal information.” “We don’t always know who is on the other side of our screens,” Thompson said. Though 97 per cent of Canadians use a debit or credit card, only 42 per cent have signed up to receive transaction alerts through email or text, a safety mechanism designed to flag card holders of suspicious purchases, the report said.īut even those alerts must be scrutinized. Still, most people aren’t taking steps to protect themselves. Bank impersonation schemes, debit and credit card fraud are all growing as a result, the report said. “The more we’re online, the more we’re opening ourselves up to smart scammers, so extra diligence is required,” Dorretta Thompson, CPA Canada’s financial literacy leader, said in a press release.Ī rise in online banking has also made people more vulnerable to letting sensitive financial information fall into the wrong hands. That could be risky behaviour, especially if consumers aren’t reading the fine print before plugging in their credit card numbers. But only 18 per cent of those aged 55 and over have done so. For example, 35 per cent of people between 18 and 34 have made a major purchase, such as an appliance, vacation or car, via the internet. Scammers are getting more sophisticated, moving beyond classic email phishing schemes and targeting consumers who are shopping or doing banking online. The reason younger people might get burned more often lies in their online habits, CPA Canada said. ![]() That’s compared to 39 per cent of those aged 35 to 54 and 31 per cent of those over 55.Ĭredit card fraud is the top financial scam people fall victim to, the survey found, followed by email phishing scams and debit card scams. More young people say they’ve been hit by financial fraud, with 63 per cent of those aged between 18 and 34 having been a victim of a scam at least once in their lives, according to the latest fraud report from the Chartered Professional Accountants of Canada (CPA Canada). Older people are often assumed to be the main targets of financial fraudsters, but younger generations may actually be more at risk to fall victim to scams, research suggests. ![]()
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