Canadians Under Assault By Financial Fraud: Survey

A majority of Canadians say they are under assault from financial fraudsters looking to steal their money and assets, according to a new survey conducted for Toronto-Dominion Bank (TD).

The survey found that 62% of Canadians say they’re being targeted by financial fraudsters on a regular basis, and 78% say they don’t have confidence in their ability to detect many of the scams being perpetrated on them.

The most common financial scams involve email and text message at 72%, followed by phone calls at 66%.

The report found that fewer individuals seem to be targeted by fraudsters through social media, with only 26% of people reporting cases of fraud on those platforms.

There also continues to be a stigma attached to financial fraud, with 31% of Canadians saying they wouldn’t tell someone if they fell for a scam and lost money or assets.

Another separate report released by CPA Canada found that younger Canadians are more vulnerable to fraud, with 63% of individuals aged 18 to 34 reporting that they’ve been taken advantage of by fraudsters at least once.

TD Bank’s stock is down 8% over the past year at $90.85 per share.