Social isolation lead factor in financial fraud according to TD survey

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fraud

As Fraud Prevention Month kicks off this month, TD Bank has released the results of a national survey, providing a portrait on Canadians’ vulnerability to fraud. The survey revealed some compelling results.

Almost two-thirds of Canadians (60%) believe social isolation and various life changes increase vulnerability to financial fraud. The changes are closely linked to social isolation, including:

  • Moving to Canada from another country (35%) – unfamiliarity with Canadian banking, tax, or legal practices may lead to increase susceptibility to fraud attacks like the CRA scam.
  • Recent death in the family (32%) – those coping with loss may be more likely to fall for an emergency scam, if they believe a family member needs help.
  • A recent divorce or separation (25%) – dating after the end of relationship may lead to increased susceptibility to a romance scam.

These factors extend beyond age differences. Boomers are seen as most at risk by other generations, but 92% of this generation state they do not feel vulnerable; an interesting contrast to widespread perceptions of Boomers being most at risk.

While fraudsters continue to target Canadians of all ages and life stages, but only 13% of Canadians say they feel vulnerable about being a target for fraud.