Almost two-thirds (63%) of young people in this age group who took part in the survey said they had been victims of at least one type of financial fraud in their lifetime. The proportion of victims falls to 39% among the 35 to 54 year olds and to 31% among the over 55 year olds.

These results surprised the study sponsors, who expected the trend to increase with age. What leads us to believe, given this data, that exposure level is a factor in susceptibility, says David-Alexandre Brassard, chief economist at CPA Canada. So the more you use credit or debit cards and the more online transactions you make, the more vulnerable you are to fraud attempts.

In fact, the popularity of sales sites and transactions that can be easily completed online make it easier for scammers to work. According to the survey, consumers aged 18 to 54 are twice as likely to make major online purchases as those aged 55 and over.

Trust in order to prevent better

Credit card fraud remains the most common type of fraud, with 21% of all card users being victimized, the survey confirms. Email fraud or phishing and debit card fraud each account for 8% of survey respondent victims.

What we find is that there really are many types of fraud, mentions Mr. Brassard. In addition to card fraud, there is online money transfer fraud, cell phone fraud and identity theft has not yet been recorded.

” There are a variety of ways to cheat, and the challenge is learning to spot them. »

One way to do this is to raise the issue with those around you. However, admitting to being a victim of scams remains taboo, with just 27% of victims claiming to have told friends, the survey shows.

And in Quebec, people are most likely to share their adversity with another person, Mr. Brassard points out.

But it’s important to talk about it to keep those around us informed. By talking about it, others are informed and made aware of new scam or phishing strategiesillustrates the economist.

Look out

With the increasing use of online banking (by 78% of respondents), virtual financial fraud is increasing, as is identity theft.

CPA Canada offers some advice to consumers to avoid those with shady intentions stealing fat bucks or their identities.

First, the organization suggests not sharing financial information online except on secure websites. Cyber ​​criminals are masters at cloning legitimate websites. A trained eye might spot some differences, but it’s easy to fall for them.

Currently, around 24% of respondents say they don’t consider website security before entering their bank details.

Reputable sites can usually be recognized by their address, which begins with httpswhich allows them to be distinguished from fraudulent websites.

Despite the steps Canadian banks have taken to inform and protect us, it remains difficult to know who’s behind the screen, says Doretta Thompson, chief financial literacy officer at CPA Canada, in a press release. Many scammers use identity tactics to steal money or personal information.

Tips and Tricks

CPA Canada also recommends not using public or unsecured Wi-Fi networks to enter personal information.

It’s also important to know your financial institution’s policies when committing credit card fraud. CPA Canada urges users not to disclose their information PEN for everyone and choose a combination of numbers that is difficult to guess, unlike a birthday or an address. The PEN can be changed periodically to maximize asset protection.

At the same time, credit card companies protect their customers from financial loss related to fraudulent or unauthorized use, provided these policies are followed. Therefore, the cardholder’s liability in the event of fraud is limited to a small amount of US$50.

Finally, CPA Canada encourages anyone who has been the victim of fraud to report it to local police and the Canadian Anti-Fraud Centre.