Believing they are not at significant risk from fraudsters, many students ignore the signs
It’s a sad fact that the more technology advances, the higher the risk of scammers and fraudsters trying to access the platforms that hold our most valued personal and financial data.
While all Canadians are at risk, many post-secondary students believe that they would not be of interest to fraudsters and are ignoring potential weaknesses that could open the door to being scammed.
The new RBC 2023 Students and Fraud Poll found that less than 44% of students are concerned about falling victim to a financial scam while at school and 30% never give fraud risk a thought, despite 46% saying that they have been targeted more often since starting their post-secondary studies.
"With so many things to think about when attending post-secondary school, it's understandable that fraud isn't always top of mind for students," noted Kevin Purkiss, vice president of Fraud Management at RBC. "With new sophisticated scams on the rise and many students managing their finances for the first time, being aware of the risks, knowing how to spot the signs of a scam and taking steps to protect your personal and financial information are key."
Identity theft can have wide ranging implications including financial fraud and with 52% of students believing they don’t have enough money to be targeted, more poll participants are worried about fraudsters stealing their identity (59%) than their money (30%).
Knowing the risks
However, 80% of students at least recognize that they need more information and education about fraud risks, with 40% not knowing where to find information and 49% unsure how to report fraud or a scam.
"If a scammer steals your identity, there can be long-lasting impacts to your credit score and your finances. This is true regardless of your age or financial situation," adds Purkiss. "That's why we believe it's important to continue to make information and resources available to everyone so they can stay on top of current scams to safeguard their personal and financial information."
Purkiss adds four key tips to keeping data safe including ignoring unsolicited calls, emails, and texts; pausing before sharing or acting including thinking again before sharing a password or credit/debit card or disclosing personal information on social media; updating passwords regularly; and being aware of the risks.
