TD shares insights amid data showing $630 million lost to fraud in 2024
Canadians lost more than $630 million to fraud in 2024 alone according to CAFC data, but it seems many people don’t like to talk about it, especially the youngest cohort of adults.
A new report from TD reveals that Gen Zs are the generation most targeted by fraudster, but 51% said they would not want to talk about it at home with their family, well above the 29% average across generations. Millennials (39%) and Gen Xers (23%) are more open to discussing the topic with family.
But whether it’s embarrassment or a lack of education, Gen Zs are only increasing the risk of becoming a fraud victim by not talking about it; the generation is already the most targeted with 45% of respondents saying they have been the victim of a financial fraud or scam attempt, compared to 34% of Millennials and 26% of Gen Xers.
Nine in ten respondents of all ages agree that discussion with family makes it easier to identify fraud and scam risks with Gen Zs most likely to say that they would feel less vulnerable if they had family discussions about it. This is important given that almost half of those who took part felt vulnerable to fraud but just one fifth felt extremely confident in identifying fraud or scams.
"Our survey found that one third of Canadians avoided falling victim to a financial fraud attempt by talking to their families," said Sophia Leung, Executive Vice President, Protect Platform at TD. "Younger Canadians seem reluctant to share their experiences with fraud, but they also value open dialogue, so it's important for families to start the conversation and continually check in to help each other stay informed about potential fraud and scams."
Almost all respondents said they thought fraud and scam attempts would increase in the next year with 80% most fearful of financial loss, 69% concerned about identity theft, and 48% worried about the impact of a fraud on family members’ mental health.
"When it comes to avoiding financial fraud and scams, the best way to look out for yourself and your family is by staying informed and communicating openly. Our survey saw that 42% of Canadians do not seek advice on fraud or scams and 26% have gone to social media or the internet for advice. Taking advantage of the professional tools and resources available to you is essential, and qualified expert advice can make the difference between staying protected and falling victim," added Leung.
Last year, an OSC report uncovered the growing threat of AI-driven investment scams.
