60% of Canadians Show Concerns of Fraud During the Holidays

A recent survey conducted by Scotiabank revealed that 60% of Canadians are worried about fraudulent schemes during the holiday season.

According to a Scotiabank press release, the bank polled 1,519 Canadians and discovered that a large amount is fearful that online shopping and other activities during the holiday season may lead to falling victim to fraud.

Source: CNW Group/Scotiabank

In an attempt to bring awareness to the ongoing threats, Scotiabank created the survey and offered some insightful stats. Scotiabank claimed that three-quarters of fraud attempts go unreported. Through the survey, Scotiabank has learned that Millenials may be a larger risk of being a victim of fraud as they are less likely to continuously change passwords and dispose of personal documents in an appropriate manner. In addition, it appears as though 85% of Canadians have yet to make purchases through social media platforms.

To help educate the masses, Scotiabank issued some useful tips to combat fraudulent activity:

  1. Always report any suspicious activity to your bank right away by calling the number on the back of your card.
  2. Make sure to use passwords that are hard to guess. Memorize them or keep them in a safe location if you must keep them written down.
  3. Protect your computer by downloading security software and anti-virus software, protect your internet connection and use supported browsers.
  4. Do not share your banking passwords with anyone. Your bank will never call you or send you unsolicited emails asking for your password, PIN, credit card, or account numbers.
  5. Do not open attachments or click on hyperlinks in emails or text messages sent by unknown senders.

Scotiabank’s Senior Vice President, Fraud Management, Scott Gamble said: “We want all Canadians to be able to shop with confidence this holiday season and still remain mindful of the ever-present risk of financial fraud” He continued to state: “Over 75% of Canadians targeted by fraud never report it so we want to remind customers of some simple tips to avoid falling victim to fraud and to always make their bank aware of any suspicious activity immediately.”

Scotiabank’s survey was conducted in November by Maru/Blue.