Although many scams target seniors, young people are more likely to be victims of financial fraud, according to a recent survey conducted for Chartered Professional Accountants of Canada (CPA Canada).
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In fact, 63% of young people aged 18-34 who took part in the survey admitted to having been a victim of fraud at least once in their life. This number drops significantly for those aged 35 to 54 (39%) and those over 55 (31%).
But why is this age group more vulnerable? The answer is simple: young people are more likely to use online services.
“The use of online services and personal devices in everyday life is becoming commonplace, especially among young people, so the protection of personal financial data is more important than ever. The more we go online, the more we lend ourselves to scams. As such, great caution is warranted,” said Doretta Thompson, Head of Financial Literacy Development at CPA Canada.
More than four in five people (78%) do their banking online. However, only 42% receive a notification when a transaction is made with their bank card.
“Despite the measures Canadian banks have taken to inform and protect us, it remains difficult to know who is behind the screen. Many scammers use identity tactics to steal money or personal information,” added Ms. Thompson.
The popularity of online shopping also plays a role, with young people aged 18-34 (35%) making more online purchases than those aged 55 and over (18%). This means they are almost twice as likely to buy equipment, vacations or even vehicles online.
The survey was conducted online January 3-5, 2023 by Ipsos on behalf of CPA Canada. A total of 2,005 Canadians took part in the survey.