Is that really who you think it is? Canadians worry about rising fraud risks - RBC Poll
Take steps to keep yourself safe with the latest tips to prevent fraud, including How to Protect Yourself Online
TORONTO, Feb. 29, 2024 /CNW/ - As the use of artificial intelligence (AI) increases, fraudsters are using it more and more in their scams, and Canadians are taking notice. According to RBC's annual Fraud Prevention Month Poll, 75% of respondents are more concerned about fraud than ever before. Nine in ten Canadians also believe the use of AI will increase scam attempts over the next year (88%) and could make everyone more vulnerable to fraud (89%).
Awareness is the first step in combating AI-related scams
According to the poll, four in five Canadians believe that AI will make fraud attempts by phone harder to detect (81%) and are concerned about voice cloning and impersonation scams (81%).
"With the recent rise in voice cloning and deepfakes, fraudsters are able to employ a new level of sophistication to phone and online scams," says Kevin Purkiss, vice president, Fraud Management, RBC. "The good news is that awareness of these types of scams is high, but we also need to take action to safeguard ourselves from fraudsters."
The research also found that phishing (generic scams through email or text), spear phishing (emails or texts that look legitimate) and vishing (targeted phone or voicemail scams) continue to rank in the top three types of fraud. More than half also say they have seen an increase in deepfake scams (56%), and almost half (47%) say voice cloning scams are on the rise.
Trends in social engineering, social media targeting and fraud spotting
More than half of poll respondents (57%) have seen an increase in social engineering scams with three quarters (76%) expressing concern about them. Four in five (82%) believe these scams will increase as people deal with economic challenges.
More than half (53%) say they are being targeted by fraudsters more than ever through social media.
Canadians may be overestimating their ability to spot the signs of AI-enabled fraud. Almost two thirds of respondents (64%) feel confident about recognizing an AI-enabled scam developed by fraudsters.
There has been a decrease in respondents proactively keeping themselves safe, with only 28% recently taking added steps to protect themselves (down from 36% in 2023).
"As criminals continue to evolve their scams with new technology, your first defence is to remain vigilant and take additional steps to protect yourself," adds Purkiss.
RBC recommends three tips to stay ahead of fraudsters
Keep your guard up. Set up alerts on your accounts, enable multi-factor authentication whenever possible and use the RBC Mobile App as your primary banking tool. Remember to be on the lookout for impersonation scams, with criminals pretending to be trusted sources, like government, bank staff, law enforcement or even a family member. Some experts also recommend having a personal password among loved ones to verify that you're speaking to the right person.
Avoid sharing personal information. Be cautious about what you share on social media and keep your voicemail generic and short to deter robo-callers trying to capture your name or voice. Ignore or delete unsolicited emails and texts asking for your information or containing suspicious links or money schemes.
Never feel pressured to respond. Have you received an urgent request from a seemingly official source asking you to move or send money and share your confidential information? Stay calm and resist the temptation to act. Does the offer seem too good to be true? If so, it's likely a scam.
To learn more about the measures RBC takes to prevent fraud and how you can report it, please visit How RBC Keeps You Safe from Fraud.
2024 RBC Fraud Prevention Month Poll
RESPONSE | CAN | BC | AB | SK / | ON | QC | AC |
"Agree" | |||||||
I'm more concerned about fraud than | 75 % | 74 % | 80 % | 74 % | 76 % | 69 % | 84 % |
Scams will increase this year with the | 88 % | 87 % | 90 % | 90 % | 89 % | 85 % | 87 % |
Artificial intelligence (AI) will make | 89 % | 88 % | 92 % | 92 % | 89 % | 89 % | 89 % |
Artificial intelligence (AI) will make fraud | 81 % | 82 % | 83 % | 83 % | 82 % | 77 % | 78 % |
I am concerned about voice cloning and | 81 % | 81 % | 81 % | 78 % | 81 % | 81 % | 85 % |
I am being targeted by fraudsters more | 53 % | 49 % | 55 % | 56 % | 53 % | 49 % | 61 % |
I feel confident that I can recognize a | 64 % | 68 % | 68 % | 69 % | 66 % | 51 % | 68 % |
I have recently taken added steps to | 28 % | 29 % | 32 % | 28 % | 31 % | 22 % | 30 % |
"Types of fraud that have increased over the last year" | |||||||
Phishing | 79 % | 78 % | 82 % | 77 % | 79 % | 77 % | 79 % |
Spear Phishing | 79 % | 74 % | 83 % | 74 % | 82 % | 75 % | 85 % |
Vishing | 69 % | 73 % | 77 % | 63 % | 70 % | 61 % | 75 % |
Deepfake Scams | 56 % | 57 % | 59 % | 47 % | 58 % | 51 % | 70 % |
Social Engineering Scams | 57 % | 57 % | 61 % | 56 % | 56 % | 57 % | 66 % |
Voice Cloning Scams | 47 % | 48 % | 49 % | 41 % | 45 % | 48 % | 52 % |
"Concerned" | |||||||
I am concerned about social | 76 % | 78 % | 79 % | 72 % | 77 % | 71 % | 84 % |
I am concerned social engineering | 82 % | 86 % | 86 % | 84 % | 86 % | 71 % | 83 % |
Fraud dictionary
Phishing: email or text with a fake offer or notification
Spear phishing: email or text pretending to be a legitimate or known source (e.g., bank, government, Canada Revenue or law enforcement)
Vishing: phone call or voice message seeming to be from a reputable or trusted source
Deepfake scams: fraudsters use computer-manipulated images and audio to scam you out of money or to get you to provide confidential information
Voice cloning scams: fraudsters use voice-cloning AI or a recording of your voice to impersonate a family member, friend or other trusted source
Social engineering scams: fraudsters use information they may know about you to gain your trust and trick you into providing confidential information or money
About the survey
These are the findings of a survey commissioned by RBC that was conducted from January 15 to January 19, 2024, among a nationally representative sample of n=1,502 Canadian adults (18+), balanced and weighted on age, gender, region and education. All respondents were members of the online Angus Reid Forum. For comparison purposes only, a sample of this size would yield a margin of error of ± 2.5 percentage points at a 95% confidence level. The survey was offered in both English and French.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 94,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank
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