Young adults are prime targets for fraud on social media, but many are too embarrassed to admit they've been a victim of a scam: TD Survey
Nearly one third of 18-34 year old Canadians have been victim of a scam, however many are now educating themselves on financial fraud
TORONTO, Feb. 28, 2024 /CNW/ - In an era defined by digital connectivity, a new TD survey reveals that despite being tech-savvy, many young adults between the ages of 18 and 34 report being more likely to have been targeted by fraudsters through social media (41 per cent) than their older counterparts, with nearly a third saying they have fallen victim to financial fraud.
Notably, an even higher portion of young adults (43 per cent) said they would be too embarrassed to tell anyone if they were a victim of fraud or a scam, which means many incidents are likely never reported.
Feeling Vulnerable
As young adults navigate how to manage their finances, many are also finding themselves grappling with heightened concerns regarding financial fraud.
According to the survey, of those in the 18 to 34 age group:
62 per cent report feeling vulnerable to being a target for financial fraud;
Over the next year, 93 per cent believe fraud attempts will increase;
And 63 per cent say scams are targeting them now more than ever before.
"Growing up as a digital native and being more technologically savvy doesn't mean you're immune to the dangers of online scams," said TD fraud expert, Sophia Leung, Senior Vice President, Protect Platform. "As financial fraud schemes become more sophisticated and difficult to detect, falling victim is nothing to be embarrassed about. Instead, it's important to remain hyperaware of potential threats and arm yourself with the knowledge to protect yourself from future fraud attempts."
Developing a Fraud-Fighting Know-How
Fraud prevention education is paramount for safeguarding financial well-being and digital security. While many young adults dedicate time to educating themselves about fraud, many expressed still being worried about falling victim to job scams (19 per cent), investment scams (15 per cent) and cheque scams (12 per cent).
How to help avoid job scams:
Be cautious about unsolicited job offers through text or email with promises of making "easy money." A job should never require you to use your personal bank account or credit products as a form of transferring money to another party.
How to help avoid investment scams:
Be skeptical. Investment scams often ask you to act impulsively and make a quick decision. Approach unsolicited advice with suspicion and take your time to research sources, including checking the business and professional license registration, before making a financial decision.
How to help avoid cheque scams:
With cheque scams, fraudsters often ask you to deposit a cheque into your account and then pressure you into sending money before the cheque clears. To help avoid this, reduce the use of cheques and opt for electronic payments like wire payments, direct deposit and pre-authorized payments instead.
Protecting Your Finances
In addition to knowing the potential threats, it's important to take steps to protect your private information and finances. TD offers several tools to secure your accounts, prevent identity theft and learn more about financial fraud. These tools include:
Two-Step Verification: When logging into accounts, TD uses two-step verification for your protection and to confirm your identity.
TD Fraud Alerts: Receive instant text messages on your Canadian Mobile phone number notifying you if TD detects suspicious activity on your TD Credit Cards or TD Access Cards.
Autodeposit: Money you receive with Interac e-Transfer® can be deposited into your account automatically without the need for you to answer a security question. It's a convenient, secure way to receive funds.
TD Voiceprint: TD VoicePrint™ is a voice authentication technology that allows TD to verify who you are based on your voice.
TD MySpend Mobile App: The app, which helps you track your saving and spending, can also send you transaction alerts every time a purchase or cash advance is made with your card.
TD Resources: TD.com offers helpful resources on fraud and how to avoid common scams See also TD Stories Fraud Hub for a variety of in-depth articles on how to protect you and your loved ones from fraudsters and online threat actors.
"If you do fall victim to fraud or a scam, the best thing to do is report it so that others can be made aware and take steps to protect themselves," said Leung. "The more awareness and education about online fraudulent activity, the better. By sharing information, learning about the different types of fraud and scams that exist and making use of the tools that are available, you can avoid frauds and scams and protect your finances."
About the TD Survey
This Maru Public Opinion survey was conducted on behalf of the TD Bank Group and undertaken between January 30 – February 4, 2024 by the sample and data management experts at Maru/Blue. The survey ran among 1,085 randomly selected Canadians aged 18+, all who are Maru Voice Canada online panelists. For comparison purposes, a probability sample of 1,085 has an estimated margin of error (which measures sampling variability) of ± 3.1%, 19 times out of 20.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 16 million active online and mobile customers. TD had $1.96 trillion in assets on October 31, 2023. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
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