According to surveys, boomers are better able to deter fraud


Canadians, however, do not take these attacks lying down. The majority of respondents surveyed said they took precautions to avoid potential fraud incidents, including 79% who would not disclose personal information to a caller claiming to be from their financial institution or the Canada Revenue Agency (CRA). 74% who would never click a link in an email they are unfamiliar with; and 72% who said they wouldn’t send money to someone they met online.

A deeper look at the results also revealed that baby boomers aged 56 and over appear to be taking more precautions against fraud. Compared to their millennial counterparts, a higher proportion of boomers said they use strong passwords and change them regularly (63% vs 45% of millennials) and destroy their personal documents before discarding them (80% vs 44%). Overall, only 1% of respondents aged 56 or over said they didn’t take proactive measures to protect against fraud, compared with 9% of millennials.

“While 82% of Gen Z and Millennial respondents thought that too much trust made someone more susceptible to cheating, the number rose to 93% for both Gen Xers and those 56 and over,” said Tammy McKinnon, director of the Financial Crime & Fraud Management Group at TD. “This is likely because younger generations who grew up with modern technology feel more tech-savvy and don’t believe they need to take as many safety precautions as their parents.”

According to McKinnon, older generations of Canadians seemed more skeptical of the technology. Nine-tenths (89%) of 56 year olds and older said finding hard-to-use technology would make someone more susceptible to fraud, compared to just two-thirds (66%) of Gen Z and around three-quarters (73%) ) by Millennial Respondents.

Regarding the different types of scams they have experienced over the past year, the largest number of Canadians reported having been contacted by phone by scammers (53%), including 36% of respondents contacted by a CRA scammer. Nearly half (47%) were affected by phishing or email scams, while 40% said they had received fraudulent text messages. Other specialized programs such as romance fraud (7%) and healthcare fraud or COVID-19-related fraud (6%) were also cited.


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