New data reveals a dangerous gap between how safe Canadians think they are and the risky habits they continue to practise
Canadians who believe they can detect financial fraud may be the most vulnerable to it, according to new survey data from TD.
The poll found that 89 per cent of respondents feel confident they could identify a scam or fraud attempt yet more than half, 52 per cent, reported engaging in behaviours that leave them measurably exposed to exactly that kind of attack.
"Confidence can be a double-edged sword when it comes to fraud prevention," said Tarundeep Dhot, Vice President, Fraud Management at TD, in Toronto. "While it's encouraging that Canadians feel aware, overconfidence can sometimes lead to quick decisions or overlooked warning signs that scammers rely on. Bad actors are counting on people moving quickly or assuming they're not at risk."
The risky behaviours flagged in the TD survey include using public Wi-Fi to access personal or financial accounts, opening email attachments from unfamiliar senders, clicking links in texts or emails before confirming their origin, and downloading apps or software from unverified sources.
A notable 41 per cent of respondents said they never consult resources or actively educate themselves on fraud prevention — a figure that stands out given how frequently Canadians are encountering fraud attempts. According to the same survey, 46 per cent of respondents said they encounter scams or fraud attempts on a weekly or even daily basis.
Nearly one in four Canadians — 24 per cent — said they or a family member had been the victim of financial fraud or a scam within the past year.
Gen Z: high knowledge, high risk
Younger Canadians present a paradox. According to the survey data, 67 per cent of Gen Z respondents consult resources or seek fraud prevention advice at least once a year, and 52 per cent said they had intervened to help a family member navigate a scam, a higher rate of proactive involvement than older generations.
However, Gen Z also reported the highest rate of risky digital behaviour: 65 per cent admitted to habits that could make them more vulnerable to fraud, compared with the national average of 52 per cent.
"Younger Canadians are often seen as tech savvy, and many are taking on the role of helping others navigate fraud risks," Dhot said. "But digital literacy alone isn't enough. Staying safe requires ongoing awareness, conversations and a willingness to pause and verify — even when something appears to be familiar."
The survey also captured data from Canadian business owners, where results showed a similarly confident and similarly risky picture. Forty-six per cent of business owners reported that their enterprise had been the target of a financial fraud attempt or scam in the past year, while 88 per cent said they felt confident identifying such attempts when directed at their business.
On the protective side, 81 per cent said they regularly review accounts for suspicious activity, 76 per cent reported having safeguards in place, and 75 per cent said their employees were prepared to identify and report scams.
