New Canadians lead in fraud prevention efforts

Scotiabank poll finds newcomers in Canada more proactive in using fraud prevention tools

New Canadians lead in fraud prevention efforts

Newcomers to Canada are taking stronger measures to prevent financial fraud compared to other Canadian citizens and residents.

The poll conducted by Scotiabank ahead of Fraud Prevention Month in March, as announced in Newswire Canada, reveals that new Canadians, defined as adults who arrived in Canada in the last 10 years, are more proactive in employing fraud prevention strategies.

The poll highlights that newcomers are:

  • 47 percent more likely to regularly discuss financial security and fraud prevention within their community.
  • 46 percent more likely to use a password manager app.
  • 16 percent more likely to frequently update passwords to protect their online accounts.

These measures are in response to the higher risk of financial fraud that new Canadians face. The survey data revealed that nearly four-in-ten newcomers have fallen victim to at least one financial fraud scam, a rate significantly higher than that for other Canadians.

This highlights the vulnerability of newcomers, despite their efforts to safeguard against fraud.

Both newcomers and other Canadians agree on the need for more education around financial fraud. Tammy McKinnon, senior vice president of global fraud management at Scotiabank, emphasized the importance of effective fraud prevention.

“When it comes to financial fraud, everyone is a target, particularly individuals who may be in vulnerable positions such as newcomers to Canada,” McKinnon stated.

She reiterated Scotiabank's commitment to combating fraud and ensuring the safety and security of clients' financial information.