More Canadians feel vulnerable to fraudsters and identity theft than ever before, according to a recent survey.
The data, collected by Equifax for Fraud Prevention Month, revealed 97% of Canadians feel vulnerable to fraud.
The good news is that almost as many—94%—are fighting back by taking one or more steps to better protect their personal data. And that figure is on the upswing, says Equifax, from 87% last year.
“Nobody wants to be scammed, and it’s great to see more people are taking steps to protect their personal data,” said Julie Kuzmic, Equifax Canada’s Senior Compliance Officer, Consumer Advocacy.
Fraud Prevention Month is an annual campaign that seeks to help Canadians recognize, reject, and report fraud. This year’s theme is designed to “help Canadians recognize the increasingly sophisticated tricks and tools scammers use to entrap victims,” according to the Government of Canada.
Sophistication of scammers aside, the basics of identity theft prevention still hold up as a solid defence against the vast majority of fraud attempts.
These basic steps can be as simple as ignoring calls from unknown numbers and double-checking all credit and debit statements. Other basic prevention methods include shredding documents, reducing sharing information on social media, and using two-step password authentication when available.
“Since fraudsters often target people who make it easy for them, we encourage everyone to continue to be vigilant and take steps to protect their personal data,” said Kuzmic.
Still, no defence is perfect, and 26% of Canadians report being a victim of fraud or identity theft, which is no joke, according to Kuzmic.
“Fraud and identity theft are serious issues that can have devastating impacts on people financially and emotionally,” she says.
Much of this fraud occurs online.
One particularly bloody battlefield is social media, where cyberattacks and data breaches are prevalent. More than three-quarters of Canadians believe social media is more dangerous for fraud than other mediums, and it’s no wonder why: almost half have noticed suspicious or fraudulent links within their social media and 18% admitted they clicked on a fraudulent link in a social feed.
“Without question, Canadians feel most vulnerable when they are online,” Equifax stated.
Canadians, especially those spending ample time online, are increasingly facing “fraud fatigue,” according to a report from Interac. Canadians are tired of receiving fraud attempts, which occur with alarming regularity—once a week for more than half of us, the report revealed.
The Equifax report echoes this, highlighting “the need for increased awareness and protection against fraud, particularly for those who do not take this type of crime seriously and those in certain regions who may be less aware of the risks,” according to Kuzmic.
While more Canadians are taking steps to protect their personal data, there is also a growing expectation that governments and businesses need to do more. Regarding government action, 92% of Canadians surveyed by Equifax felt that penalties for identity theft and fraud should be increased and 86% believe the government should do a better job of educating people on how to protect their personal data.
“We all have a role to play in safeguarding personal information,” said Kuzmic. “All generations and companies of all sizes should do their utmost to prevent and detect these crimes.”
Canadian companies such as Vancouver-based Trulioo are working on technology that aims to minimize the possibility of identity theft across the digital sphere.
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