MONEYWISE

NEWCOMERS ARE MORE SAVVY ABOUT FINANCIAL SCAMS

New Canadians are at a higher risk of being targeted by financial fraud. Image credit: MICHAEL BURROWS on Pexels.

Newcomers to Canada are more vigilant about preventing fraud than other Canadian citizens and residents, according to a new Scotiabank poll.

Poll data shows newcomers, defined as Canadian adults who arrived in Canada in the last 10 years, are more likely to:

• Regularly discuss financial security and fraud prevention within their community (47 per cent more likely than other Canadians).

• Use a password manager app (46 per cent more likely).

• Frequently update passwords to protect their online accounts (16 per cent more likely).

These enhanced measures are not unwarranted, with additional survey data indicating new Canadians are at a higher risk of being targeted by financial fraud. Nearly four-in-ten newcomers have fallen for at least one financial fraud scam – a rate significantly higher than for other Canadians. This underscores the fact that despite their efforts to protect themselves, newcomers remain prime targets for fraud.

Both groups – newcomers and other Canadians – agree that more education around financial fraud is needed.

“When it comes to financial fraud, everyone is a target, particularly individuals who may be in vulnerable positions such as newcomers to Canada,” says Tammy McKinnon, senior vice president, Global Fraud Management at Scotiabank. “Effective fraud prevention is essential to building a resilient financial ecosystem that all Canadians can trust.”