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To Hinder Swindlers, TD Fraud Expert Says Awareness Is Key

(CNW Group/Money We Have)

A new survey released by TD Bank Group for this year’s Fraud Prevention Month reveals four-in-ten Canadians polled (37%) have been targeted by fraudsters in the last year, with most fraud attempts happening over the phone (64%), followed by emails and text messages (58%).

One-in-four Canadians surveyed (26%) say they have received investment advice online from people they do not personally know, including via social media and/or direct messaging platforms. TD fraud expert, Sophia Leung, Head of Protect Platform, which oversees fraud strategy and cyber-threat management, advises people to research information sources extensively before making an investment decision that might lead to major financial loss due to fraud.

“Investment scams can have a huge impact on victims where they are misled into giving large sums of money, at times almost their entire life-savings, toward phony investments opportunities,” says Leung. “Canadians should continue to exercise caution when receiving investment advice from people they don’t know, especially as reliance on technology and communication devices continues.”

According to the Canadian Anti-Fraud Centre, Canadians lost a combined total of $163.9 million to investment scams in 2021 making it the costliest reported scam in the country during that time period.i

Raising awareness through conversations

The TD survey found that 52% of Canadians feel vulnerable to fraud, with eight in ten (82%) believing that increased online activity heightens risk. However, 51% of Canadians say discussions around fraud risks and fraud prevention do not come up in conversations with people they know, including friends and loved ones.

“Fraudsters will continue to adapt and evolve their tactics, so it’s important to continue to educate and learn about the best ways to protect against fraud and help avoid financial loss,” says Leung. “By regularly sharing and discussing more openly about our experiences of receiving fraudulent calls or messages, we can help people to be more aware of the scams that are out there, especially when the conversations happen with people we trust.”

For Canadians looking to better protect themselves and their loved ones from financial fraud, TD recommends the following tips and advice:

SOURCE TD Bank Group

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