New Canadians taking stronger measures to prevent fraud and protect their money
TORONTO– Newcomers to Canada are more vigilant about preventing fraud than other Canadian citizens and residents, according to a new Scotiabank poll conducted ahead of Fraud Prevention Month in March. 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% more likely than other Canadians) Use a password manager app (46% more likely) Frequently update passwords to protect their online accounts (16% 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 of newcomers1 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.2 “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. At Scotiabank, we’re committed to supporting the fight against fraud and keeping our clients’ financial information safe and secure.”
Scotiabank’s Cybersecurity and Fraud Hub is available broadly and offers a wide range of fraud prevention resources, such as descriptions of common scams and fraud simulation activities . Through programs such as StartRight ™ and providing services to our clients in over 50 languages across our channels, Scotiabank seeks to offer tailored solutions to meet the needs of newcomers and eliminate any barriers that may prevent them from integrating into Canada’s financial ecosystem securely.