CALGARY – A new survey suggests over half of Canadians have fallen victim to financial fraud – and that unaware millennials are the most likely targets.
Equifax Canada’s survey, released on Monday, found that 53 per cent of respondents had been the victim of fraud, and that millennials (Generation Y) are experiencing more fraud than any other generation.
According to the agency’s Chief Privacy Officer John Russo, approximately half of all fraud in Canada is being committed against the age group.
“Millennials rely heavily on technology for most of their day-to-day activities, which exposes them to more risk,” Russo said. “Whether it’s online banking at home or tapping into a Wi-Fi hot-spot via a mobile device, millennials must recognize that they are now the biggest target for fraudsters.”
Russo also suggests millennials may be operating under the false assumption that they don’t make enough money to be targeted by fraudsters.
“When it comes to online behavior, compared to the national average, millennials are less likely to double check their credit card statements, change their passwords, and limit their online purchases,” Russo added. “Additionally, our survey found that 21 per cent think that identity theft is something that happens to other individuals, not them.”
Equifax Canada’s tips for protecting your personal data
Equifax Canada spoke to 1,539 Canadians ages 18-65 for its survey. According to Equifax Canada, the survey carries a margin of error of +/- 2.5 per cent, 19 times out of 20.
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