Young Canadians more frequent targets of financial fraud. How to protect yourself
Young Canadians are increasingly the targets of financial fraud, experts say, as the age group most comfortable with buying products online is likewise most exposed to risk.
Sixty-five per cent of generation Z and millennials reported being a victim of at least one type of financial fraud in their lifetime, according to a recent survey conducted by the Chartered Professional Accountants of Canada.
Experts’ advice on the matter? Stay vigilant.
“We’ve always assumed older people tend to be the biggest victims for fraud and scams, but our data has shown that it is the millennial cohort – the digital-first cohort – who are the victims of this recent increase in fraud due to this innate trust they have in technology,” said Maryam Saeed, head of risk at Visa Canada.
“It’s important to understand the environment we’re currently operating in,” she continued. “As digital payments have grown and consumers expect quick, frictionless and uninterrupted payment experiences, it’s a great environment for 1/8fraudsters 3/8 to thrive in, so we must be more careful than ever with how we share our information.”
Justin Shimizu learned this lesson the hard way earlier this year.
The 26-year-old paramedic and graduate student from Ottawa had purchased an online gift certificate from Quebec-based luxury spa Groupe Nordik last fall. When the company experienced a data leak in February 2023, Shimizu’s credit card was among those that had been compromised.
However, it took nearly two months before Shimizu, who uses gender-neutral pronouns, learned their credit information had been part of the leak. By that point, someone had already made purchases with Shimizu’s card.
“I got a call from my bank in April that there was an issue with a merchant I
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