Older people are assumed to be main targets of financial fraudsters, but younger generations may be more likely to fall victim. Read on.
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The reason younger people might get burned more often lies in their online habits, CPA Canada said. Scammers are getting more sophisticated, moving beyond classic email phishing schemes and targeting consumers who are shopping or doing banking online. For example, 35 per cent of people between 18 and 34 have made a major purchase, such as an appliance, vacation or car, via the internet. But only 18 per cent of those aged 55 and over have done so.
A rise in online banking has also made people more vulnerable to letting sensitive financial information fall into the wrong hands. Bank impersonation schemes, debit and credit card fraud are all growing as a result, the report said. Still, most people aren’t taking steps to protect themselves.
That’s not to say that falling prey to financial fraud is inevitable. There are some important steps consumers can take to better protect themselves, CPA Canada said. For one, people should always make sure they’re making transactions or sharing financial information on a secure website. They should also never use public WI-FI or an unsecured network to access online bank accounts.
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