Scotiabank poll shows newcomers to Canada are
more likely to use fraud prevention tools to mitigate
a higher exposure to financial scams
TORONTO, Feb. 22,
2024 /CNW/ - 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.
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1
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38% vs. 17%
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2
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95% of newcomers and
91% of all other Canadians
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About The Poll
This survey was conducted by Maru Public Opinion January
19-20, 2024 by its sample and data collection experts at Maru/Blue
on behalf of Scotiabank and involved a random selection of 3,026
Canadian adults who are Maru Voice
Canada online panelists. Within this total sample group
were two respondent sub-samples: 181 who arrived in Canada within the last 10 years ("New
Canadians") and 2845 who have lived longer than that in the country
("Established Canadians"). The results have been weighted by
education, age, gender, and region (and in Quebec, language) to match the population
Census data. For comparison purposes, a probability sample has an
estimated margin of error (which measures sampling variability) for
the Established Canadians of +/- 1.8% and the New Canadians of +/-
7.3%, 19 times out of 20. Discrepancies in or between totals when
compared to the data tables are due to rounding.
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial
partner, to deliver sustainable, profitable growth and maximize
total shareholder return. Guided by our purpose: "for every
future," we help our clients, their families and their communities
achieve success through a broad range of advice, products and
services, including personal and commercial banking, wealth
management and private banking, corporate and investment banking,
and capital markets. With assets of approximately $1.4 trillion (as at October 31, 2023), Scotiabank trades on the
Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please visit
http://www.scotiabank.com and follow us on X @Scotiabank.
SOURCE Scotiabank