Canadians’ Top Financial Fraud Concerns—and Tips to Address Them

By: Epoch Times - World Posted On: November 05, 2024 View: 2

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Keeping voicemails short, activating multi-factor authentication whenever possible, and setting up account alerts are some of the top tips to help avoid financial fraud, especially those associated with artificial intelligence (AI), according to banking experts.

In a recent poll released by the Royal Bank of Canada (RBC), Canadians were surveyed on their top financial fraud concerns. AI was top-of-mind for most, with nearly 90 percent of Canadians saying they believe AI can make everyone more vulnerable to fraud. More than 80 percent also said AI can make phone fraud harder to detect, especially through voice cloning and impersonation scams, RBC said in a Nov. 4 release.

The bank recommended Canadians protect themselves by activating alerts and multi-step verifications for personal accounts, if there is an option to do so. It also advised to avoid sharing personal information unless necessary, and to keep voicemails short and generic so scammers cannot pick up their names or voices.

“Never feel pressured to respond–if you receive an urgent request from a seemingly official source asking you to move or send money and share your confidential information, stay calm and resist the temptation to act,” wrote RBC. “Does the offer seem too good to be true? If so, it’s likely a scam.”

Other tips include creating strong passwords of at least 16 characters, never using public Wi-Fi for online banking, and ignoring or deleting unsolicited emails and text messages that contain suspicious links or request personal information.

Some Canadians may be overestimating their ability to spot AI-related fraud, said RBC earlier this year, with nearly 65 percent of Canadians saying they feel confident about recognizing AI-enabled scams.

“With the recent rise in voice cloning and deepfakes, fraudsters are able to employ a new level of sophistication to phone and online scams,” said an RBC spokesperson. “The good news is that awareness of these types of scams is high, but we also need to take action to safeguard ourselves from fraudsters.”

The recent RBC poll also surveyed Canadian on their top financial concerns. Cost-of-living issues were paramount, with 77 percent of respondents reporting concern about “balancing today’s expenses versus building my savings.” Sixty-four percent said they were “worried about” their cash flow and 48 percent said they were “more anxious” about their financial future.

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