More than 7 in 10 Sask. and Man. residents being targeted by scammers, survey finds

Could a new bank form protect seniors from scams? TD Canada Trust is using a form for large withdrawals warning of fraudsters, but also releases the bank from liability for releasing funds.

A recent survey found that 71 per cent of residents in Saskatchewan and Manitoba may be targeted by scammers, however, about 43 per cent admitted to not taking any measures to educate themselves on fraud prevention or protection in the past year.

The survey, conducted by TD Bank Group, said that 51 per cent believe the rising cost of living and other financial hardships will expose them to even more scams.

On top of that, 54 per cent of Saskatchewan and Manitoba residents surveyed said they are stressed or anxious about financial fraud.

Seventy-one per cent in the survey said they do not have a high degree of confidence in their ability to identify fraud or scams.

“As Canadians report being targeted by a record number of financial fraud attempts, many can benefit from using the tools and resources available to protect themselves and their loved ones,” Mohamed Manji vice president of Canadian Fraud Management at TD said in a release.

“It's very important to exercise caution, especially at a time when fraudsters may take advantage of the economic challenges many Canadians are currently facing. In addition to the robust security measures TD has in place for its customers, the best defence against financial fraud is being aware and knowing how to spot it.”

“According to the survey, nearly three-quarters (72 per cent) of Canadians reported being targeted by email or text message fraud, up 14 percentage points from last year, while 66 per cent were targeted over the phone. Fraudsters appear to be pivoting away from social media, with only 26 per cent reporting being targeted by this method, a ten percentage point decrease from 2022,” TD said.

“In addition, Canadians shared the scams they found most concerning, including identity theft (52 per cent), title fraud (23 per cent) and fake emergencies (20 per cent).”

The TD fraud survey was provided by Maru Public Opinion for TD Bank. Approximately 1,521 randomly selected Canadian adults who are Maru Voice Canada online panelists were surveyed between Feb. 3 and Feb. 4, 2023.

A probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5 per cent, 19 times out of 20, according to TD.