More young adults are getting scammed despite tech-savviness: survey

Nearly a third of Canadian young adults between the ages of 18 and 34 say they've fallen victim to financial fraud, a TD Bank survey has found.

A new survey has found nearly one-third of Canadian young adults have been victims of an online scam, despite being part of a generation marked for its digital acumen.

Forty-one per cent of Canadians between the ages of 18 and 34 report having been targeted by fraudsters on social media, according to the survey by TD published Wednesday. That’s higher than reported by older demographics.

“Growing up a digital native and being more technologically savvy doesn’t mean you’re immune to the dangers of online scams,” said TD fraud expert Sophia Leung in a press release.

According to the survey’s findings, young Canadians are feeling the truth of Leung’s statement.

Despite the attention that scams targeting seniors receive, the survey’s report noted a heightened concern among young people about falling victim to financial fraud.

Over half (62 per cent) of respondents said they feel vulnerable to being a target, with 63 per cent saying scams are targeting them now more than ever.

Nearly all respondents (93 per cent) said they believe fraud attempts will increase over the next year.

And while the reports of scams have soared in recent years, the true number is believed to be much higher. According to the survey, many incidents are likely not reported: 43 per cent of young adults said they would feel too embarrassed to tell anyone if they had been a victim of fraud or a scam.