Young Canadians at higher risk of falling victim to fraud: Survey

Younger Canadians have become the largest cohort to suffer from a fraud incident, a CPA Canada survey has revealed.

Canadians aged 18 to 34 accounted for 63 per cent of those who have suffered from a fraud incident at least once in their lifetime in comparison to those aged 35 to 53 (39 per cent) and those over 55 (31 per cent), the annual Fraud Study by Chartered Professional Accountants of Canada, revealed on Tuesday.

One reason the younger demographic is being targeted is due to their online financial exposure, the survey said.

Almost four-in-five of survey respondents who have debit cards said they used online banking (78 per cent) and another 72 per cent said they monitor and manage their credit cards online.