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.

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.

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