By Keegan Kozolanka and Makhabbat Aitekenova
New Canadian Media

Newcomers in Canada are more than twice as likely to fall prey to scams compared to other residents, with more than one-third reporting they have been targeted by fraudsters, according to Scotiabank 2024 Fraud Poll.

Some 38 percent of newcomers polled say they have been the victim of at least one fraud compared to just 17 percent of other Canadians saying they have been victimized.

Frauds targeting newcomers include social media scams (49 percent), job scams (46 percent) and immigration scams (22 percent), Scotiabank says. 

According to the Canadian Anti-Fraud Centre (CAFC), in 2023 alone, Canadians lost a staggering $567 million – an increase of $37 million from 2022.

The top three most reported types of fraud were identity fraud, service fraud, and phishing – all designed to get you to pay or give away sensitive information like your social insurance number, passwords or banking details. The top three frauds reported that had the highest level of financial impact were investment scams, spear phishing, and romance scams.

The CAFC received 116,403 reports which included at least 41,873 victims of fraud in the past year.

Newcomers and other Canadians agree on the necessity for more comprehensive education concerning financial fraud, with 95 percent and 91 percent, respectively, advocating for increased awareness and knowledge in this area.
Scotiabank’s analysis of fraud prevention practices also reveals notable differences between newcomers and long-time residents of Canada:

• Newcomers are 47 percent more likely than long-time residents to regularly discuss financial security and fraud prevention within their community. 
• Newcomers are 46 percent more likely to use a password manager app compared to long-time residents. 
• When it comes to frequently updating passwords to protect online accounts, newcomers are 16 percent more likely to do so compared to long-time residents. 

Tammy McKinnon, Scotiabank’s SVP of global fraud management, spoke with New Canadian Media on practical tips to protect against financial fraud. 

“It is important for everyone to be mindful and skeptical of unsolicited communications, especially those requesting either some kind of payment or personal information. It is always best to verify the legitimacy of any request directly with an official account or channel. So, if somebody is receiving a call from a delivery company, it’s best to hang up and call the delivery company back,” McKinnon said. 

This article was produced as part of an Inclusive Journalism Microcredential offered by New Canadian Media and Seneca Polytechnic.