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Canadians consider extra training is required about monetary fraud and cybersecurity

According to a recent Scotiabank Fraud Awareness Survey, nearly seven in ten Canadians (68%) say they have been the target or victim of various financial scams via email, phone, text message, credit card or social media.

As the holiday season approaches, Scotiabank is reminding Canadians to stay vigilant year-round. It has also launched the new version of its cybersecurity and fraud portal to help Canadians spot cybercrime and protect themselves.

“Fraud can affect anyone; So it should be a big public issue,” said Tammy McKinnon, senior vice president, global fraud management, Scotiabank. As a large financial institution, we play an important role in educating customers and educating them about the threats and scams currently in use so they can protect themselves and their families from fraud. »

According to the Canadian Anti-Fraud Center (CAFC), losses caused by fraud in Canada so far in 2022 amount to US$362.7 million. This total is likely to be much higher in reality, as the CAFC estimates that less than 5% of victims report their case. Scotiabank’s portal is unique in Canada in that it includes fraud simulations, allowing users to examine email, text messages, websites and voicemail messages to determine authenticity.

“Customer security is a top priority for Scotiabank,” said Steve Sparkes, senior vice president and chief information security officer, Scotiabank. As cybercriminals continue to target innocent victims, 89% of Canadians believe more education about financial fraud and cybersecurity is needed. Our cybersecurity and scam portal aims to fill this need by putting the spotlight on the increasingly sophisticated scams in use today and showing the public how to protect themselves. »

Here is what people who visit the Scotiabank Cybersecurity and Fraud Portal can access:

  1. interactive fraud simulations to better identify the most common frauds;
  2. Information on how Scotiabank protects its customers from cybercrime;
  3. a list of steps Canadians can take to protect themselves and their families from fraud.

Scotiabank’s cybersecurity and fraud portal also includes a section for small business owners to share best practices for protecting their business and customer information.

About the poll

The Scotiabank Fraud Survey was conducted on behalf of Scotiabank by sampling and data collection expert Maru Public Opinion on October 18-19, 2022 among 1,511 randomly selected Canadian adults and was part of the La Voix Maru Canada online panels. Data were weighted by study level, age, gender, and region (and language in Quebec) to be representative of the population according to census data. For comparison purposes, the estimated error rate for a sample of this size is +/- 2.3%, 19 out of 20.

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