Poll reveals Canadian students need to get educated on fraud

A new poll shows the majority of Canadian students aren’t concerned about falling victim to a financial scam, despite a similar percentage reporting they’ve already been targeted in one.

The data was collected through the Royal Bank of Canada (RBC) and polled over 1,000 Canadian post-secondary students between the ages of 18 and 24 over the summer.

The poll found 44 per cent of respondents were worried about falling victim to a financial scam while at school, despite a similar percentage, 46 per cent, reporting they had already encountered more fraud attempts since starting their post-secondary education.

Meantime, 30 per cent said the risk of fraud never crossed their minds.

RBC vice president of fraud management Kevin Purkiss said the findings are concerning.

“A lot of (students) think they don’t have enough money to become a target, which couldn’t be further from the truth,” Purkiss said.

He notes students have access to student loans and credit cards, which are of value to a scammer. The repercussions can be particularly dire to students, as a few thousand dollars are often urgently needed to pay for tuition, rent, and other basic needs.

Students also don’t always appreciate the sophistication and creativity of the fraudster, Purkiss said.

“If they’re not educated about these scams, fraudsters will see them as a very likely target, so it makes them particularly susceptible to fraud.”

Other key findings – almost twice as many post-secondary students polled are more concerned about scammers stealing their identity than their money.

The majority of respondents, 80 per cent, believe they need to learn more about fraud, and 40 per cent feel they don’t know where to find resources to inform them.

All respondents of the poll were members of the online Angus Reid Forum. Its sample size would yield a margin of error of ± 3.1 percentage points at a 95% confidence level.

HOW STUDENTS CAN PROTECT THEMSELVES

One of the simplest ways to protect yourself, the fraud expert said, is to have unique passwords, particularly for bank accounts.

The poll found only 26 per cent of post-secondary respondents regularly change their passwords, while two-in-five have used the same password for online or mobile banking as other accounts.

Purkiss also recommends setting up alerts through your bank, like one-time passcodes, and warns never to provide pins or passwords to anyone.

“We as a bank would never ask Canadians to reveal pins or passwords. If you’re being asked, it’s a fraudster on the phone,” Purkis said.

Other telltale signs of a scam – you’ll be asked to keep the purchase or investment a secret. The scammer also often finds unusual ways to get money to them, like Bitcoin or gift cards.

If it seems too good to be true, Purkiss says, it probably is.

- With files from CTV’s Maralee Caruso