One in three Canadians targeted by scam, survey finds

Capital One Canada has published survey findings showing that one in three Canadians were targeted by a scam in the past year. The research also found that consumers expect banks, telecom providers and digital platforms to play a larger role in preventing fraud.

The survey of 1,622 Canadian residents found that 34 per cent had faced an unsuccessful financial scam attempt in the previous 12 months, while 26 per cent said they were targeted by direct financial fraud. Phone calls were the most common contact channel at 52 per cent, followed by email at 51 per cent and text messages at 47 per cent.

Regional results showed the highest exposure in Alberta, where 42 per cent of respondents said they had been targeted by a scam, followed by Ontario at 37 per cent.

Consumer response

The findings suggest financial institutions are the first point of contact for many people after they discover fraud or a scam. Among respondents, 78 per cent said they report the incident to a financial institution, and 44 per cent said this is their first step.

Other actions included changing a password or PIN, cited by 66 per cent, and freezing or monitoring credit cards, cited by 55 per cent. Only 31 per cent said they report incidents to the Canadian Anti-Fraud Centre.

"As scams become more sophisticated, having an immediate response makes a big difference," said Sara Soubliere, Vice President, Capital One Canada. "Reporting an incident to both your bank and the Canadian Anti-Fraud Centre isn't just about securing your own account, it's about shutting down the blueprint for the next target."

Younger adults

The research pointed to a clear age divide in both exposure to fraud and confidence in spotting it. Canadians aged 18 to 34 were more likely to experience financial fraud than those aged 35 and older, at 20 per cent compared with 14 per cent.

Younger adults were also more likely to report successful financial scams, at 17 per cent versus 9 per cent for older respondents. At the same time, only 70 per cent of those aged 18 to 34 said they were confident distinguishing between fraud and scams, compared with 81 per cent of those aged 55 and older.

Respondents aged 35 and older were also more likely than younger adults to take immediate protective action after discovering an incident, including reporting it to a financial institution.

The data adds to concerns about how fraud attempts are spreading across digital and communications channels used more heavily by younger consumers, particularly social media and mobile messaging.

Pressure on industry

The survey found broad support for a more proactive approach from institutions and platform operators. Some 92 per cent of respondents said financial institutions should do more to identify and prevent fraud, while 91 per cent said phone service providers should take stronger action to stop fraudulent calls and text messages.

Another 90 per cent said social media and telecommunications companies should step up prevention efforts. The results suggest consumers increasingly see fraud prevention as a shared responsibility rather than something left to individuals alone.

There was also support for government intervention. Two-thirds of respondents, or 66 per cent, said they back federal legal mandates requiring technology and telecommunications companies to intercept and block spoofing threats before they reach consumers.

Support for such measures was stronger among Canadians aged 35 and older, at 70 per cent, compared with 55 per cent among those aged 18 to 34.

Wider context

The findings come as banks, telecom groups and online platforms face growing scrutiny over their role in preventing scams that increasingly move across multiple services before reaching consumers. Fraud attempts often combine calls, texts, emails and social media messages, making threats harder for individuals to identify in time.

For financial institutions, the survey suggests customers still view them as the primary line of defence when something goes wrong, even when the initial contact originates on phone networks or digital platforms outside the banking system.

The research was conducted using Leger's LEO panel and weighted by age, gender, mother tongue, region, education and the presence of children in the household to reflect the wider Canadian population.

Reporting the incident to a financial institution remained the most common response after discovering fraud or a scam, at 78 per cent.