Nearly One in Three Fall Victim to Fraud

By Andrew Rickard | March 02 2015 12:58PM

In a survey conducted for the Chartered Professional Accountants of Canada (CPA Canada), 32% of respondents said that they had been a victim of financial fraud at some point in their life.

Credit card fraud and debit card fraud were the two most common types of fraud encountered, cited by 67% and 29% respectively. There was also an increase in the number of people who had experienced online fraud, up to 16% compared to 6% in 2014. Of those who have Internet access 48% said they felt uncomfortable about buying things online, while 49% of the respondents who do shop online spend $500 or more in a typical year.

"In this electronic era, accessing information and doing business online is easy," says Cairine Wilson, vice-president of corporate citizenship at CPA Canada. "But Canadians need to recognize that with the convenience there is also risk. Being armed with enough knowledge to identify the potential risk is what's going to help you navigate the rapid advances in online fraud."

The survey also showed that 70% of those surveyed were concerned about identity theft, and that 47% of respondents were worried that someone has personal information about them that they should not have.