More than one third of Canadians have personally experienced fraud, found a national survey conducted by the Chartered Professional Accountants of Canada.

The study also showed that nearly three quarters of Canadians buy from web-based retailers (74 per cent), conduct their banking online (74 per cent), and more than two thirds share their lives on social media (70 per cent). For these reasons, CPA Canada says it is vital to stay safe online.

"With more of our daily activities going online, the ability of fraudsters to take advantage of unsuspecting Canadians increases,” says Doretta Thompson, financial literacy leader, CPA Canada. “Devices such as smart locks, home security cameras, laptops and even smart TVs can be infiltrated and compromised with access to the right information."

Among tips for better online safety, CPA Canada recommends using stronger passwords; reviewing credit card and banking transactions at least once a month for illegitimate activities; shredding personal documents before disposing of them; knowing your approximate credit score (credit rating); and screening calls. The organization also suggests not answering a call or a text message if you don't recognize the number.

Fraud is a major issue for the insurance industry. Read our special report about fighting fraud here.