2 weeks Ago By By Abiola Odutola
Most residents in the Prairies are finding it harder than ever to spot fraud, according to a new poll by the Royal Bank of Canada. Read this article for free: Already have an account? As we navigate through unprecedented times, our journalists are working harder than ever to bring you the latest local updates to keep you safe and informed. Now, more than ever, we need your support.
Starting at $14.99 plus taxes every four weeks you can access your Brandon Sun online and full access to all content as it appears on our website. or call circulation directly at (204) 727-0527.
Your pledge helps to ensure we provide the news that matters most to your community! Most residents in the Prairies are finding it harder than ever to spot fraud, according to a new poll by the Royal Bank of Canada. Read unlimited articles for free today: Already have an account? Most residents in the Prairies are finding it harder than ever to spot fraud, according to a new poll by the Royal Bank of Canada. The financial institution found 92 per cent of Manitoba and Saskatchewan residents reported increased scam attempts and found it hard to protect themselves.
The poll further revealed that for 93 per cent, it has become harder to recognize and prevent fraud. That’s seven percentage points above the national average. RBC fraud strategy senior director Davide Manzo says fraud not only results in monetary losses but also causes emotional distress, embarrassment and lasting financial consequences.
(Submitted) It also found fraud attempts in the region frequently involve phishing, smishing (fraudulent text messages) and spear phishing, which specifically targets employees with financial authority. The poll also indicated a rise in scams aimed at seniors, as well as deepfake scams. Those polled stated fraudsters commonly impersonate trusted organizations or individuals, create a sense of urgency and pressure victims into revealing confidential information or transferring money.
Nationally, virtually all respondents (98 per cent) have seen more targeted and sophisticated scams, with nearly nine out of 10 (89 per cent) noting a rise in scam attempts more than ever before (up from 77 per cent in 2023). In addition, the majority (86 per cent) of respondents believe it is getting harder to recognize scams and protect themselves, two-thirds are feeling tired of always having to be on the alert and one-third admit to letting their guard down. In times of financial uncertainty, individuals may be more vulnerable to investment scams and other fraudulent schemes as they search for financial security, RBC fraud strategy senior director Davide Manzo told the Sun.
“Fraud not only results in monetary losses but also causes emotional distress, embarrassment and lasting financial consequences,” he said in an interview. “For seniors, losing savings to fraud can disrupt financial plans for retirement and inheritance, while younger victims may struggle to recover, setting them back financially for years.” He explained it is critical for everyone to always be on guard, adding one can only identify red flags when they take the time to think.
“Double-check the source of a message before acting. If it’s an unexpected offer that sounds too good to be true, it’s likely a scam.” With the increase in volume and sophistication of scams, it’s understandable that Canadians are finding it challenging to always have their guard up when it comes to fraud, RBC fraud management vice-president Vanja Gorazi said.
“Criminals are using the latest technology to gather information, build trust, create urgency and prey on people’s needs and fears,” Gorazi said. “This has led to a wave of investment, romance, senior and other scams. It has never been more important to stay alert.
” Regarding fraud prevention measures, he said for the most part, multi-factor authentication and other security features are offered by many institutions. “While it may seem like a nuisance, it is there for your protection. I encourage everyone to make use of those protections as they are available.
” Manzo emphasizes the importance of awareness and caution, adding banks will never request personal information through unsolicited messages or ask clients to transfer money for security purposes. The financial impact of fraud remains significant. According to the Canadian Anti-Fraud Centre, Canadians lost $638 million to fraud in 2024, although experts believe the actual figure is much higher due to underreporting.
On a global scale, the Global Anti-Scam Alliance estimates losses exceeding $1 trillion. Fraud continues to be a major concern for Canadians, with many struggling to keep pace with increasingly complex scams. Manzo explained the poll, conducted annually as part of Fraud Prevention Month in March, reflects ongoing concerns about fraud and its evolving nature.
According to him, last year’s survey focused on fears surrounding AI-generated fraud, whereas this year’s findings highlight the increasing difficulty Canadians face in spotting scams. “As fraudsters refine their tactics, vigilance and education remain key to reducing financial and emotional losses,” he said. The online poll was conducted by RBC from Jan.
17-22, with a total of 1,500 Canadians aged 18 years or older taking part. It is deemed accurate within a margin of plus or minus 4.4 per cent.
RBC stated the poll was balanced and weighted on age, gender, region and education, according to the latest census data, adding all respondents were members of the online Angus Reid Forum. RCMP spokesperson Sgt. Paul Manaigre did not respond to the Sun’s email.
» [email protected] » X: @AbiolaOdutola Advertisement Advertisement.
