Good morning!
Canadians spend an average of 6.45 hours a day online, according to data aggregator Statista, so it makes sense that a new survey by Equifax Canada Inc. found this is where they feel most vulnerable to an attack on their personal data.
According to the report released on March 1, 85 per cent of respondents told the credit score company they feel most exposed to possible theft of their personal data online, with more women (88 per cent) expressing feelings of vulnerability than men (82 per cent).
“Almost half have noticed more suspicious or fraudulent links within their social media, and 18 per cent admitted they clicked on a fraudulent link in their feeds,” Equifax Canada said of the survey of 1,000 people aged 18 to 65.
Furthermore, 78 per cent said they believed social media puts them at higher risk for identity theft through tactics such as cyberattacks, scams/phishing and data breaches. And 42 per cent cited Facebook as posing the highest risk among social-media platforms. Younger Canadians (18 to 34) were more likely to identify social media as a cybersecurity risk and Instagram as the riskiest of all.
But most Canadians aren’t taking these fraud and identity threats lying down. The survey found 97 per cent “feel vulnerable to fraudsters and identity theft,” but 94 per cent said they are taking at least one step to secure their identity and their finances, a significant increase from 87 per cent in 2022.
Among the top steps being taken to frustrate identity thieves are not answering calls from unknown numbers (67 per cent) and reviewing credit-card and bank statements (63 per cent).
“Nobody wants to be scammed, and it’s great to see more people are taking steps to protect their personal data,” said Julie Kuzmic, Equifax Canada’s senior compliance officer, consumer advocacy. “Since fraudsters often target people who make it easy for them, we encourage everyone to continue to be vigilant and take steps to protect their personal data.”
Some survey respondents have gone a step or two further on their personal data security protocols, with 55 per cent reporting that they routinely shred sensitive documents, and 48 per cent said they now share less on social media and have implemented two-step verification, which includes a password and a one-time code that is typically texted or emailed.
Other tactics include not using public Wi-Fi (39 per cent), monitoring credit reports (33 per cent), using security software (31 per cent) and notifying officials about fraud or identity theft (24 per cent).
Despite all the precautions, 26 per cent said they have been a victim of fraud or identity theft, Equifax Canada said.
The Canadian Anti-Fraud Centre (CAFC) said fraud and cybercrime totalled nearly $530 million in victim damages in 2022, approximately 40 per cent higher than the $380 million in losses in 2021. CAFC estimates five to 10 per cent of individuals report fraud.
Canadians might be fighting back personally, but 92 per cent said governments need to up their game by increasing penalties for identity theft and fraud and 86 per cent said governments should do more to educate people on ways to protect their personal data.
“Fraud and identity theft are serious issues that can have devastating impacts on people financially and emotionally,” Kuzmic said. “Our survey highlights the need for increased awareness and protection against fraud, particularly for those who do not take this type of crime seriously and those in certain regions who may be less aware of the risks.”
The Equifax survey was conducted Feb. 1-8. The margin of error is +/- 3.1 per cent, 19 times out of 20.
