A new study reveals a concerning trend in how we talk (or don't talk) about scams
A new survey by TD Bank has revealed that Generation Z (Gen Z) is the least likely to discuss their experiences with financial fraud at home, despite being the most targeted age group. The findings come as Canada continues to grapple with increasing cases of financial fraud, with over $630 million lost in 2024 alone, according to the Canadian Anti-Fraud Centre (CAFC).
The survey, conducted by Maru Public Opinion on behalf of TD, found that while 92% of Canadians believe open discussions can help protect against fraud, many—especially younger Canadians—hesitate to share their experiences.
Gen Z’s reluctance to share
Among surveyed Canadians, 29% admitted they avoid talking about fraud incidents at home. This figure was significantly higher among Gen Z, with 51% saying they would not discuss their experiences with family members. In comparison, 39% of Millennials and 23% of Gen X respondents reported similar hesitations.
The reluctance comes despite Gen Z facing the highest risk of fraud. Nearly half (45%) of Gen Z respondents reported being targeted, compared to 34% of Millennials and 26% of Gen X. Experts suggest that embarrassment or a lack of fraud awareness may be key factors preventing open discussions, potentially making fraud detection more difficult.
The importance of family conversations
Despite their reluctance to share, many younger Canadians recognize the benefits of discussing fraud prevention. Seventy-three per cent (73%) of Gen Z and 68% of Millennials believe regular family discussions about fraud could make them feel less like a target, compared to 52% of Gen X respondents.
“Our survey found that one-third of Canadians avoided falling victim to a financial fraud attempt by talking to their families,” said Sophia Leung, executive vice president of protect platform at TD. “Younger Canadians seem reluctant to share their experiences with fraud, but they also value open dialogue, so it’s important for families to start the conversation and continually check in to help each other stay informed about potential fraud and scams.”
Fraud concerns
With financial fraud on the rise, 93% of respondents believe scams will increase in the coming year. When asked about their biggest concerns if a family member were to fall victim to fraud:
- 80% cited financial loss.
- 69% worried about identity theft.
- 48% feared negative mental health impacts, such as depression or paranoia.
- 34% were concerned that victims might keep their experiences secret.
Staying protected
Many Canadians remain uncertain about their ability to identify fraud. While 46% of respondents feel vulnerable to scams, only 20% are extremely confident in recognizing them. Furthermore, 42% of Canadians do not seek advice on fraud, and 26% turn to social media or the internet for guidance, which may not always provide reliable information.
As Fraud Prevention Month approaches in March, TD emphasized the importance of open discussions and education. “When it comes to avoiding financial fraud and scams, the best way to look out for yourself and your family is by staying informed and communicating openly,” Leung noted.
The survey was conducted online between January 10 and 13, 2025, with a sample of 1,530 Canadian adults. The survey has an estimated margin of error of +/- 2.5 per cent, 19 times out of 20.
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