More than six in 10 Canadians encountered fraudulent messages or online content in the past year, while many continue to reuse passwords and lack other online security measures, according to a new survey by Equifax Canada.
The survey, conducted for Cybersecurity Awareness Month, found that 83 per cent of respondents were confident they could distinguish legitimate communications from scams, but only 22 per cent described themselves as very confident. The findings point to gaps between consumers’ confidence in recognizing fraud and the steps they take to protect their personal information.
Password reuse and authentication gaps
The survey found that 58 per cent of respondents use multi-factor authentication on many of their financial and social media accounts, while half use unique passwords for important accounts. More than one in five respondents, or 22 per cent, said they reuse the same two or three passwords across multiple accounts.
Reusing passwords can leave multiple accounts vulnerable if one website experiences a data breach, as hackers may use automated tools to try compromised credentials on other services.
“As Canadians are more exposed to fraudulent communications in everyday interactions, recognizing scams has become increasingly challenging,” said Octavia Howell, chief information security officer at Equifax Canada.
“While it’s encouraging that consumers feel confident identifying suspicious messages, awareness alone isn’t enough. Strong passwords, multi-factor authentication and knowing how to respond when something goes wrong are important parts of protecting personal information.”
Bank impersonation among common scams
Fraudulent emails and text messages impersonating Canadian banks or government agencies were among the most frequently reported forms of scam exposure, cited by 37 per cent of respondents.
Another 36 per cent said they had encountered fake notifications claiming someone had accessed or attempted to access their banking or social media accounts. Fraudulent investment opportunities and fake social media messages or videos impersonating trusted brands or public figures were each reported by 26 per cent of respondents, while 16 per cent encountered fraudulent job offers.
The prevalence of reported scam exposure varied by region. In British Columbia, 75 per cent of respondents said they had encountered at least one type of fraudulent message or online content in the previous 12 months, compared with 53 per cent in Quebec.
Some consumers would delay responding to data breaches
The survey also found differences in how Canadians say they would respond to notifications that their personal information had been compromised.
One in five respondents aged 18 to 34, or 20 per cent, said they would ignore a data breach notification unless they noticed suspicious activity. That compared with 11 per cent of respondents aged 55 and older. Nationally, 14 per cent said they would take the same wait-and-see approach.
While 66 per cent of respondents said they would contact their bank or financial institution after receiving a breach notification, fewer than half, or 44 per cent, said they would immediately change the password on the affected account. Just 24 per cent said they would contact a credit bureau to place a fraud alert.
“One of the biggest mistakes consumers make is assuming that nothing needs to be done until suspicious activity appears,” Howell said.
“If your personal information has been exposed, it’s important to take the notification seriously, secure affected accounts and watch for unusual activity. Taking a few preventive steps can help reduce the risk of identity theft and financial fraud.”
Equifax Canada recommends that consumers regularly review their credit reports, use unique passwords and multi-factor authentication, and independently verify unexpected communications before sharing personal or financial information.
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