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Fraudsters are Targeting Younger Consumers

TD Bank report found that nearly a third of young consumers have fallen victim to financial fraud

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  • Written by  Banking Exchange staff
Fraudsters are Targeting Younger Consumers

The younger generation is more likely to be targeted and fall victim to fraud or scams than their older counterparts, according to TD Bank.

The report revealed that 41% of consumers aged between 13 and 34 have been targeted by fraudsters through social media and nearly a third have fallen victim to financial fraud.

Concerningly, an even higher percentage (43%) of young adults reported they would be too embarrassed to tell anyone if they were a victim of fraud or scam.

Therefore, an alarming number of incidents are likely never reported, according to the report.

Sophia Leung, TD fraud expert, said:  "Growing up as a digital native and being more technologically savvy doesn't mean you're immune to the dangers of online scams.”

"As financial fraud schemes become more sophisticated and difficult to detect, falling victim is nothing to be embarrassed about. Instead, it's important to remain hyperaware of potential threats and arm yourself with the knowledge to protect yourself from future fraud attempts."

The report found younger consumers are now also finding themselves grappling with heightened concerns about financial fraud, despite being more tech-savvy.

According to the survey, 18- to 34-year-olds are experiencing a rise in fraud attempts as 63% say scams are targeting them more now than ever.

Meanwhile, 62% reported feeling vulnerable to being a target for financial fraud and 93% believe the number of fraud attempts will increase over the next year.

As a result, TD Bank has urged consumers to dedicate time to educating themselves on the most common fraud methods, such as job scams, investment scams, and cheque scams.

In addition to knowing the potential threats, it is also important for consumers to take steps to protect their private information and finances, according to the bank.

For example, TD Bank recommends consumers implement tools like two-step verification and fraud alert texts.

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