A new survey released by TD Bank Group for this year's Fraud Prevention Month reveals that despite rising fears of being victimized by fraudsters, Canadians may not be well-equipped to protect themselves.

Amid shifting market conditions and the higher cost of living, 62 per cent of Canadians agree they are being targeted now more than ever, but nearly half (46 per cent) haven't taken any measures to educate themselves on fraud prevention or protection in the past year. In fact, close to eight-in-10 Canadians say they don't have a high degree of confidence in their ability to identify potential scams or fraud.

The survey showed 51 per cent of Canadians feel vulnerable to being a target for fraud, while nearly half believe the combination of hardships and a higher cost of living will expose them more to financial fraud and scams. According to the survey, nearly three-quarters (72 per cent) of Canadians reported being targeted by email/text message fraud, up 14 percentage points from last year, while 66 per cent were targeted over the phone. Fraudsters appear to be pivoting away from social media, with only 26 per cent reporting being targeted by this method, a 10 percentage point decrease from 2022. In addition, Canadians shared the scams they found most concerning, including identity theft , title fraud, and fake emergencies.

When assessing the factors that make Canadians most vulnerable to being a target of fraud, respondents identified age, loneliness or isolation, having recently moved to Canada, and financial hardship or job loss as the biggest contributors.