Fraud Prevention Month survey finds young Canadians sharing too much
personal information, while seniors' reluctance to talk about fraud
also carries risks
TORONTO, Feb. 27, 2012 /CNW/ - In honour of Fraud Prevention Month, Visa
Canada, a leading global payments technology company, today released
survey results revealing different generations of Canadians have habits
that put them at greater risk for fraud.
The survey found that young Canadians - those aged 18-30, were the most
likely to overshare personal information, with 32 per cent admitting to
including their email address, home address, birthday, or phone number,
on social networking sites - information that could potentially be used
fraudulently to perpetuate identity theft and other scams. In contrast,
24 per cent of those aged 31-45, 14 per cent of baby boomers (aged
46-65), and just nine per cent of seniors (66 and older) reported
engaging in the same risky behaviour.
Results also found that young adults are most likely to share their PIN
(Personal Identification Number) and lend their credit or debit card to
others, while seniors, aged 66 and older, were the group most likely to
keep their experiences with fraud secret from friends and family.
"This year's survey reveals that Canadians of all ages have bad habits
that impede their ability to protect themselves against financial
fraud," said Gord Jamieson, Head of Payment System Risk, Visa Canada.
"Young adults need to better understand the risks associated with
oversharing personal and financial data, while seniors need to better
understand that talking about fraud with someone they trust can help
protect them from becoming a victim, helping them learn about risks and
how they can protect themselves."
While Visa reminds cardholders to keep their PIN, card information and
personal data private, the company does encourage individuals to talk
with their friends and family about fraud. The survey found that
amongst those who had experienced fraud, seniors (66 and older) were
the least likely to talk about it afterwards. Only half of seniors
surveyed reported they had spoken to friends or family about their
experience, compared to 70 per cent amongst all other generations.
"It's crucial that seniors have conversations about fraud, so they can
learn how to protect themselves," noted Jamieson. "No one should be
embarrassed to talk to family, friends or their financial institution
if they have questions about fraud or are worried they may have been
Although less likely to share personal information online, seniors are
often the primary target of fraud scams - particularly fraudulent phone
calls and emails designed to solicit personal and financial
information. To help seniors recognize signs of fraud and protect
themselves, Visa is hosting free fraud prevention seminars at seniors'
centres across Canada. The seminars will take place throughout March
and will provide attendees with information to help them identify
potential scams, protect against fraud, and raise concerns with friends
and family without feeling embarrassed.
Amongst the many behavioural differences in generations of Canadians,
this year's survey revealed one alarming similarity - a common
misperception about the security of cash. The majority of all
respondents (58 per cent), identified cash as the safest way to make a
purchase and possessed a low awareness of Visa's Zero Liability Policy,
with just 19 per cent indicating they had heard of this fraud
"I'm always surprised by how many people think cash is a secure form of
payment," said Jamieson. "With cash, if your wallet is stolen, the
money is gone and it's very unlikely you'll get it back; you're also
not protected against purchases gone wrong. With Visa you're protected
by zero liability, ensuring you don't pay for fraudulent transactions
made with your card." For more information about Visa's Zero Liability
Policy visit www.visa.ca.
Visa's approach to fraud prevention is based on the belief that the best
way to fight fraud is to employ multiple layers of security. Visa
continually develops new technologies and solutions to help combat
fraud, including Chip and PIN, Zero Liability and Verified by Visa.
More information about these fraud prevention measures can be found at www.visasecuritysense.ca.
Additional Survey Findings
While seniors are the least likely to share personal information through
social media, they are the most likely group to send personal credit
card information via email.
More than half (56%) of all Canadians say that identity theft is the
fraud concern that worries them the most.
Younger Canadians (18-30) are more likely to shop/pay for purchases
online and/or use a handheld device and older Canadians are more likely
to shop by mail.
Of those who have not shopped online, security concerns is the
most-cited reason for not doing so (37%).
About the Survey
Between January 23 and 27, 2012, a sample of 1,604 adults was surveyed
as part of an Ipsos Reid online omnibus poll, on behalf of Visa Canada.
The survey has a margin of error of +/-3 percentage points, 19 times
out of 20.
Visa is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200
countries and territories to fast, secure and reliable digital
currency. Underpinning digital currency is one of the world's most
advanced processing networks—VisaNet—that is capable of handling more
than 20,000 transaction messages a second, with fraud protection for
consumers and guaranteed payment for merchants. Visa is not a bank and
does not issue cards, extend credit or set rates and fees for
consumers. Visa's innovations, however, enable its financial
institution customers to offer consumers more choices: pay now with
debit, ahead of time with prepaid or later with credit products. For
more information, visit www.corporate.visa.com.
SOURCE VISA Canada Corporation
For further information:
Erin Sufrin, Visa Canada, 416-860-3869, firstname.lastname@example.org
Andrew Addison, Fleishman-Hillard, 416-645-3648, email@example.com