With each technological advancement comes a more sophisticated fraudster, and if there is a way they can figure out how to convince your clients to part ways with their money, they will.
Cyberattacks and fraud are escalating. In 2023, Canadians lost $554M due to fraud. Sadly, fraud is big business.
Fraudsters don’t discriminate. Canadians of all ages are targeted, and all are equally as likely to fall for online scams.
However, there has been a long-standing belief that Boomers are more likely to fall prey than any other generation. While Boomers are highly targeted, a recent survey by Ipsos commissioned by HomeEquity Bank found Boomers are more vigilant online than any other generation and, as a result, are no more likely to be victimized.
Boomers are smashing stereotypes and pushing back on the tired punchline that they are more likely to fall victim to scammers because they are less tech-savvy and more susceptible to being tricked. It simply isn’t the case. Canadians 55+ are indeed targeted more frequently, with over half reporting scammers targeting them. But when it comes to falling for scams, every age group is equal. Baby boomers are no more likely than any other generation to fall for a scam.
Older Canadians have done a great job educating themselves but must continue to stay vigilant. Scammers are becoming more sophisticated and will continue to come up with new ways to outsmart your clients.
Here are a few basics to ensure your clients stay cyber-safe and avoid potential scams and scammers.
- Inform clients to never open an email, text or direct message from someone they don’t know. The risk is too significant.
- It is important for your clients to be suspicious of new websites and links. Your clients should familiarize themselves with the source before they click on anything.
- Advise clients to avoid using easy-to-hack passwords such as family member names or birthdates. It’s also key to note that your clients should not share any private information with family or friends as they can’t be sure others are as cautious as they are.
- It’s crucial that clients upgrade and update their software and maintain preventative software programs, which will help to secure their data.
- Encourage your clients to stay up to date on the latest cyber threats.
Your clients can do everything right yet still fall victim to a scammer.
If clients receive a call or text from someone they know, they should be cautious but can respond. However, if the message seems strange or out of character, it might indicate their friend or family member’s account has been hacked. Instead of responding directly, they should find another way to check if it’s legitimate, like phoning them separately, to verify the information.
These scammers have upped their game. Clients should always report suspicious activity by calling 1-888-495-8501 or online via the antifraudcentre.ca.
Finally, if your client thinks they have released too much personal information, they should not be embarrassed or ashamed because it happens to smart and tech-savvy people all the time. However, your clients should immediately notify their financial services provider so measures can be implemented to protect them and their money.
Pattie Lovett-Reid
Chief Financial Commentator
HomeEquity Bank