A new TD Bank Group survey suggests many Canadians believe they can recognize fraud, even as a significant share continue to engage in online behaviours that could leave them more vulnerable to scams.
The survey, released Tuesday, found 89 per cent of Canadians polled said they were confident in their ability to spot fraud, but 52 per cent acknowledged taking actions that could increase their exposure to financial scams.
The findings point to what TD describes as a disconnect between confidence and behaviour at a time when fraud attempts remain common. According to the survey, 46 per cent of respondents said they encounter scams or fraud attempts weekly or daily, while nearly one-quarter, or 24 per cent, said they or a family member had been the victim of financial fraud or scams during the past year.
Respondents reported a range of activities that could increase their risk, including accessing personal or financial accounts over public Wi-Fi, opening email attachments from unknown senders, clicking links in emails or text messages before verifying their source, and downloading apps or software from unfamiliar websites. The survey also found that 41 per cent said they never consult fraud prevention resources or seek information about protecting themselves from scams.
"Confidence can be a double-edged sword when it comes to fraud prevention," said Tarundeep Dhot, Vice President, Fraud Management at TD. "While it's encouraging that Canadians feel aware, overconfidence can sometimes lead to quick decisions or overlooked warning signs that scammers rely on. Bad actors are counting on people moving quickly or assuming they're not at risk."
The survey also examined the experiences of Canadian business owners and found a similar pattern between confidence and exposure to fraud.
According to the results, 46 per cent of business owners said their business had experienced a financial fraud attempt or scam in the past year. At the same time, 88 per cent said they were confident in their ability to identify fraud targeting their business.
Many business owners also reported having measures in place to help reduce fraud risks. The survey found that 81 per cent regularly review accounts for suspicious activity, 76 per cent said safeguards are in place to help protect their businesses, and 75 per cent said employees are prepared to identify and report scams.
The survey also highlighted differences among age groups, with younger Canadians reporting both higher engagement with fraud prevention information and a greater likelihood of engaging in risky online behaviour.
Among Generation Z respondents, 89 per cent said they were confident in spotting fraud, matching the overall level of confidence reported nationally. However, 65 per cent acknowledged behaviours that could make them more vulnerable to scams, compared with the national average of 52 per cent.
The survey also found that 67 per cent of Gen Z respondents seek advice or consult fraud prevention resources at least once a year, while 52 per cent said they had helped a family member deal with a scam.
"Younger Canadians are often seen as tech savvy, and many are taking on the role of helping others navigate fraud risks," said Dhot. "But digital literacy alone isn't enough. Staying safe requires ongoing awareness, conversations and a willingness to pause and verify--even when something appears to be familiar."
The survey also included advice aimed at consumers and businesses on reducing fraud risks.
It said overconfidence can contribute to fraud by encouraging people to act quickly without verifying details. It advised Canadians to avoid accessing sensitive accounts over public Wi-Fi, refrain from clicking links or downloading files from unknown sources, and verify the identity of anyone requesting personal or financial information before responding.
For families, the survey recommended making discussions about scams and suspicious messages a regular part of everyday conversations to build awareness over time.
For businesses, it recommended establishing clear procedures for verifying requests involving payments or sensitive information, particularly when requests appear urgent or legitimate. It also encouraged regularly reviewing accounts, using safeguards such as multi-factor authentication, and reinforcing a practice of pausing to verify requests before taking action.
The survey further advised anyone receiving a suspicious text message, email or phone call appearing to come from their bank to avoid responding or clicking on links and instead contact their financial institution directly using verified contact information to confirm whether the communication is legitimate.