Financial fraud rampant

Almost a third (32%) of respondents to a Chartered Professional Accountants of Canada survey have been victims of financial fraud.

Credit card fraud (cited by 67% of those victimized) and debit card fraud (referenced by 29% of the victims) are the top two types.

Read: 5 tips for safe cyber-shopping

This year saw a sharp jump in the number of victims referencing online fraud. It was reported by 16% of the victims compared with just 6% in 2014.

The survey found that almost half (48%) of all respondents who access the Internet stated they were uncomfortable making online purchases. Of those who have shopped online, 49% claimed they spend $500 or more in an average year making online purchases. The number of survey respondents expressing discomfort with online purchases climbed with age.

Additional 2015 findings:

• 70% of those surveyed are very concerned about identity theft
• 47% of respondents fear that someone has personal information about them that they should not be in possession of
• Survey participants were asked what payment method they used most often. The top three responses were debit cards (44%), credit cards (30%) and cash (20%)

Also read:

Firms test employees with fake phishing emails

3 tips to protect your firm from cyber attacks

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.