AI-Enabled Fraud Leaves 3 of 4 Canadians Feeling Exposed, Survey Finds

Seventy-five percent of Canadians are worried that AI advancements have increased their susceptibility to financial fraud, according to a new poll. Shutterstock

Three out of four Canadians say they are feeling more vulnerable to financial fraud because of AI advancements, a new poll suggests.

A TD Bank poll released on Feb. 18 found that 75 percent of Canadians are worried that AI advancements have increased their susceptibility to financial fraud, while 82 percent said scams are becoming increasingly difficult to detect.

Eighty-six percent of survey respondents said they are more concerned about fraud now than they were five years ago and 24 percent said they or a family member had recently been a victim of fraud in the past year,  the poll says.

“Technology is rapidly evolving, and so are the tactics that scammers employ,” TD Protect Platform executive vice-president Sophia Leung said in a press release.

Those surveyed expressed widespread concern about AI-related fraud or scams but many continue to engage in activities that can make them vulnerable, TD said.

The poll found that 18 percent use public Wi-Fi for personal or financial accounts and 15 percent open email attachments from unknown senders.

Another 15 percent click links in texts or emails before verifying the sender, 13 percent engage with questionable online offers, and 11 percent download apps or software from unfamiliar sources.

Forty-one percent of Canadians also say they are not actively pursuing education or guidance regarding fraud prevention, while 42 percent engage in such activities only a few times annually.

Businesses Facing More Threats

Canadian businesses are not insulated from the escalating trend of financial fraud and scams, TD said, adding that a growing number are “feeling the pressure and recognizing the urgent need to protect themselves.”

Sixty-six percent of business owners surveyed said they feel more exposed to fraud now than in previous years and 61 percent described AI-driven crime as a major threat.

An additional 46 percent of the business owners surveyed said they had endured at least one fraud or scam attempt in the past year.

“Business owners are concerned about fraudsters accessing their customer data as they leverage technological advancements,” TD senior manager Sherry Kalantari said in the press release. “To stay one step ahead of bad actors, Canadian business owners should continue to review and boost their security protocols while keeping up with the latest fraud trends and how to combat them.”

The bank said the best defence against AI scams is to remain “vigilant and informed.”

The poll results are based on a Léger poll for TD run between Dec. 18 and Jan. 5. It surveyed 1,517 Canadian adults and 262 business owners also participated.

The companies say surveys of this size have an estimated margin of error plus or minus 2.5 percent, 19 times out of 20.