Canadians' Confidence in Spotting Fraud May Be Increasing Their Risk: TD Survey

Almost all (89%) feel confident they can spot fraud, but more than half (52%) admit to risky behaviours

TORONTO, July 28, 2026 /CNW/ -- As fraud attempts continue to rise across Canada, a TD survey reveals a growing disconnect between confidence and behaviour – one that may be leaving Canadians more exposed than they realize. While most Canadians polled believe they can identify scams, many are still engaging in risky habits that could increase their vulnerability.

Key findings from this TD survey:

• 46% of Canadians encounter scams or fraud attempts weekly or even daily
• Nearly one-quarter (24%) say they or a family member have been the victim of financial fraud or scams in the past year
• 89% feel confident in their ability to spot fraud
• 52% admit to behaviours that could make them more vulnerable to fraud, including:
  • Using public Wi-Fi to access personal or financial accounts
  • Opening email attachments from unknown senders
  • Clicking links in texts or emails before verifying the source
  • Downloading apps or software from unfamiliar sites
• 41% say they never consult resources or educate themselves on fraud prevention

"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."

While a similar discrepancy between confidence and vulnerability emerges among Canadian business owners, they're also actively taking steps to help protect themselves and their customers:

• 46% say their business has been the victim of a financial fraud attempt or scam in the past year
• 88% feel confident spotting fraud targeting their business
• 81% regularly review accounts for suspicious activity
• 76% say safeguards are in place
• 75% say their employees are prepared to identify and report scams

Gen Z leading on fraud prevention knowledge, but risky habits remain

Younger Canadians stand out for both their proactive approach to fraud education and the role they're playing in helping to protect loved ones from scams, but they're still most likely to engage in risky habits:

• 89% of Gen Z say they're confident in spotting fraud
• 65% admit to behaviours that could make them more vulnerable to fraud, more than any other generation and well above the national average (52%)
• 67% consult resources or seek advice on fraud prevention at least once a year
• 52% have stepped in to help 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."

1. Why can overconfidence increase fraud risk?
   Feeling confident can sometimes lead to acting quickly without verifying details. Fraud prevention often comes down to slowing down, questioning unexpected requests, and double-checking sources – even when something appears familiar or legitimate.
   
   
2. What are some of the safest habits to adopt online?
   Avoid accessing sensitive accounts on public Wi-Fi, don't click on links or download files from unknown sources, and always verify who you're dealing with before sharing information. Staying cautious, even when something looks legitimate, can help reduce fraud risk.
   
   
3. How can families help protect themselves from fraud and scams?
   Make fraud conversations part of everyday life. Discuss suspicious messages or recent scams and share how you would respond. These small, regular discussions can help build awareness over time.
   
   
4. How can businesses help protect themselves from fraud and scams?
   For businesses, having clear processes in place to verify requests for payment or sensitive information, especially when requests feel urgent or appear legitimate, can help reduce fraud risk. Regularly reviewing accounts, using safeguards like multi-factor authentication, and reinforcing a "pause and verify" approach across teams can help prevent costly mistakes.
   
   
5. What should you do if something doesn't feel right about a text message, email or phone call you've received that appears to be from your bank?
   Pause immediately. Don't engage, click, or respond. Contact your bank or financial institution directly using verified contact information to confirm if the message or call was legitimate.

About the TD Survey
This TD survey, conducted by Léger, ran from December 18, 2025 - January 5, 2026, with a nationally representative sample of 1,517 Canadian adults and 262 Canadian business owners. The results have been weighted by age, gender, and region (and in Quebec, language) to match the population, according to Census data. For comparison purposes, a probability sample of 1,500 has an estimated margin of error (which measures sampling variability) of ±2.5%, 19 times out of 20.

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves 28.1 million clients in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Banking, including TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among North America's leading digital banks, with more than 13 million active mobile users in Canada and the U.S. TD had $2.1 trillion in assets on April 30, 2026. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.

SOURCE TD Bank Group