News & Information

Canadians concerned about online fraud related to smartphone apps and social media sites

Global Administrator

Given the increasing popularity of smartphones, tablets and social media sites, many Canadians are concerned they might become victims of online fraud schemes targeting these technologies.

Eighty-four per cent out of 1,000 people surveyed in an Environics poll, commissioned by TD Canada Trust, indicated they are concerned about online fraud.

Overall, fewer Canadians overall reported being concerned about becoming a victim of fraud compared to last year (72% versus 79% in 2011). However, many said they are worried about emerging types of fraud — such as online fraud (84%), malicious social media apps (77%), phishing (72%) and fraudulent cell phone apps (61%).

Justin Hwang, associate vice president of fraud management at TD Canada Trust, said consumers should be aware of the use of malicious smartphone and social media apps designed to steal personal information, which is then used to commit fraud.

The TD Canada Trust survey found Canadians are taking action to protect themselves.

The two most popular ways for Canadians to protect themselves from fraud included ensuring their computer's security software and virus/malware protection was up to date (86%), and subscribing to the highest level of privacy on their social media accounts (73%), according to the 2012 TD Canada Trust Fraud Prevention Month poll.

Other protective actions included:

• using an automatic lock function with a password-protection feature whenever their mobile phone, tablet, computer starts-up or times-out (54%);

• never texting or emailing banking information (46%);

• never downloading social media apps from unknown sources (45%); and

• never sharing email or social media site passwords (45%).


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