Mar 12, 2026
Younger Canadians may feel confident about spotting online scams, but they’re also the most likely to fall victim.
That’s according to a new poll from Scotiabank, which found that Canadians aged 18 to 34 are the most confident in their ability to identify AI-generated fraud. Yet the same group is also the most likely to report being scammed, with nearly one in three saying they fell victim to fraud in the past year.
Advertisement
“As fraudsters leverage AI to create more convincing scams than ever before, there is an opportunity for financial institutions to continue to educate Canadians on how to spot scams, practice safe banking habits and take steps for added protection,” said Tammy McKinnon, senior vice president of Global Fraud Management at Scotiabank, in a statement.
Confidence alone doesn’t prevent fraud
According to the Scotiabank Fraud Awareness Poll, 76% of Canadians aged 18 to 34 say they believe they can identify AI-generated scams, which is the highest confidence level among all age groups.
Despite that confidence, however, 29% of younger Canadians say they fell for a scam in the past year, making them the most vulnerable demographic in the survey.
The findings suggest a surprising and growing shift in fraud activity. While seniors have historically been viewed as the most vulnerable to scams, criminals increasingly appear to be targeting younger, more digitally connected Canadians.
Social media and email scams topped the list of common fraud channels among younger respondents, reflecting the platforms where many people conduct much of their communication and financial activity.
Must Read
- Stop the leak: 5 costs Canadians (still) overpay for every single month. How many are sabotaging your 2026 budget?
- What's your worth? Here are the 3 net worth milestones that change everything for Canadians (and what they say about you)
- Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich — and that ‘anyone’ can do it
AI raising the bar for fraud
Artificial intelligence is also increasing anxiety about the present and future threat of financial fraud.
According to the poll, 90% of Canadians worry that AI will make scams more sophisticated and harder to detect, including through technologies such as voice cloning, deepfake videos and more convincing phishing messages.
Advertisement
As AI tools become easier to access, fraud experts warn that scammers can generate realistic messages, phone calls and even video impersonations at scale.
That means traditional warning signs, such as poor grammar or obvious inconsistencies, may become phased out by more sophisticated scams.
Proactive steps to protect against fraud
Many Canadians say they are already adopting basic cybersecurity habits to protect their financial accounts.
The survey found 88% of Canadians report using secure and unique passwords, while 82% say they enable two-factor authentication when it is available. More than 80% say they know how to identify and report fraudulent activity.
At the same time, Canadians appear increasingly willing to trade speed for security in digital banking, according to Scotiabank’s survey. Nearly 71% say financial institutions should be given more time to process transactions, if it can help to prevent fraud.
With scams continuing to evolve alongside new technologies, fraud experts say Canadians of all ages will likely need to remain vigilant as criminals continue to develop more sophisticated tactics.
You May Also Like
- Here’s how to retire in 10 short years no matter where you live in Canada — even if you’re starting with $0 savings
- If you’re still feeling the pinch this month — don’t panic. Here are 5 easy ways to fix your finances without a total overhaul
- How Warren Buffett’s simple buy-and-hold real estate approach offers a lesson for Canadian homeowners and long-term investors
- Approaching retirement with no savings? Don’t panic, you're not alone. Here are easy ways you can catch up (and fast)
Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
