Students ignore scam risks despite rising fraud attempts - RBC poll

• The majority of students (80%) believe they need to learn more about fraud
• Almost half (46%) have encountered more fraud attempts since starting their post-secondary studies
• More students are concerned about identity theft (59%) than having money stolen (30%)

TORONTO, Oct. 23, 2023 /CNW/ - Even with fraud attempts on the rise, many post-secondary students don't see themselves as probable targets and are likely underestimating their risk, according to the RBC 2023 Students and Fraud Poll.

Less than half (44%) are worried about falling victim to a financial scam while at school, despite a similar percentage (46%) reporting they have encountered more fraud attempts since starting their post-secondary studies. Thirty per cent (30%) commented that the risk of fraud never crosses their mind.

"With so many things to think about when attending post-secondary school, it's understandable that fraud isn't always top of mind for students," noted Kevin Purkiss, vice president of Fraud Management at RBC. "With new sophisticated scams on the rise and many students managing their finances for the first time, being aware of the risks, knowing how to spot the signs of a scam and taking steps to protect your personal and financial information are key."

Other key poll findings:

• Identity theft ranks higher than losing money among fraud concerns
  • Almost twice as many of the post-secondary students polled are concerned about fraudsters stealing their identity than money (59% versus 30%)
  • This could be in part because more than half of students polled (52%) don't think they have enough money to be targeted by fraudsters
• Many students get a failing grade when it comes to passwords
  • While strong passwords can be a first line of defence against fraud, only 26% of the post-secondary students polled say they regularly change their passwords or use passwords that are tough to guess
  • Two-in-five (39%) have used the same password for online/mobile banking as other online accounts
  • More than one-quarter (28%) have shared their debit and/or credit cards or passwords with others
  • Overall, 58% are not as vigilant as they should be when it comes to reducing their risk of fraud
  • The majority (83%) admit to actions that make them more vulnerable to scams
• Students need more fraud education
  • The majority (80%) believe they need to learn more about fraud.
  • Four-in-ten (40%) say they don't know where to find resources to inform them about fraud.
  • Half (49%) don't know how to report a scam or fraud.

Purkiss shares four tips to help students make the grade and reduce their risk of fraud:

"If a scammer steals your identity, there can be long-lasting impacts to your credit score and your finances. This is true regardless of your age or financial situation," adds Purkiss. "That's why we believe it's important to continue to make information and resources available to everyone so they can stay on top of current scams to safeguard their personal and financial information."

For more tips, please visit How to Protect Yourself Online - RBC.

RBC 2023 Students and FraudPoll: Selected Findings

Sample sizes for the Prairies and Atlantic Canada were too small to include. 

From July 27 to August 3, 2023, an online survey was commissioned by RBC among 1,017 Canadian post-secondary students who are 18-24 years of age. All respondents were members of the online Angus Reid Forum. For comparison purposes only, a sample of this size would yield a margin of error of ± 3.1 percentage points at a 95% confidence level.

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SOURCE RBC Royal Bank