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HomeNewsCanadian NewsCanadian Businesses and Consumers Under Siege from AI-Driven Fraudsters.

Canadian Businesses and Consumers Under Siege from AI-Driven Fraudsters.

Canadian Businesses

The RBC Fraud Prevention Month Poll, released Thursday, revealed that 56% of respondents saw an increase in deepfake scams and 47% in voice cloning frauds. Email, text, and targeted phone or voicemail scams were also among the most common frauds, according to the research.

In a news statement Thursday, RBC vice president of Fraud Management Kevin Purkiss said voice cloning and deepfakes allow fraudsters to make more sophisticated phone and internet scams.

“The good news is that awareness of these types of scams is high, but we must also take action to protect ourselves from fraudsters.”

The research indicated that 81% of Canadians worry about voice cloning and impersonation frauds and AI making phone fraud detection tougher.

“As criminals incorporate new technology into their scams, your first defense is to stay vigilant and take additional precautions,” Purkiss added.

Another conclusion was that 75% of respondents are more concerned about fraud than before. The announcement also said that 88% believe AI will increase scam efforts over the next year and 89% feel everyone would be “more vulnerable to fraud.”

The research found that 64% of Canadians “feel confident” in identifying AI-enabled fraud.

New Canadians

In a Scotiabank Fraud Poll last week, new Canadians adopted more fraud protection measures than Canadians and residents.

Adults who arrived in Canada in the recent decade were 47% more likely to address fraud prevention in their neighborhood. Newcomers were 46% more likely to use a password management program and 16% more likely to update passwords often.

“When it comes to financial fraud, everyone is a target, particularly individuals who may be in vulnerable positions such as newcomers to Canada,” Scotiabank senior vice president of global fraud management Tammy McKinnon said last week.

Methodologies:

Canadian people who were members of an online Angus Reid Forum participated in RBC’s Fraud Prevention Month Poll from Jan. 15 to 19. The RBC-commissioned work was in English and French.

Scotiabank commissioned Maru Public Opinion to randomly choose 3,026 Maru Voice Canada online panellists for its Jan. 19–20 poll.

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