“No Winter Lasts Forever, No Spring Skips Its Turn” -Hal Borland
Canadians Underrate Fraud Risk
Canadians are not doing enough to protect themselves from financial fraud. A recent Visa Canada study, which marks the National Fraud Prevention Month, noted that 32% of Canadians aged 18-30 admitted to including their email address, home address, birthday, or phone number, on social networking sites—information that could potentially be used to perpetuate identity theft and other scams. In contrast, those in higher age brackets were found to be engaged in progressively less risky behaviour; just 24% of those aged 31-45, 14% of baby boomers (aged 46-65), and 9% of seniors (66 and older) said they made the same mistakes. “This year’s survey reveals that Canadians of all ages have bad habits that impede their ability to protect themselves against financial fraud,” said Gord Jamieson, head of payment system risk, Visa Canada.
Some of the risky behaviour exhibited, especially by the young adults, includes sharing their PIN and lending their credit/debit card to others. Those aged 66 and older were the group most likely to keep their experiences with fraud secret from friends and family. The survey also found reluctance on part of victims to talk about it afterwards. Seniors (66 and older) were the least likely to do so. Only 50% of the seniors polled said they had spoken to friends or family about their experience, compared to 70% among all other generations. Despite being least likely to make personal information available on public platforms, seniors are often the primary target of scam artists, their modus operandi often including phone calls and emails designed to solicit personal and financial information.
Market Wrap Up as of March 2 2012
The TSX closed at 12644, down 82 points or -0.64% over the past week. YTD the TSX is up 5.76%.
The DOW closed at 12978, down 5 points or -0.04% over the past week.YTD the DOW is up 6.22%.
The S&P closed at 1370, up 4 points or 0.29% over the past week.YTD the S&P is up 8.90%.
The Nasdaq closed at 2976, up 12 points or 0.40% over the past week.YTD the Nasdaq is up 14.24%.
Gold closed at 1712, down 63.00 points or 3.55% over the past week.YTD gold is up 9.39%.
Oil closed at 107.1, down 2.58 points or -2.35% over the past week.YTD oil is up 8.29%.
The CAD/USD closed at 0.9891, down -0.0111 points or -1.11% over the past week.YTD the CAD/USD is up 0.95%.
Sources: advisor.ca, Bloomberg, Visa Canada