Scam-Proof: Older Canadians Remain Sharp Against Rising AI Fraud Threats

• Nearly 7 in 10 Canadians 55+ report being able to easily spot scams
• 77 per cent of Baby Boomers acknowledge the rapid advancement of AI technology and the continuous adaptation of scammers
• Ongoing education is critical to staying one step ahead of AI-enhanced scam strategies

TORONTO – March 3, 2025 – A new survey from Ipsos and HomeEquity Bank, provider of the CHIP Reverse Mortgage, reveals Baby Boomers are more adept at detecting AI-driven scams than previously thought. The study highlights that nearly 7 in 10 (68 per cent) Baby Boomers are aware of the misuse of artificial intelligence (AI) by scammers, debunking the myth that this generation lacks digital awareness. As the exponential evolution of AI technology continues to enhance social-engineering strategies, Canadians of all ages need to stay up to date on new scams.

“AI technology is dramatically changing how scammers target Canadians, making tactics more personal and sophisticated,” said Yvonne Ziomecki-Fisher, Chief Customer, Brand & Advice Officer, HomeEquity Bank. “While Canadians 55+ are quite savvy in spotting scams, they are historically targeted more frequently than younger generations. This has sparked a shift in their communication habits, showcasing their resilience and adaptability in the face of these challenges.

Older Canadians (55+) are taking practical steps to safeguard their information, with 75 per cent ignoring calls requesting urgent updates to personal information and 74 per cent letting unknown numbers go to voicemail. However, the rapid adoption and evolution of AI technologies designed to fraudulently manipulate Canadians into divulging sensitive information underscores the need for ongoing fraud prevention education across all age groups.

The three fastest-growing AI scams are AI-powered voice cloning, deepfake scams, and AI-driven phishing attacks, which are increasingly sophisticated and difficult to detect. Here’s a breakdown of these AI-powered scams:

• AI-Powered Voice Cloning: Scammers use AI to replicate someone’s voice, allowing them to impersonate trusted individuals in phone calls or voice messages, often to solicit money or personal information.
• Deepfake Scams: AI is used to create realistic but fake videos or images of individuals, which can be used to spread misinformation, damage reputations, or facilitate fraud.
• AI-Driven Phishing Attacks: AI is employed to create highly personalized and convincing phishing emails or messages, making it harder for victims to recognize them as scams.

“While older Canadians have become quite savvy at spotting scams on social media where someone is impersonating a family member or a friend, AI has changed the game,” said Marc Saltzman, Tech Expert. “New, widely accessible and easy-to-use AI tools allow scammers to generate the most convincing movie-quality visuals and voices that can fool almost anyone. It’s critical that Canadians make staying up to date on the latest scam tactics part of their routine to protect their information and their wellbeing.”

HomeEquity Bank is committed to providing resources to help its clients and all Canadians stay ahead of fraud. Anyone who wants to test their scam-sense is invited to take the quiz or check out fraud prevention resources at CHIP.ca/fraud.

About HomeEquity Bank

HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage™ product. The company was founded more than 35 years ago to address the financial needs of Canadians who wanted to access the equity of their top asset – their home. The Bank is committed to empowering Canadians aged 55 plus to live the retirement they deserve, in the home they love. HomeEquity Bank is a portfolio company of Ontario Teachers’ Pension Plan Board, a global investor that delivers retirement income for 340,000 current and retired teachers in Ontario. For more information, visit www.chip.ca.

About the Study

These are the findings of an Ipsos survey conducted on behalf of HomeEquity Bank. Fieldwork was conducted between January 30 and February 3, 2025. A total of n=1500 Canadians aged 18+ participated in the survey which was fielded via the Ipsos’ panel. Quotas and weighting were used to ensure the sample’s composition reflects that of the Canadian population according to census parameters. This survey has a credibility interval of +/- 3.1 percent 19 times out of 20, of what the results would have been had all Canadian adults 18+ been surveyed.

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