A worrying report for consumers and mortgage brokers suggests that younger Canadians are leaving themselves open to credit fraud. Equifax found that millennials take the view that if they have no money they are not going to be targeted by criminals but that is not the case.
Canadians aged 16-36 (millennials and Gen-Y) were the victims of 50 per cent of fraudulent credit applications in 2015; Gen X were the targets in 29 per cent of case; Boomers in 17 per cent; and over-70’s in just 3 per cent.
Equifax says that millennials believe they are invincible and while they may not have the available funds of older Canadians they may have strong credit ratings, making them viable targets. Overall, 53 per cent of Canadians said they have been the victim of a financial fraud.
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