Canadians rattled by payment fraud risks as deepfake fears grow
Understanding how fraud affects clients’ financial wellbeing and their emotional confidence in digital systems, is increasingly part of a comprehensive planning conversation.
Security trumps speed when choosing a financial institution
The survey also reveals what Canadians want from the firms that hold their money.
When selecting a financial institution, 60 per cent of respondents cited security as a top factor, while 46 per cent said they would prioritise advanced fraud protection capabilities. Customer service came third at 39 per cent, followed by transaction speed and 24/7 accessibility, each cited by 36 per cent.
That hierarchy (security first, speed second) challenges a prevailing assumption in financial services that frictionless digital experience is the primary competitive differentiator.
Forty per cent of Canadians said they prioritise security absolutely, even at the cost of convenience. At the same time, 33 per cent said complex passwords are frustrating, and 27 per cent find multi-factor authentication inconvenient; a tension that financial institutions and their advisors must navigate carefully.
