Baby boomers are more aware of the efforts of digital scammers who use artificial intelligence (AI) than people may think.
This was the topline takeaway from a recent survey in Canada from Toronto-based HomeEquity Bank, the nation’s leading reverse mortgage provider, which was conducted in consultation with market research firm Ipsos.
The survey was conducted in late January and early February. It included 1,500 respondents who are 18 or older, and it was weighted based on census and demographic data to ensure that specific demographics are represented in the results.
The findings show that members of the baby boomer generation are “aware of the misuse of [AI] by scammers, debunking the myth that this generation lacks digital awareness.”
“AI technology is dramatically changing how scammers target Canadians, making tactics more personal and sophisticated,” said Yvonne Ziomecki-Fisher, the bank’s chief customer, brand and advice officer. “While Canadians 55+ are quite savvy in spotting scams, they are historically targeted more frequently than younger generations.”
This consistent targeting — which is also true in the U.S. — has “sparked a shift in their communication habits, showcasing their resilience and adaptability in the face of these challenges,” Ziomecki-Fisher said.
Baby boomers are also taking steps to minimize the potential impact that these scams could have on their financial well-being. Three in four baby boomer respondents report “ignoring calls requesting urgent updates to personal information,” while 74% are “letting unknown numbers go to voicemail.”
But the rapid adoption of AI technology by bad actors underscores the need for consistent fraud prevention education regardless of the age group, according to HomeEquity Bank.
“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,” the report explained.
“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,” technology expert and commentator Marc Saltzman said. “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.”
