Gen Z Targeted: Bank Program Fights Rising Scam Threat with New Fraud Training

Toronto, ON – November 3, 2025 – As Gen Z becomes increasingly digitally engaged, they’ve also become a prime target for increasingly sophisticated financial scams. Recognizing this growing threat, the Canadian Bankers Association (CBA) is expanding its ‘Your Money Students’ program to include comprehensive fraud prevention training. The program, delivered by volunteer bankers across Canada, aims to empower Grade 10-12 students with the knowledge to navigate the financial landscape safely.

For many young Canadians, smartphones and social media are integral parts of daily life. This constant connectivity, while offering numerous benefits, also opens the door to a wide range of financial risks. According to data from the Canadian Anti-Fraud Centre (CAFC), individuals aged 20-29 are disproportionately affected by scams, particularly those involving phishing, romance, and investment schemes.

“We’re seeing a real shift in how scammers operate,” explains a CBA volunteer banker involved in delivering the program. “They’re becoming more technologically savvy, using AI to create incredibly convincing scams that are difficult to spot.”

The updated ‘Your Money Students’ curriculum addresses this evolving threat head-on. Beyond traditional financial literacy topics like budgeting, saving, and responsible credit use, the program now dedicates significant time to teaching students how to identify and avoid emerging scams. This includes education on employment/job scams, phishing/smishing/vishing, online gaming scams, catfishing, and, critically, AI-generated scams.

“It's no longer enough to just tell students to be careful online,” says Anthony Ostler, President and CEO of the Canadian Bankers Association. “We need to give them the specific tools and knowledge to recognize the red flags and protect themselves.”

A New Generation of Scams

The program highlights how scams are becoming more complex, leveraging the latest technology to deceive victims. One particularly concerning trend is the rise of AI-generated scams. Scammers are using artificial intelligence to create convincing deepfake videos and audio recordings, impersonating trusted individuals or organizations to trick victims into sharing sensitive information or sending money.

“The sophistication of these scams is truly alarming,” explains a cybersecurity expert familiar with the latest trends. “AI allows scammers to personalize their attacks, making them even more difficult to detect.”

The ‘Your Money Students’ program teaches students how to spot these sophisticated scams by emphasizing critical thinking skills and encouraging them to question anything that seems too good to be true. Students learn to verify information, research organizations before sharing personal data, and report suspicious activity to the appropriate authorities.

Beyond the Basics: Empowering Young Canadians

The program’s focus on fraud prevention isn’t limited to online scams. Students also learn about the risks associated with cryptocurrency and NFTs, which have become increasingly popular among young people. The program emphasizes the importance of thorough research and understanding the risks before investing in these volatile assets.

“Many young people are drawn to the potential for quick profits offered by cryptocurrency,” says a CBA volunteer. “We want to make sure they understand the risks involved and make informed decisions.”

The ‘Your Money Students’ program also addresses the emotional tactics that scammers often use to manipulate victims. Students learn how to recognize pressure tactics, emotional appeals, and other manipulative techniques.

“Scammers are masters of manipulation,” explains a program volunteer. “We want to teach students how to recognize these tactics and protect themselves from being emotionally exploited.”

A Unique Initiative

While several organizations offer financial literacy programs, the CBA’s ‘Your Money Students’ program stands out for its specific focus on scam prevention tailored to Gen Z. “We found a gap in the market,” explains Ostler. “Existing programs often didn’t address the unique challenges faced by young people in the digital age.”

However, evaluating the program’s direct impact remains a challenge, with limited data available on its effectiveness. The CBA acknowledges the need for further research to assess the program's long-term impact on student financial literacy and scam prevention skills. Despite this limitation, anecdotal evidence from volunteer bankers suggests the program is resonating with students.

“We’ve had students come up to us after the program and tell us they’ve already used the skills they learned to avoid a scam,” says one volunteer. “That’s incredibly rewarding.”

The CBA plans to expand the ‘Your Money Students’ program in the coming years, reaching more students across Canada. The organization is also exploring opportunities to partner with schools and other organizations to integrate scam prevention education into the curriculum. In a world where financial scams are becoming increasingly prevalent, equipping young Canadians with the skills to protect themselves is more critical than ever. The ‘Your Money Students’ program is a vital step in that direction.

Resources for Further Information:
* Canadian Anti-Fraud Centre: https://www.antifraudcentre-centreantifraude.ca/
* Financial Consumer Agency of Canada: https://www.fcac-acfc.gc.ca/