The Scale of Canada's Fraud Problem in 2025
Every March, Canada marks Fraud Prevention Month (FPM) — a national campaign now in its 22nd edition in 2026 — organised by the Competition Bureau Canada, the Canadian Anti-Fraud Centre (CAFC), and the Royal Canadian Mounted Police (RCMP). The goal is straightforward: raise awareness, share knowledge, and reduce the number of Canadians who fall victim to increasingly sophisticated scams.
The backdrop for #FPM2026 is sobering. The CAFC reported that Canadians lost over $704 million to fraud in 2025. Add in the preceding years and cumulative reported losses since 2022 now surpass $2.4 billion. Those are staggering figures — and they are almost certainly a significant undercount.
Researchers and law enforcement agencies consistently estimate that only 5–10% of fraud incidents are ever reported to authorities. Victims often feel embarrassed, assume nothing will be done, or simply do not know where to turn. When you apply that reporting gap to the $704 million figure, the real total losses in 2025 could be anywhere from $7 billion to $14 billion.
An RBC poll reinforced just how pervasive the threat has become: 81% of Canadians said they feel there is a new scam to watch out for every single week. That sense of constant exposure is not paranoia — it reflects reality. Fraud is no longer a rare event. It is a persistent, daily risk for every connected Canadian.
The Top Scams Hitting Canadians in 2026
Not all fraud is created equal. Some scam types generate a large number of victim reports but relatively modest individual losses. Others hit fewer people but devastate them financially. Understanding both dimensions helps you prioritise where to be most cautious.
The table below breaks down the top fraud types reported to the CAFC, distinguishing between volume of complaints and financial impact:
| Fraud Type | Ranked by Reports | Ranked by Financial Loss |
|---|---|---|
| Identity Fraud | #1 Most Reported | High impact, varies widely |
| Investment Fraud | #2 Most Reported | #1 by Dollar Loss |
| Service Fraud | #3 Most Reported | Moderate — high volume |
| Romance Fraud | High volume | #2 by Dollar Loss |
| Job / Employment Fraud | Growing rapidly | #3 by Dollar Loss |
Identity fraud remains the most commonly reported fraud type because it is a gateway crime — stolen personal information enables almost every other kind of financial fraud. Once a fraudster has your SIN, date of birth, and address, they can open credit cards, apply for loans, and even file tax returns in your name.
Investment fraud — sometimes called "pig butchering" or crypto investment scams — causes the most financial devastation per victim. Victims are often courted over weeks or months through social media or dating apps before being convinced to move large sums into fraudulent platforms. See our in-depth guide to romance scams for a close look at how this overlap between emotional manipulation and financial fraud works.
Job fraud has surged in recent years, targeting Canadians who post résumés online. Victims receive fake employment offers that require them to pay upfront for equipment, background checks, or training — and the money disappears.
Older Canadians face heightened exposure to all three categories. Our guide on common scams targeting seniors covers the specific tactics fraudsters use against this demographic.
How AI Is Making Scams More Convincing
Fraud Prevention Month 2026 arrives at a moment when the threat landscape is changing faster than at any point in recent history. According to both the CAFC and FTC consumer protection guidance, artificial intelligence has armed fraudsters with highly convincing impersonations that make traditional red flags harder to spot.
The most significant developments include:
- AI voice cloning: Scammers can clone a family member's or colleague's voice from just a few seconds of audio and use it to make emergency-style phone calls demanding money.
- Deepfake video calls: Business email compromise scams now sometimes use live deepfake video in video calls, making it appear that a known executive is requesting a wire transfer.
- AI-written phishing messages: Gone are the days of obvious spelling errors. AI tools produce grammatically perfect, highly personalised phishing emails, texts, and social media messages that are virtually indistinguishable from legitimate correspondence.
- Automated fraud at scale: AI allows criminal networks to run thousands of simultaneous scam attempts, dramatically increasing the odds that any one person receives a well-targeted message at a vulnerable moment.
The takeaway is that you can no longer rely on "looking suspicious" as your primary detection method. A message that looks, sounds, and reads perfectly is still potentially fraudulent. Verification through a separate, trusted channel — calling the person back on a known number, for example — is now essential.
The 5 Most Effective Ways to Protect Yourself
- Freeze your credit. A credit freeze prevents new accounts from being opened in your name without your explicit approval. Contact Equifax Canada and TransUnion Canada directly to place a freeze. It is free and the most powerful single action you can take against identity fraud. Learn more about the warning signs of identity theft so you know when to act fast.
- Enable multi-factor authentication (MFA) everywhere. Use an authenticator app (not SMS where possible) on your email, banking, and social media accounts. Even if a fraudster steals your password, MFA blocks access without the second factor.
- Verify before you act. Any unsolicited contact — phone call, text, email, or social media message — asking you to provide money, personal information, or access credentials should be treated with suspicion. Hang up and call back on a number you independently verified. Never use contact details provided by the person who called you.
- Use strong, unique passwords and a password manager. Reusing passwords across sites means a single data breach can compromise dozens of accounts. A password manager generates and stores complex passwords for every site, removing the temptation to reuse them.
- Monitor your financial accounts regularly. Check bank and credit card statements at least weekly. Set up transaction alerts so any unusual activity is flagged to your phone immediately. The faster you catch unauthorised transactions, the better your chance of recovering the funds.
What To Do If You Have Already Been Scammed
If you believe you have been a victim of fraud, acting quickly can make a significant difference in limiting the damage:
- Contact your financial institution immediately. If you transferred money or provided banking details, call your bank right away. Ask them to initiate a fraud recall or place a hold on further transactions.
- Report to the CAFC. File a report online or call 1-888-495-8501. Your report helps the CAFC track patterns, warn others, and build cases against fraud networks.
- Alert your local police. For any fraud involving financial loss, file a police report. This creates an official record that may be required for insurance claims or bank disputes.
- Check your credit reports. Request a free credit report from Equifax Canada and TransUnion Canada. Look for accounts you do not recognise and flag them for investigation immediately.
- Place a fraud alert. Both credit bureaus allow you to add a fraud alert to your file, which requires lenders to take extra steps to verify your identity before extending credit.
- Change compromised passwords and enable MFA. If account credentials were part of the breach, change those passwords immediately on every site where you used the same login.
Recovering from fraud can take months or even years. Do not wait — the sooner you report and secure your accounts, the better your outcome is likely to be.
How Identity Theft Protection Adds a Safety Net
Given that identity fraud is the most frequently reported fraud type in Canada, having a layer of monitoring in place is no longer optional for many people — it is a practical necessity. Identity theft protection services continuously scan your personal data, credit file, and the dark web for signs that your information is being misused, alerting you the moment something looks wrong.
Early detection matters enormously. The longer fraudulent accounts go unnoticed, the more damage accumulates and the harder recovery becomes. A service that alerts you within minutes of a suspicious credit inquiry — rather than days or weeks later — gives you a meaningful head start on containing the problem.
Affiliate Disclosure — We may earn a commission if you purchase through links on this page. See disclosure.
One of the most comprehensive options we have reviewed is Aura. Aura monitors your credit across all three bureaus in near real-time, scans the dark web for your personal information, and provides up to $1 million in identity theft insurance per adult member. If you are concerned about identity fraud in the context of Fraud Prevention Month 2026, it is worth exploring as a proactive layer of protection. Try Aura free for 14 days and see what is currently exposed about you online.
How To Report Fraud in Canada
Reporting fraud is one of the most important things a victim — or a near-miss — can do. Every report helps the CAFC build a more complete picture of fraud networks operating in Canada, issue timely public warnings, and work with law enforcement on prosecutions.
Your reporting options:
- Report Cybercrime and Fraud website: The official online reporting portal at reportcybercrime.ca allows you to file a detailed report any time, 24/7.
- Canadian Anti-Fraud Centre phone line: Call 1-888-495-8501 Monday to Friday during business hours to speak with a specialist.
- Local police: For any fraud involving a financial loss, also file a report with your local police service to create an official record.
- Your financial institution: Report the incident to your bank or credit card provider as quickly as possible to initiate a fraud dispute.
- Competition Bureau: If you encountered a deceptive marketing or business fraud, you can also report to the Competition Bureau through its online complaint centre.
Do not assume that because you did not lose money your report is not worth filing. Near-miss reports help the CAFC identify emerging scam patterns before they cause widespread harm. Reporting is always worth the few minutes it takes.