Report by Mehboob Ali Shaikh
Canadians lost at least $704 million to fraud in 2025, according to newly released data from the Canadian Anti-Fraud Centre (CAFC), highlighting a growing wave of scams targeting individuals across the country.
The figures were released on March 6, 2026, in collaboration with the Royal Canadian Mounted Police (RCMP) and the Competition Bureau Canada. Officials say the reported losses represent only a small portion of the actual damage caused by fraud.
Authorities estimate that fewer than one in ten fraud cases are reported, meaning the true financial impact could be significantly higher.
Most Common Types of Fraud
According to the data, the three most frequently reported scams in Canada last year were:
- Identity fraud
- Investment fraud
- Service fraud
These schemes typically aim to trick victims into sending money or revealing sensitive personal information such as Social Insurance Numbers, passwords, or banking details.
Costliest Scams
In terms of financial losses, investment fraud accounted for the largest share of stolen funds. Other major scams included romance scams and job scams, which often target people through online platforms and fake employment offers.
Officials warn that the growing use of artificial intelligence (AI) by scammers is making fraud schemes more convincing. Fraudsters can now create realistic fake identities, websites, and marketing messages designed to manipulate victims into trusting them.
Acting Commissioner Jean Pratt said AI has given criminals powerful new tools to run more sophisticated scams and reach potential victims more easily.
Young Canadians Increasingly Targeted
Despite being more digitally savvy, young Canadians appear to be among the most vulnerable to scams.
A recent survey found that people aged 18 to 34 believe they are the most confident in identifying AI-related fraud. However, nearly 29 per cent of young Canadians—almost one in three—reported being affected by a scam in the past year.
Experts say scammers increasingly target younger users because they spend more time online and are more likely to engage on digital platforms.
Social Media and Email Key Tools for Scammers
Authorities say social media platforms and email have become the most common channels used by fraudsters, allowing them to quickly reach large numbers of potential victims.
Scammers often use fake profiles, phishing messages, and fraudulent advertisements to lure users into sharing personal or financial information.
Canadians Taking Security Steps
Despite the rise in scams, many Canadians are adopting stronger cybersecurity practices. Survey data shows that:
- 88% of Canadians use strong and unique passwords
- 82% enable two-factor authentication (2FA) when available
Law enforcement agencies are urging Canadians to remain vigilant, verify suspicious messages, and report fraud incidents to the Canadian Anti-Fraud Centre to help authorities track and combat the growing threat of financial scams across the country.
