Prevention and Awareness

This November, the Canadian Anti-Fraud Centre (CAFC) reminds Canadians that fraud awareness is an 
essential part of financial literacy. The theme for Financial Literacy Month 2025 ‘’Let’s Talk Money’’ 
encourages open and honest conversations about money, including how to prevent fraud. Fraudsters 
target all age groups, from students and job seekers to seniors managing retirement income. Open 
family discussions about money and fraud can protect loved ones from falling victim. 

Fraudsters often use urgency, fear and emotional manipulation to pressure victims into making quick 
financial decisions. Talking about these tactics helps Canadians recognize the red flags before acting. 
Families are encouraged to share experiences, set money safety rules and verify any unexpected 
requests for funds before sending money. Financial literacy isn’t just about managing money; it’s about 
protecting it. 

How to Protect Yourself:

• Talk before acting. Verify large transfers, job offers, or investment opportunities with a trusted person
• Never pay unexpected fees or bills with cryptocurrency, gift cards or e-transfers
• Confirm requests for money using verified contact information
• Never provide personal information to a caller without verifying their identity after making the 
  outgoing communication via official channels (e.g. official phone number)
• Be cautious with links and attachments in text messages and emails
• Visit the CAFC website for more information on all types of fraud

This November, the CAFC wants to highlight the excellent work being done by the Canadian Anti-Scam 
Coalition which unites public, private, and law enforcement partners to strengthen Canada’s collective 
defence against fraud. Guided by the slogan “STOP, CHECK, TALK”, the coalition encourages Canadians 
to pause before acting, verify information, and talk to someone they trust when faced with suspicious 
requests. This message ties directly to FLM2025’s “Let’s Talk Money” theme which reminds everyone 
that protecting your money starts with a conversation. 
Anyone who suspects they have been the victim of cybercrime or fraud should: 
• Report it to their local police 
• Report it on the new Report Cybercrime and Fraud website. If 
not a victim, you should still report the incident to the CAFC.
• Visit the CAFC’s What to do if you’re a victim page

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The Canadian Anti-Fraud Centre (CAFC) continues to receive reports about employment frauds. Victims 
are being solicited with fraudulent job offers through text message, WhatsApp, email, Messenger, and 
social media ads. These job offers may use the names of real companies but are fake. Victims are tricked 
into making deposits or sending cryptocurrency and are unable to recover their money. 

Overall reported losses to employment fraud have skyrocketed in recent years. In 2022, Canadians 
reported $7.3 million in losses. This increased to $49 million in 2024. Unfortunately, the trend is 
continuing in 2025. In the first nine months of 2025 alone, victims have already reported $46.5 million in 
losses. These numbers show that job fraud is growing quickly, and fraudsters are targeting more 
Canadians than ever before.

***New Variation*** Web Surveys and Online or “E-Commerce” Store Jobs

Fraudsters offering fake work-from-home jobs that involve running online stores or completing web 
surveys. These offers often appear in social media ads, text messages or through messages on 
WhatsApp, Telegram, Instagram, Messenger or TikTok. 
Victims are promised easy income, small commissions, and flexible work. At first, the tasks look simple, 
and the platform shows fake earnings to build trust. Victims may even receive a small initial payout. But 
soon, they are asked to make deposits to continue. 

Online Store Jobs: Victims are told to register for a fake online store or e-commerce platform. They are 
asked to “process orders”, “approve transactions” or “manage inventory”. They are promised 
commissions for every completed order. As victims continue, the system begins requesting larger 
deposits to “upgrade the account”, “fix order errors”, or “unlock higher commissions”. 

Web Survey Jobs: Victims are asked to complete paid online surveys. After completing a few simple 
surveys, the platform claims there are issues and asks for deposits to continue. Victims see a rising fake 
balance on the screen, but they are unable to withdraw any funds. They are pressured to finish more 
surveys and to pay to unlock the next level. 
Victims often realize it’s fraud only when the deposit amounts become too large or when the platform 
blocks withdrawals.

Boosting Products or “Online Tasks” Variation

Using the names of real companies in Canada, the fraudsters are offering victims freelance job 
opportunities to “boost” products, apps or videos using software created by the fraudsters. After the 
victim installs the software and creates an account, they receive “orders” or “tasks” they have to 
complete. Victims might receive a small payment or commission in order to convince them that the job 
is legitimate. Victims can earn higher commissions or “move up a level” by boosting more products or 
videos but need to pay fees to gain access to the additional work. 

Victims deposit their funds into crypto accounts or wallets. Victims may also be asked to recruit other 
victims to increase their earnings. Like crypto investment frauds, victims will see funds in their crypto 
account but will not have the ability to withdraw the funds they have deposited and earned.

Warning Signs

• A company uses a web-based email instead of an official business domain.
• You receive a job offer you did not apply for.
• You are asked to join a platform, download software, or complete simple tasks for fast money.
• The job requires upfront deposits, “upgrade fees,” or “unlock payments.”
• You see a balance on the website or app but cannot withdraw it.
• You are asked to recruit others.
• You are asked to receive or forward money through your bank account.
• The offer promises high pay for minimal work.

How to Protect Yourself

• Take time before responding to unknown job messages.
• Verify the company’s official website and call their official phone number.
• Never send deposits or pay fees for a job.
• Avoid downloading unknown software or apps.
• Do not share personal information or ID documents with unverified contacts.
• Be careful when sending cryptocurrency; in most cases, it cannot be reversed.

Anyone who suspects they have been the target of cybercrime or fraud should report it to their local 
police. Also visit the Report Cybercrime and Fraud website to report online.

Download - English (pdf)                Download - French (pdf)

The Canadian Anti-Fraud Centre (CAFC) is continuing to see an increase in reports of fraudsters 
impersonating the CAFC as part of fraud/bank investigator and recovery frauds.

Fraudsters may contact victims by phone, email or social media claiming to be from the CAFC or working 
with the CAFC as part of an ongoing investigation. They may use the CAFC's name, logo or fake 
documents to appear legitimate.

Fraud/Bank Investigator Fraud

Fraudsters may claim to be a fraud investigator from your bank, a major credit card provider or another 
well-known business. They may tell you there are unauthorized transactions on your account or that 
your banking information has been compromised.

To convince you the investigation is legitimate, they may claim they are working with the CAFC. Some 
fraudsters send fake letters or emails using the CAFC's logo and provide fraudulent contact information 
for victims to communicate with them.

They may ask you to:

• Provide your debit or credit card information.
• Transfer money to a "safe" account.
• Send money to assist with an investigation.
• Keep the investigation confidential.

These requests are fraudulent. Once money is sent, it is often difficult or impossible to recover.

Recovery Fraud

If you have previously lost money to fraud, you may be targeted again by someone claiming they can 
recover your funds.

Fraudsters may pretend to represent the CAFC, law enforcement or another government agency. They 
may claim they have located your money or are conducting an investigation and need your assistance to 
recover your funds.

To appear legitimate, they may send fake documents using the CAFC's logo or claim the CAFC is 
investigating your case.

They may ask you to pay:

• Administrative fees.
• Taxes or legal costs.
• Security deposits.
• Cryptocurrency or wire transfer fees.

If someone asks you to pay money to recover money you have already lost, it is a fraud.

Protect yourself

The CAFC and police will never:

• Ask you to transfer money or make a payment.
• Ask for remote access to your computer or device.
• Ask for your banking information, passwords or verification codes.
• Ask you to participate in an investigation by sending money.

If you receive an unexpected call claiming to be from your bank or the CAFC:

• Hang up the phone.
• Contact your financial institution using the phone number on the back of your debit or credit 
  card.
• Never use the phone number, email address or website provided by the caller.
• If you are unsure, contact the CAFC directly using the contact information available on the 
  official Government of Canada website.

If you believe you have been targeted by one of these frauds, contact your financial institution 
immediately and report the incident to your local police and the Canadian Anti-Fraud Centre.

Download - English (pdf)                Download - French (pdf)

The Canadian Anti-Fraud Centre (CAFC) is receiving reports of criminals pretending to be cellphone service providers. They may claim to work for a victim’s current provider and offer a discount, upgraded plan or new device. The threat actors may guide victims to log in to their real cellphone account while they remain on the phone. They may then ask for account details, security codes or other personal information.
In other cases, criminals may convince victims to open an account with a different service provider and obtain a new cellphone or tablet. They may ask victims to provide identification, such as a driver’s licence or Social Insurance Number (SIN), to complete the order. Once the device is delivered, the fraudster may claim that the wrong item was sent and instruct the victim to ship it to another address. The device and personal information may then be used to commit fraud or identity theft.

Warning signs

• You receive an unexpected call, text message or email offering a discount, upgraded plan or new device.
• The person pressures you to act quickly or says the offer is only available for a limited time.
• You are asked to log in to your cellphone account while the caller stays on the line.
• You are asked for your account password, security code, PIN or multi-factor authentication code.
• You are asked to provide a driver’s licence, Social Insurance Number or other identification.
• You are told to open an account with a different service provider.
• You receive a cellphone or tablet and are told to send it to an address provided by the caller.
• The return address is different from the verified address of the service provider.

How to protect yourself

• If someone contacts you claiming to be from your service provider, end the call and contact the company directly.
• Use the telephone number on your bill, account or the company’s official website.
• Do not use contact information provided by the caller.
• Never share passwords, PINs, security codes or multi-factor authentication codes.
• Do not provide personal or financial information during an unexpected call, text message or email.
• Do not log in to your account while an unknown caller is guiding you.
• Before opening a new account or accepting a device, confirm the offer directly with the service provider.
• If you receive a device you did not order, contact the service provider directly and confirm the correct return process.
• Never ship a cellphone or tablet to an address provided by an unknown caller.

If you believe you have been a target of fraud, contact your financial institution immediately and report the incident to your local police and the Canadian Anti-Fraud Centre.

Download - English (pdf)                Download - French (pdf)

The Canadian Anti-Fraud Centre (CAFC) wants to warn Canadians about frauds targeting people who 
own or use cryptocurrency wallets. Fraudsters may try to gain access to a wallet, steal cryptocurrency, 
or trick victims into sharing private information.

Cryptocurrency transactions are difficult to reverse. Once cryptocurrency is sent or stolen, it may be 
difficult or impossible to recover. People who have already lost cryptocurrency may also be targeted 
again by fraudsters who claim they can recover the funds

Cryptocurrency wallet fraud and recovery phrases

A cryptocurrency wallet is used to access and manage cryptocurrency. Some wallets are applications on 
a phone or computer. Others are physical devices.

Many cryptocurrency wallets use a list of 12 or 24 secret words. This is called a recovery phrase or seed 
phrase. It works like a master key and can be used to restore the wallet and control the cryptocurrency 
inside. Anyone who gets the recovery phrase may be able to access the wallet and transfer the 
cryptocurrency. They may not need the victim’s phone, computer or physical wallet device.

Fraudsters may try to get this information through fake websites, emails, text messages, telephone calls, 
letters, QR codes or harmful software. They may claim there is a problem with the wallet and that 
immediate action is needed.

A recovery phrase should never be shared. A police service, government agency, financial institution, 
wallet provider or legitimate support service will not ask you to send it by email, text message, social 
media, online form or letter.

Recovery fraud
People who have lost cryptocurrency may be targeted again through recovery fraud.

In this type of fraud, a fraudster claims they can find, unlock or return stolen cryptocurrency. They may 
pretend to be a:

• Police officer or government employee
• Lawyer or investigator
• Cryptocurrency expert
• Wallet or exchange employee
• Representative of a recovery company
• Victim who claims to know how to recover the funds

Fraudsters may contact victims by telephone, email, text message, social media or a letter in the mail.

They may already know some information about the victim, such as the amount lost, the type of 
cryptocurrency involved or a public wallet address. They may use these details to appear legitimate and 
ask the victim for information they are missing.

They may request personal information, identification, financial details, wallet information or an upfront 
payment. Knowing some correct information does not prove that the person or organization is 
legitimate.

Warning signs
Beware of anyone who:

• Contacts you without being asked about your cryptocurrency or wallet
• Claims your wallet has been hacked, frozen or placed at risk
• Says they have found your stolen cryptocurrency
• Promises or guarantees that lost funds can be recovered
• Asks for your recovery phrase, private key, password, PIN or security code
• Asks you to confirm personal or financial information
• Sends a link or QR code and asks you to connect or verify your wallet
• Tells you to transfer cryptocurrency to a “safe,” “secure” or “protected” wallet
• Asks you to install software or provide remote access to your device
• Requests an upfront recovery, legal, tax, insurance or processing fee
• Pressures you to act quickly or keep the matter secret
• Tells you not to contact police, your financial institution or family members

How to protect yourself

• Never share your recovery phrase or private key.
• Keep your recovery phrase in a private and secure place.
• Do not store it in an email, cloud account, online document or photograph.
• Use strong and unique passwords.
• Turn on multi-factor authentication when available.
• Keep wallet devices, applications, phones and computers up to date.
• Download software and updates only from official sources.
• Check website addresses before entering information.
• Do not click links, open attachments or scan QR codes in unexpected messages.
• Do not allow an unknown person to remotely access your device.
• Never transfer cryptocurrency to a wallet provided by someone who contacts you.
• Do not pay anyone who promises to recover lost cryptocurrency.
• Do not provide personal, financial or wallet information through unexpected correspondence.
• Find an organization’s official contact information yourself and contact it directly.
• Slow down and verify all requests before taking action.

Anyone who suspects they have been the target of cybercrime or fraud should report it to their local 
police. Also visit the Report Cybercrime and Fraud website to report online or by phone at 1-888-495-
8501. 

Download - English (pdf)                Download - French (pdf)

The Canadian Anti-Fraud Centre (CAFC) continues to see significant financial losses associated with fraud 
in 2026. In the first six months of the year, Canadians reported approximately $351 million in losses to 
the CAFC. While investment fraud continues to account for the highest reported dollar loss, several 
fraud types are showing notable activity when compared with 2025, including spear phishing, bank 
investigator fraud, extortion and recovery fraud. These figures represent only reported incidents; the 
CAFC estimates that only 5% to 10% of fraud is reported, meaning the actual impact is likely much 
greater. 

Fraudsters continue to use impersonation, urgency, convincing communications and established trust to 
obtain money or personal information. In many cases, criminals impersonate financial institutions, 
businesses, government or law enforcement, employers, service providers, or individuals known to the 
victim. Canadians should be cautious of unexpected requests involving money, changes to payment 
instructions, investment opportunities, account security concerns or claims that previously lost funds 
can be recovered.

Trends standing out in the first half of 2026

Investment fraud - approximately $139.6 million reported lost
Remains the fraud type with the highest reported financial losses in the first six months of 2026. 
Fraudsters may use social media, online advertisements, messaging applications or impersonation to 
promote fraudulent investment opportunities, including cryptocurrency-related investments. Victims 
may initially see fake account balances or returns designed to encourage additional deposits.

Spear phishing - approximately $57.7 million reported lostContinues to cause significant losses. In all of 2025, reported losses exceeded $68 million, while 
approximately $57.7 million has already been reported during the first six months of 2026. These frauds 
often involve compromised or spoofed communications and may target businesses by impersonating 
executives, suppliers, contractors or other trusted contacts to redirect payments or change banking 
information.

Bank investigator fraud - approximately $28.6 million reported lost
Continues to stand out in 2026. Reported losses were approximately $28.3 million in 2025, compared 
with approximately $28.6 million in only the first six months of 2026. Fraudsters may impersonate a 
financial institution, police or another trusted organization and claim a victim's account has been 
compromised. Victims may then be instructed to transfer money, provide banking information or 
participate in a supposed investigation.

Extortion - approximately $25.5 million reported lost
Losses to extortion frauds during the first half of 2026 have already exceeded the approximately $23 
million reported during all of 2025. Extortion can take many forms, including threats, impersonation and 
false allegations designed to pressure victims into sending money quickly. Fraudsters may also 
impersonate law enforcement and threaten arrest, deportation or other legal consequences if payment 
is not made.

Recovery fraud - approximately $13.7 million reported lost
Victims who have already lost money to fraud may be targeted again. Fraudsters may claim to represent 
law enforcement, government agencies, financial institutions or recovery organizations and promise to 
recover previously lost funds in exchange for fees, taxes, deposits or other payments. Approximately 
$13.7 million was reported lost to recovery fraud in the first six months of 2026, compared with 
approximately $25.9 million during all of 2025. The CAFC has also warned that fraudsters may 
impersonate the CAFC itself when carrying out recovery fraud. 

Warning signs

• Unexpected requests to send, transfer or withdraw money
• Pressure to act immediately, secretly or outside normal procedures
• Requests to change banking or payment information
• Unsolicited investment opportunities promising high or guaranteed returns
• Calls claiming your bank account is compromised and asking you to assist with an investigation
• Requests to pay fees or taxes to recover money previously lost to fraud
• Communications that appear to come from a trusted organization but contain unusual 
  instructions
• Requests for passwords, verification codes, remote access or sensitive financial information

How to protect yourself

• Slow down and independently verify unexpected requests before taking action.
• Contact businesses, financial institutions and government agencies using contact information 
  you locate yourself.
• Never transfer money to a so-called safe account at the direction of an unexpected caller.
• Verify changes to payment or banking information directly with the person or business involved 
  using a known contact method.
• Be cautious of investment opportunities received through social media, online advertising or 
  unsolicited messages.
• Never pay someone upfront to recover funds you previously lost to fraud.
• Do not provide passwords, verification codes or remote access to your devices.
• Talk to a trusted person before sending money when you are being pressured or threatened.

If you believe you have been a target of fraud, contact your financial institution immediately and report 
the incident to your local police and the Canadian Anti-Fraud Centre

Download - English (pdf)                Download - French (pdf)