Frauds to watch out for in 2026

Fraud continued to be a serious concern for Canadians in 2025. According to the Canadian Anti-Fraud Centre, as of September 30, 2025, there were 33,854 fraud reports processed, with 23,113 victims. Losses totalled $544 million. Analysts estimate that the total number of frauds and their associated losses are much higher, as only five to 10 per cent of people report fraud incidents.

With the complexity, sophistication and scope of fraud only increasing, what should you look out for in 2026 and how can you best protect yourself, your family, your identity and your finances?

The hallmarks of fraud

According to the Canadian Anti-Fraud Centre’s (CAFC) 2024 Annual Statistical Report, there are more than 30 fraud types targeting Canadian consumers and businesses. While the tactics and engagement may differ, all frauds have a few things in common:

• Deception: victims are led to believe they are dealing with a legitimate organization or person.
• Urgency: the pressure for money “right now” scares people into acting quickly and emotionally before taking the time to ask questions or think critically.
• Victimization: bad actors cast a wide net and don’t discriminate about whom they target, although certain groups (e.g. seniors) may be more susceptible to certain types of scams and solicitation methods.
• Scope: typical frauds nowadays originate in foreign countries and have global networks executing them.
• Loss: frauds typically target money or personal information (to then get money). Losses can run from hundreds to hundreds of thousands of dollars.

High-level trends

With its role of education, awareness and prevention, the CAFC is a core source for data and tracking the evolution of fraud trends. Its 2024 Annual Statistical Report revealed interesting insights about the trajectory of fraud in Canada:

• The fraud types that resulted in the biggest losses included investment, spear phishing, romance, job and extortion.
• Cyber-enabled fraud accounted for $481.6 million in losses.
• The average dollar loss per individual victimized by fraud was $15,028 CAD.
• Service scams were the most consistently reported fraud, while investment scams resulted in the biggest dollar loss (49% of the overall dollar loss).
• Individuals 19 and under were more likely to be victimized by fraud.
• The total lost by seniors was 27.9% of the overall dollar loss.
• Cryptocurrency was the most popular payment method ($23,815 CAD per transaction).

Fraud in 2026

Going into 2026, AI has made fraud trickier and more legitimate looking. Global News interviewed digital and lifestyle expert Andy Baryer about how fraudsters are using AI to make scams more sophisticated and almost impossible to detect.

Baryer highlights how easy it is for fraudsters to find personal information on social media – images, video and voice clips – and use those small samples to generate convincing impersonations. Impersonation scams include the famous “grandparent” scam (seniors get a call from a “loved one” in trouble who needs money right away to help), service provider scams (anyone need air duct cleaning or tech support?) and employer scams (getting an urgent call from your boss).

Other ways AI is being used to carry out fraud include:

• AI chatbots posing as real people to carry out romance scams (that often bridge to crypto investment scams)
• Agentic AI being used to carry out cyber attacks – McAfee highlighted the case of AI researcher Anthropic whose Claude Code agent was used by a state-sponsored group to automate most of an espionage campaign across nearly 30 organizations. Eighty to 90 per cent of the attack was carried out without human involvement.

Other frauds on the rise

In addition to AI-generated impersonation scams, there are other fraud types to be aware of:

• Investment: according to the Canadian Securities Administrators (CSA) 2024 Investor Index Survey, Canadians lost $310 million to investment fraud in 2024, with more than 4,000 cases being reported. Approximately 46 per cent of Canadians reported that they’ve seen investment opportunities advertised on social media, and 23 per cent were approached with a possible fraudulent investment.
• Subscription/tech support: fraudsters pose as legitimate companies (Amazon, Netflix, Google) and inform individuals that their subscription is expiring, or their account has been compromised. To up the fake legitimacy ante, they are incorporating calendar reminders, push notifications and AI-styled emails.
• Job: “recruiters” text or DM about freelance jobs to review and rate products online. They offer clicks for commission. Once someone completes the first batch of work, they are offered the opportunity to “level up,” but they need to pay to do that. Once they do, all the money in their “account” disappears.

Staying safe

With the prevalence of fraud and its increasing sophistication, being aware and being vigilant are the best ways to stay safe. With some simple habits, you can spot fraud right away and avoid falling victim.

• Trust your instincts: if it feels off, it probably is. If you get a call, email or text you aren’t expecting, be skeptical. Ask questions before you act.
• Just don’t click: make it your standard rule not to click on any links sent to you unless you can 100% trust them – that includes forwards from friends and family.
• Use multi-factor authentication: it may be an extra step or two when you log in, but it will help to protect your accounts and keep fraudsters from accessing your private information.
• Have a family safe word: impersonation scams work because they target strong emotional bonds. Create a family safe word, so if you do get a distress call, you can quickly determine whether it’s real or fake.
• Report fraud: if you do fall victim to fraud, report it right away. Most people don’t report fraud because they feel ashamed. But your experience can offer intelligence that aids law enforcement and helps others avoid a similar experience.

While fraud will continue to evolve in 2026, it still relies on the same basic principles to work – urgency, secrecy and the pressure to act without thinking. Knowing what to look for and trusting your instincts are still your most effective tools. Take a pause. Get curious. Verify information. Have frequent and open conversations. Being aware and adopting simple habits can help you walk into 2026 knowing you can live your digital life with confidence.