The Scams Hitting Canadians Right Now: A Briefing for Financial Institutions and Schools
You do not need to read a 40-page fraud report to understand the current landscape of financial crime in Canada. You need to know what is growing, who it is hitting, what it looks like in practice, and what your institution can do.
This is that briefing.
The Canadian Anti-Fraud Centre (CAFC) reported $492 million in fraud losses in Canada in 2024 — up from $107 million in 2020, a nearly fivefold increase in four years. These are only the losses that were reported; the CAFC consistently notes that the majority of fraud goes unreported. The actual loss figure is substantially higher.
Here are the four categories that accounted for the largest share of those losses, and what institutions and schools need to know about each.
1. Investment Fraud and Pig Butchering Scams
2024 Canadian losses: $237 million — the single largest fraud category by reported losses.
Investment fraud includes a broad range of schemes, but the dominant and fastest-growing form is what is now commonly called “pig butchering” (a term drawn from the fraudsters’ own language). The scam works like this: a fraudster makes contact with a target — often via a wrong-number text, a social media message, or a dating app — and builds a relationship over weeks or months. Trust is established before any financial discussion occurs. Eventually, the fraudster introduces an investment opportunity, often in cryptocurrency, and guides the target through what appears to be a legitimately functioning investment platform. The platform is controlled by the fraudster. When the target tries to withdraw funds, the platform disappears, or the target is told they must pay fees to release their money.
Victims span all ages and income levels. Many are educated, financially experienced people who were deceived by sophisticated, patient, and well-organized fraud networks — most of which operate out of overseas compounds.
For financial institutions: The first indication is often an unusual series of withdrawals or transfers to a cryptocurrency exchange. Front-line staff who have a conversation with a customer before those transfers complete can change the outcome.
For schools: Investment literacy — understanding what a legitimate investment opportunity looks like, how to verify a platform, and why time pressure is a red flag — is a meaningful component of financial education at the secondary and post-secondary level.
2. Impersonation Fraud — Including Bank Investigator Fraud
Bank Investigator fraud was the fastest-growing fraud category in Canada in 2024, up 16.5% year over year. In this scam, someone calls a target claiming to be a police officer, a bank fraud investigator, or a CIRO (Canadian Investment Regulatory Organization) representative. They tell the target that their account has been compromised and that they need to move their funds immediately — typically to a “safe” account, or by withdrawing cash and handing it to a courier. The caller may spoof a real bank phone number to appear legitimate.
Impersonation fraud disproportionately affects older Canadians. Seniors 60 and older accounted for 27.9% of all reported fraud losses in Canada in 2024.
For financial institutions: This scam often ends at a teller window, an ATM, or a wire transfer terminal. Staff who know the pattern — urgent call, large withdrawal, customer told not to discuss it — can intervene. Branch-level protocols for this scenario are worth having.
For schools: Teaching students how impersonation works — and ensuring they can help their parents and grandparents recognize it — is an often-overlooked dimension of fraud education.
3. Romance Fraud
Romance fraud follows a similar relationship-building arc to pig butchering, but the financial request is framed as a personal emergency rather than an investment. The fraudster — met on a dating app or social media — eventually needs money for a medical emergency, a travel problem, a customs fee, or a business shortfall. The amounts escalate. The relationship is entirely fabricated.
The emotional impact of romance fraud is substantial and often prevents victims from reporting. The financial losses can be severe — amounts in the tens of thousands of dollars are common, with some cases exceeding $100,000.
For financial institutions: Unusual wire transfers or gift card purchases made by customers who are otherwise low-activity are worth a gentle inquiry.
For schools: Teaching young people — and parents — about the mechanics of emotional manipulation online is relevant at every age.
4. Tech Support Fraud
A pop-up appears on screen warning that the computer has a virus. A phone number is displayed. The caller claims to be from Microsoft, Apple, or a well-known bank. They gain remote access to the computer — often by asking the user to download a legitimate remote access application — and proceed to steal funds, credentials, or both.
Tech support fraud is particularly effective against people who are less confident with technology, but it catches experienced users too. The visual of a real-sounding alert is designed to bypass skepticism.
For financial institutions and schools: Knowing the basic rule — no legitimate company will call you unsolicited and ask for remote access to your computer — is the entire defence. It is teachable in two minutes.
One Thing to Do
Share this article with the person at your institution who is responsible for consumer education, community outreach, or staff communications. These four scam types are hitting Canadians in your community right now — and a brief, clear briefing is a starting point for a conversation about what your organization can realistically do to reduce that harm.