In 2024, Canadians lost a jaw-dropping $638 million to fraud, according to the Canadian Anti-Fraud Centre (CAFC). That’s already a hefty $60 million more than losses reported the previous year, but the true total is likely much, much higher—experts at the CAFC say that less than 5% of scams are ever reported.
What we do know, however, is the type of fraud reported most often in Canada in 2024: identity fraud. To pull this off, criminals use phishing scams and other ruses to trick Canadians into revealing personal and financial information. Depending on what they find out, scammers could impersonate you, charge purchases to your credit card, apply for a loan and/or mortgage in your name, drain your bank accounts and more.
Scams are becoming harder to identify. Some fraudsters now use artificial intelligence (AI) technology to create highly convincing audio and video “deepfakes” using Canadians’ voices and faces. AI tools are also helping criminals target exponentially more people at once, making scams harder to avoid.
How to protect your identity
To help you protect yourself against ID theft and fraud, we created a series of how-to articles with practical tips on prevention and what to do if you think your identity may have been stolen.
- 7 ways to protect yourself from ID theft
Identity theft is on the rise in Canada. Use these simple tips and tools to protect yourself from ID theft. - Your ID was stolen, here’s what to expect
If you think your identity has been stolen, here’s what to do, how ID theft may impact you, and how to find help in Canada for restoring your identity. - You’ve just discovered someone stole your identity—is it too late?
If your ID is stolen, months may pass before you realize it. Find out how to recognize signs of a stolen ID in Canada, protect your credit and recover. - Why do Canadians keep falling for scams?
Fraudsters are getting ever more sophisticated at creating identity theft scams in Canada. No one is immune, but there are ways to protect yourself.
We’ve also launched a column dedicated to helping you protect specific things and people in your life. Check back monthly for new installments.
- How to protect your email account from scams and fraud
Identity theft is rising in Canada, and hacking email accounts is one of the sneakiest ways that scammers get your info. Here’s how to protect yourself.
How fraud and scams affect Canadians
Learn more about the various types of scams targeting Canadians today, and what you can do to protect yourself and recover from ID fraud.
- Financial fraud in Canada: What to do if your bank account or credit card is compromised
Fraudsters can exploit victims through text, email and other means. What are your options if that happens? - Beware of CRA phone scams
Scammers are impersonating the Canada Revenue Agency to try to steal your money. Here’s how to protect yourself from CRA scams. - 10 common crypto scams and how to avoid them
Crypto scams are rising in Canada. Learn about the most prevalent schemes and how to protect yourself. - 6 phishing scams targeting young Canadians (and how not to fall for them)
Gen Z isn’t immune to phishing scams. Find out the most common schemes targeting young Canadians and 7 ways to avoid them. - Lost wallet? Here’s how to protect yourself from fraud
It’s important to understand the mechanics involved when someone applies for credit in your name, and how to know if you’re a victim. - How to find trustworthy finfluencers—plus, 5 to follow right now
With all the personal finance advice on social media, it can be challenging to filter the good from the bad. Here’s how to know if an influencer is trustworthy. - Canadian seniors, watch out for these scams
Financial fraud is proliferating and growing ever more sophisticated. How to protect yourself and your elderly loved ones from being scammed. - “Can I get scammed through an e-transfer?”—and other questions about protecting yourself from fraud
Receive a sus text? Does an email look off? Is a family member asking for money? Why is the CRA threatening the police and Canada Post wanting you to log in? It just might be a scam.
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Equifax Complete Protection is a credit and cybersecurity protection service designed to help Canadians spot the signs of identity fraud faster.
- Provides daily credit monitoring and alerts
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- Social media monitoring by industry leader ZeroFox
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