Have I been scammed? Protect yourself from these 4 cons
In 2025, Canadians lost more than $544 million to fraudsters. Here’s how you can avoid becoming the next victim.
FRAUD AWARENESS
BY tamara young
February 2026
You wake up to find a text from the Canada Revenue Agency (CRA) on your phone: You owe $253.05 in unpaid taxes. Still groggy, you click the link and enter your login. On second thought, something doesn’t feel right. You close the browser and delete the text. But is it too late?
Disclaimer
Through a text, email or phone call, the fraudster poses as a bank, collections firm or even the CRA. Being tricked depends on your level of distress and impulsivity. For instance, a fraudster posing as a financial institution may alert you to suspicious activity on your account and ask you to confirm your financial details.
The information contained herein has been provided by TD Wealth and is for information purposes only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance.
TD Wealth represents the products and services offered by TD Waterhouse Canada Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).
TD Wealth Private Wealth Management represents the products and services available through TD Wealth Private Investment Advice (a division of TD Waterhouse Canada Inc.), TD Wealth Private Investment Counsel (offered by TD Waterhouse Private Investment Counsel Inc.), TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).
®The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.
When it comes to fraud, everyone is a potential target. It doesn’t matter how old you are, how intelligent or tech-savvy. Fraudsters don’t discriminate and they’ll use every trick in the book to convince you to send them money or personal information. (In fact, according to the statistics, older — and often wealthier — Canadians are more likely to fall victim to fraud than younger generations.)1
As we’ve become more dependent on technology to conduct our day-to-day affairs, it appears we’ve also become more vulnerable. As of September 2025, the Canadian Anti-Fraud Centre reported 23,113 incidents of fraud and more than $544 million lost.2
Protect yourself by: Keeping your online world secure
It’s important to remember that government and financial organizations will never ask for personal information such as account numbers, passwords or PINs over text or email. If you’re concerned, locate the publicly listed number for the organization’s customer service department and call them to verify. Dhot recommends using complex passwords, changing them frequently and enabling multi-factor authentication wherever possible to add an extra layer of security.
The impersonation scam
Remember the age-old mantra: If it seems too good to be true, it probably is. Before making any investment, make sure you understand what it is you’re investing in. Be skeptical and do some research, especially when significant sums of money are involved. If you have any questions about investments, it can be helpful to speak to a wealth professional.
Protect yourself by: Being skeptical and doing some research
A few years ago, a man in Ontario was conned out of $106,000 after a woman he met online convinced him to invest in a cryptocurrency scheme.3 People fall for these types of scams because the promise of easy money can overshadow any misgivings they may otherwise have, even if the offer comes from an innocuous source.
The investment scam
Be wary of anyone you meet on the internet — even through popular dating apps. If the topic of money arises too early, it could be a red flag. When in doubt, do your research. A real person will usually have an extensive social or professional network you can verify with a little digging. It can also help to share your concerns with friends and family. If they tell you your new significant other seems suspicious, it may be wise to listen.
Protect yourself by: Watching for red flags
Instead of fear or a desire for profit, romance schemes rely on feelings of affection and trust. Scammers often invest a great deal of time and effort to win their victims’ confidence prior to asking for money. The swindler may even start small — a favour here, a favour there. Victims of romance fraud often miss the warning signs because they simply aren’t looking for them.
The romance scam
Don’t let the criminal’s urgent tone overwhelm your own level-headedness. If you’re worried, reach out to your friends or family to verify the details before taking any action. Be wary of anyone who withholds information from you or anyone whose story seems unlikely.
If you fall victim to a scam, it's important to report it to your financial institution as soon as possible. “This will help prevent any further opportunities to victimize that individual,” Dhot says. If you’ve lost money, you can also report it by calling the non-emergency number for your local law enforcement. Finally, he suggests reporting the incident to the Canadian Anti-Fraud Centre to help guide their efforts.
Scammers are smart and victims often fail to recognize their own vulnerability. By building these habits now, staying cautious and ensuring you have the right online protections in place, you’ll be in a better position if and when someone chooses to target you.
Stay ahead on latest in fraud and scam awareness by visiting the TD Fraud Hub accessible at TD.com/ProtectYourself.
Protect yourself by: Verifying information with friends and family
Emergency fraud relies on scare-tactics and a sense of urgency. The scammer might pretend to be a family member, friend or even an old neighbour in trouble, but the ask is always the same: money... and fast. Dhot says that crooks often ask their victims to keep their request for funds a secret to guard their scam from family, such as when they impersonate a grandchild in need.
The emergency scam
Vice President, Canadian Fraud Management,
TD Bank Group
Tarundeep Dhot
A big part of protecting yourself and others from scams is having an awareness of them, as well as sharing that information with loved ones.
1. "CAFC 2022 Annual Report: Executive Summary," Canadian Anti-Fraud Centre, April 19, 2024, https://antifraudcentre-centreantifraude.ca/annual-reports-2022-rapports-annuels-eng.htm (accessed February 9, 2026).
2. "The impact of fraud so far this year," Canadian Anti-Fraud Centre, January 2026, https://antifraudcentre-centreantifraude.ca/index-eng.htm (accessed February 3, 2026).
3. "Ontario man out $106,000 after being blindsided by twist of two scams," CTV News, January 18, 2022, https://www.ctvnews.ca/toronto/article/ontario-man-out-106000-after-being-blindsided-by-twist-of-tw… (accessed February 5, 2022).
SOURCES
To avoid becoming a victim of fraud, Canadians must be better prepared and more suspicious than ever, according to Tarundeep Dhot, Vice President, Canadian Fraud Management, TD Bank Group. He spoke to us about what fraud looks like in 2026, and how to protect yourself against even the most well-laid traps.
“A big part of protecting yourself and others from scams is having an awareness of them, as well as sharing that information with loved ones,” he says.
Don’t be the next victim. Here are four of the most common scams out there and what you can do to protect yourself.
Canada's top 10 costliest frauds
Canadians lost $645M in fraud in 2024, according to the Canada Anti-Fraud Centre.
Source: Canada Anti-Fraud Centre, as of January 2026
Manager, TD Wealth
Sonia Guglielmi
I think talking to a financial professional when I was going through the divorce could have helped.
The information contained herein has been provided by TD Wealth and is for information purposes only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance.
TD Wealth represents the products and services offered by TD Waterhouse Canada Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).
TD Wealth Private Wealth Management represents the products and services available through TD Wealth Private Investment Advice (a division of TD Waterhouse Canada Inc.), TD Wealth Private Investment Counsel (offered by TD Waterhouse Private Investment Counsel Inc.), TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).
®The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.
Disclaimer
When it comes to fraud, everyone is a potential target. It doesn’t matter how old you are, how intelligent or tech-savvy. Fraudsters don’t discriminate and they’ll use every trick in the book to convince you to send them money or personal information. (In fact, according to the statistics, older — and often wealthier — Canadians are more likely to fall victim to fraud than younger generations.)1
As we’ve become more dependent on technology to conduct our day-to-day affairs, it appears we’ve also become more vulnerable. As of September 2025, the Canadian Anti-Fraud Centre reported 23,113 incidents of fraud and more than $544 million lost.2
Manager,
TD Wealth
Sonia Guglielmi
I think talking to a financial professional when I was going through the divorce could have helped.