Canadians worry about fraud, most have already been targeted

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It seems fraudsters are trying to scam their way into your wallet nearly everywhere you look, but especially on the internet.

A whopping $638 million was lost by 34,621 Canadian fraud victims in 2024, ranging from Nigerian romance scams to RCMP impersonators to vendors of fake Taylor Swift concert tickets, according to the Canadian Anti-Fraud Centre.

The real picture may be even worse. Nearly 90 per cent of Canadians say they have been targeted by fraudsters, with emails and phone calls being the most common contact methods, according to a recent survey by the Bank of Nova Scotia.

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Still, just 56 per cent of fraud targets reported it and only 14 per cent of them contacted the Canadian Anti-Fraud Centre or the authorities.

Young Canadians were most likely to fall victim to a scam, Scotiabank said, as social media scams become more prevalent, but they were also most likely to report one as well.

Older Canadians were least likely to protect themselves from fraudulent activity and were most often targeted by credit card scams.

Quebec appears to be Canada’s hotbed for fraud, with 24 per cent of its residents having fallen victim to a scam and eight per cent having experienced a credit card scam, the highest levels in the country.

They were also the most protective as well, with 77 per cent indicating they are aware of financial fraud resources, while 48 per cent said they discuss fraud prevention in their community.

Fraud does appear to be top of mind for many Canadians, however, since 76 per cent are concerned about how it may affect their finances and mental health, according to a recent survey by Mastercard Inc.

Despite that, many Canadians don’t seem too concerned about protecting themselves. Only seven per cent of Canadians prioritize fraud prevention, even though 89 per cent said they understand the growing threat they face and 53 per cent said they have a shared responsibility to protect themselves.

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Asked if they could identify fraud, 77 per cent believed they could, while only three per cent said they are consistently unable to determine when something is fraudulent.

The Canadian Anti-Fraud Centre recommends people hang up on high-pressure sales tactics, never give out personal information and research any company or charity before handing them money.

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It’s been a fairly strong start to earnings season for Canada’s big banks.

Scotiabank beat estimates on Tuesday, as it reported  net income of $933 million. Despite the ongoing tariff threat and higher provisions for credit loses, analysts called the report “solid,” but “muted” given a miss on its Canadian financials.

The Bank of Montreal, meanwhile, reported a “great rebound,” earning $2.28 billion on an adjusted basis and beating expectations to put an end to a “tough 2024,” according to Meny Grauman, an analyst at the Bank of Nova Scotia. 

The National Bank of Canada is set to release its earnings report on Wednesday, followed by Toronto-Dominion Bank, the Canadian Imperial Bank of Commerce and the Royal Bank of Canada on Thursday.

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Read more.

• G20 finance ministers and central bank governors meeting begins in Cape Town, South Africa
• Today’s Data: Canada’s capital expenditures survey for 2025, U.S. new home sales for January
• Earnings: National Bank of Canada, WSP Global Inc., George Weston Ltd., NVIDIA Corp., Salesforce, Lowe’s Companies Inc., AB InBev SA-NV, eBay Inc.

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For those considering giving to charity this tax season, a securities donation may be the most tax effective way to give, as the donor receives a tax receipt on the fair market value of the securities, without paying the capital gains on the shares, according to Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management. Find out more here. 

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Calling Canadian families with younger kids or teens: Whether it’s budgeting, spending, investing, paying off debt, or just paying the bills, does your family have any financial resolutions for the coming year? Let us know at wealth@postmedia.com.

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Today’s Posthaste was written by Ben Cousins, with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

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