Canadians reported $704 million in fraud losses in 2025 as AI scams rise
Canadians reported losing more than $704 million to fraud in 2025, the Competition Bureau, the Canadian Anti-Fraud Centre (CAFC) and the RCMP said March 6 as they launched the 22nd Fraud Prevention Month.
The figure is only part of the picture. The agencies estimate that just five to 10 per cent of frauds are reported, and reported losses since 2022 now exceed $2.4 billion, according to the release.
What the numbers show
Identity fraud, investment fraud and service fraud were the most reported types in 2025. Investment fraud, romance fraud and job fraud caused the largest dollar losses. The CAFC received more than 112,000 fraud reports for the year.
For businesses, the costliest category is spear phishing, in which criminals impersonate suppliers, executives or contractors to redirect payments. The CAFC later put 2025 spear phishing losses at more than $68 million.
"AI has armed fraudsters with powerful tools to create highly convincing impersonations and deceptive marketing schemes," said Jeanne Pratt, acting commissioner of competition. Marie-Claude Dandenault, an RCMP deputy commissioner, said most Canadians have encountered fraud in some form, at home or at work. The campaign, run with more than 80 organizations in the Fraud Prevention Forum, focuses on helping people recognize, reject and report fraud.
Confidence versus experience
A Scotiabank poll released the same week, conducted by Harris Poll Canada among 1,514 adults on Jan. 7, found that 76 per cent of Canadians aged 18 to 34 were confident they could spot AI-generated scams, the highest of any age group. Yet 29 per cent of that group said they had fallen for a scam in the past year, Advisor.ca reported. That gap matters for employers, whose youngest staff may be the most confident and the most exposed.
What to do
- Use Fraud Prevention Month materials for a short staff session on impersonation, fake invoices and voice-cloning calls.
- Agree on a call-back rule for any request to move money, change banking details or buy gift cards.
- Report fraud, even when no money was lost, to local police and the CAFC through the Report Cybercrime and Fraud website or at 1-888-495-8501.
- Report deceptive marketing to the Competition Bureau.
