Canadians reported losing more than $351 million to fraud during the first half of 2026, but authorities warn the real financial damage could be dramatically higher.
The Canadian Anti-Fraud Centre estimates that only 5 to 10 per cent of fraud is actually reported, suggesting total losses could potentially exceed $3.5 billion.
Investment fraud was by far the biggest money-loser, accounting for approximately $139.6 million in reported losses. Scammers increasingly use social media, messaging apps and even deepfake advertisements featuring well-known personalities to promote fraudulent investment opportunities. Victims may initially be shown impressive fake returns to persuade them to invest even more money.
Spear-phishing scams ranked second with approximately $57.7 million lost. These sophisticated schemes use personal information to create convincing emails, texts or calls impersonating executives, suppliers, colleagues or other trusted contacts.
Bank-investigator scams caused another $28.6 million in losses, while extortion fraud accounted for about $25.5 million. Recovery scams—in which criminals target people who have already been defrauded by promising to recover their money for a fee—cost Canadians approximately $13.7 million.
Authorities say the numbers underline how sophisticated modern scams have become and how important it is to independently verify unexpected investment offers, banking calls, payment requests and messages—even when they appear to come from someone you know.