Canadians lost about $351M to fraud in first half of 2026

Canadians reported about $351 million in fraud losses in the first six months of 2026, with investment scams accounting for the largest share, the Canadian Anti-Fraud Centre said in its fraud trends report, issued Aug. 25 with the RCMP.

The centre said investment fraud alone cost victims roughly $139.6 million, the highest of any category. Spear phishing, which often targets businesses by posing as executives, suppliers or contractors to redirect payments, followed at about $57.7 million. The centre said the 2025 total for spear phishing exceeded $68 million.

Bank investigator fraud, in which a caller claims to be from a bank and urges a victim to move money to a “safe account,” accounted for about $28.6 million, compared with about $37.4 million for all of 2025. Extortion reached about $25.5 million, already above the roughly $23 million recorded for the whole of last year. Recovery fraud, which targets people who have already lost money, totalled about $13.7 million, against about $25.9 million in 2025.

The figures understate the problem. The centre estimates that only five to 10 per cent of fraud is reported.

The centre said investment scams commonly start on social media, in online ads or through messaging apps, and sometimes involve impersonation or cryptocurrency. Victims may be shown fake account balances or returns that encourage them to deposit more. It warned of high or guaranteed returns offered through unsolicited messages.

Criminals also pose as banks, businesses, government bodies, police, employers and service providers, relying on urgency and trust, the centre said. In recovery fraud, scammers may even pretend to be the Canadian Anti-Fraud Centre itself. The centre’s guidance is to never pay upfront to recover lost funds.

The centre’s advice is to verify unexpected requests using contact details you find yourself, rather than those supplied by the caller or sender. Changes to payment or banking information should be confirmed through a known method. It also said never to transfer money to a “safe account” at an unexpected caller’s direction, never to share passwords, verification codes or remote access to a device, and to talk to someone you trust before sending money under pressure.

People who are targeted should contact their financial institution right away and report the incident to local police and the Canadian Anti-Fraud Centre, the centre said.

The report comes as banks and telecom companies have launched a shared platform to track fraud, which Canada News Media covered in its report on the CSAFE fraud-sharing platform. Readers who have already lost money may also want to see our earlier explainer on recovery scams, and our report on the CRA’s optional extra sign-in step for online filing.

Figures are as published by the Canadian Anti-Fraud Centre and have not been independently verified. This article explains the centre’s published guidance and is not personal financial advice.

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