Canadians lost over $638 million to fraud in 2024, and the numbers keep climbing. As we move through 2025, scammers are getting smarter, more sophisticated, and unfortunately, more successful.
The good news? Once you know what to look for, these scams become much easier to spot and avoid. These are the most prevalent scams hitting Canadians right now:
- Phishing Scams
- Investment & Cryptocurrency Scams
- Government Impersonation Scams
- Online Shopping & Marketplace Scams
- Romance Scams
- Technical Support Scams
Phishing Scams: The Digital Trap
Phishing remains the number one way scammers steal personal information. These schemes typically arrive via email, text, or phone calls that appear to come from legitimate organizations such as banks, your municipal government, the Canadian Revenue Agency (CRA), or popular retailers.
Here’s how they work: You receive a message claiming there’s an urgent issue with your account, a problem with your taxes, or a great deal that’s about to expire. The message includes a link that takes you to a fake website that looks exactly like the official page.
Once you enter your login credentials, credit card information, or personal details, the scammers have everything they need.
Here are red flags to watch for:
- Urgent language like “act now” or “your account will be closed”
- Generic greetings like “Dear customer”—though some scams may use your real name
- Suspicious email addresses that don’t match the organization
- Links that don’t lead to the official website when you hover over them
- Requests for sensitive information via email or text
The best protection? Never click links in suspicious messages. Instead, go directly to the organization’s official website or call them using a phone number that you’ve found independently.
As everything moves to digital platforms, scammers take advantage. Your bank or even utility companies will never contact you directly via email or text. Instead, they will notify you to check your official account, which will tell you whether you have any upcoming changes or payments to review.
If something sounds too convenient or too good to be true, stay vigilant. Always contact these agencies directly. It never hurts to do your due diligence.
Bank Scams: When Fraudsters Pretend to Be Your Bank
One of the more disturbing trends in 2025 is the rise of scams involving fraudsters posing as your bank—sometimes with devastating financial consequences. These scammers use sophisticated tactics to convince victims that their accounts have been compromised, urging them to “secure” their funds by transferring them to a fake account.
This scam is particularly dangerous because it often targets seniors and uses high-pressure tactics combined with official-sounding language and spoofed phone numbers that appear to come from legitimate banks.
Here’s how these scams typically work:
- The victim receives a call, text, or email claiming there’s suspicious activity on their account.
- The scammer poses as a representative from a major bank’s fraud department.
- They instruct the victim to transfer money to a “secure” account, which is actually controlled by the scammer. Sometimes they’ll instruct the victim to log into their mobile banking and provide the two-factor authentication code.
- In some cases, a fake courier is sent to the victim’s home to collect the funds or bank cards in person, making the scam even more convincing.
- The communication may be accompanied by follow-up messages or calls, increasing the sense of legitimacy and urgency.
Important things to know:
- Banks will never ask you to move your money to a different account to “protect” it.
- They won’t ask for sensitive information like full passwords or verification codes over the phone.
- If you’re ever unsure, hang up and call your bank directly using the number on the back of your card or from their official website.
Real-World Example:
In July 2025, Ontario seniors had been targeted in a scam where fraudsters impersonated bank employees and convinced victims to hand over bank cards and login credentials. Shockingly, the scammers even dispatched couriers in person to collect these from victims’ homes. These criminals often use fear and urgency to override people’s better judgment.
Tips to Protect Yourself:
- Never send money or share information in response to an unexpected call or message.
- Always verify requests for transfers, even if the caller seems legitimate.
- Encourage older relatives or friends to speak with someone they trust before acting on financial requests.
Staying informed and cautious is your best defense.
Government Impersonation Scams
Scammers love impersonating government agencies because it immediately creates a sense of urgency and authority. These scams often target newer immigrants, seniors, or anyone who might be concerned about their legal status.
The Canada Revenue Agency (CRA) scam is particularly common. Fraudsters call claiming you owe back taxes and threaten immediate arrest unless you pay right away with gift cards or wire transfers. Other variations include fake calls from Immigration Canada, Service Canada, or local police departments.
Here’s what you need to remember:
- The CRA will never demand immediate payment via gift cards, Bitcoin, or wire transfers
- Government agencies typically communicate through official mail first
- Legitimate government calls won’t threaten immediate arrest
- You can always hang up and call the agency directly using their official number
If you’re unsure about a government-related call or message, contact the agency directly through their official channels. They are here to help you.
Romance Scams: Love & Money Don’t Mix
Romance scams are particularly devastating because they target people’s emotions. Scammers create fake profiles on dating apps or social media, build relationships over weeks or months, then eventually ask for money for various “emergencies.”
These scammers are patient and skilled at emotional manipulation. They might claim they need money for medical emergencies, travel expenses to meet you, or business opportunities. Once you send money, the requests typically escalate.
Red flags in online relationships:
- They profess love very quickly
- They avoid phone calls or video chats
- Their photos look too professional (try doing a reverse image search)
- They’re always travelling, deployed, or otherwise unable to meet
- They ask for money, gift cards, or financial information
Remember: legitimate romantic interests won’t ask you for money, especially early in a relationship.
Investment & Cryptocurrency Scams
With the rise of digital currencies and online investing platforms, investment scams have exploded across Canada. These fraudsters prey on people’s desire to build wealth, promising incredible returns with little to no risk.
Common variations include:
- Fake cryptocurrency exchanges or trading platforms
- Ponzi schemes disguised as investment opportunities
- Romance scammers who eventually pitch investment “opportunities”
- Social media ads promoting get-rich-quick schemes
Here are the warning signs to look for:
- Promises of guaranteed high returns
- Pressure to invest quickly
- Requests to send money via cryptocurrency or wire transfer
- Unlicensed investment advisors
- Testimonials that seem too good to be true
Before investing anywhere, verify that the company is registered with your provincial securities regulator. If someone contacts you out of the blue with an investment opportunity, it’s almost certainly a scam.

Online Shopping & Marketplace Scams
Online shopping is more popular than ever, and with fake retail websites and marketplace scams, fraudsters are catching on. These range from completely fake stores that take your money and never ship anything, to sellers on legitimate platforms who take payment but disappear.
Common tactics include:
- Websites with prices that seem too good to be true
- Fake luxury goods at drastically reduced prices
- Sellers who insist on payment through untraceable methods
- Rental or real estate listings that don’t actually exist
Protect yourself by:
- Researching unfamiliar retailers before purchasing
- Using secure payment methods (PayPal, insured credit cards, etc.) that offer buyer protection
- Being skeptical of deals that seem impossibly good
- Meeting in person at a busy, public place for local marketplace transactions with someone you trust
Technical Support Scams
These scams typically start with a phone call from someone claiming to be from Microsoft, Apple, or another tech company. They’ll say your computer is infected with viruses or has been compromised, then offer to fix the problem remotely.
Once they gain access to your computer, they might install actual malware, steal your personal information, or show you fake error messages to justify charging you for unnecessary services.
Important reminders:
- Tech companies don’t make unsolicited calls about computer problems
- Never give remote access to your computer to unknown callers
- Don’t download software suggested by cold callers
- Legitimate tech support will never ask for payment via gift cards
What to Do if You’ve Been Targeted
If you believe you’ve encountered a scam or were victim to one:
- Stop all communication with the suspected scammer immediately
- Contact your bank or credit card company if you’ve shared financial information
- Report the incident to the Canadian Anti-Fraud Centre
- File a report with your local police if you’ve lost money
- Monitor your accounts closely for unauthorized activity
And above all, please remember one thing: Falling victim to a scam doesn’t reflect poorly on you. These criminals are professionals who know exactly how to manipulate people. The important thing is to act quickly to minimize any damage.
Stay One Step Ahead
Scammers succeed because they catch people off guard, create urgency, or prey on emotions. Trust your instincts when something doesn’t feel right; you can protect yourself, your finances, and your personal information.
Legitimate businesses and organizations won’t pressure you to make immediate decisions or payments. Take time to think, research, and verify before sharing personal information or sending money.
The financial landscape continues to evolve, and unfortunately, so do the tactics used by fraudsters. Stay vigilant, keep learning, and don’t hesitate to seek advice from our Blue Copper Capital team when it comes to making important decisions about your money.
We’re committed to helping Canadians navigate their financial journey safely and successfully.