March is Fraud Prevention Month
Fraud remains one of the fastest-growing crimes in Canada. In 2025, the Canadian Anti-Fraud Centre received over 112,000 fraud reports, resulting in losses exceeding $704 million.1 Experts believe this represents only a fraction of actual fraud activity, as many cases go unreported.
Fraudsters are becoming more sophisticated, using convincing messages, impersonation, and emotional manipulation, making awareness more critical than ever. Anyone can become a victim, and the consequences can be severe, including financial loss and identity compromise.
Naima Islam, Fraud Analyst at Rapport – A Division of WFCU Credit Union, highlights both the most frequently reported frauds and frauds causing the highest financial losses, as well as tips to help protect yourself. Staying informed about the latest fraud schemes helps you stay alert and better shield your finances.
Identity Fraud
Identity fraud involves the deceptive use of someone else’s identity information, often using stolen data to commit various crimes. Stolen or reproduced information can be used to access money, open accounts, make unauthorized transactions, or apply for loans or credit cards.
Commonly targeted information includes your name, date of birth, address, SIN, driver’s licence, bank or credit card details, passwords, and email or phone accounts.
Actions to protect yourself:
- Be wary of unsolicited communications that ask for personal or financial information.
- Check your credit reports and bank statements, and report any irregularities.
- Shred personal and financial documents before disposing of them.
- Keep personal documents secure.
- Use strong passwords and enable two-factor authentication (2FA) where applicable.
Investment Fraud
Investment fraud involves soliciting investments through false or deceptive opportunities that falsely promise higher-than-normal returns. However, investors often lose most or all of their money. Types of Investment Fraud include cryptoscams, Ponzi schemes, and franchise/business opportunities that are too good to be true.
Investment scams account for the largest financial losses among Canadians by dollar value.
Actions to protect yourself:
- Be cautious of unsolicited investment offers — whether over the phone, online, or from acquaintances.
- Be wary of time-limited deals and high-pressure sales methods.
- Before investing anywhere, make sure you understand how it works, the risks involved, and any fees associated.
Phishing and Spear Phishing
Phishing occurs when fraudsters trick you into giving personal information or clicking on links. This can be through email and website spoofing, offers of money, or requests to download attachments or fill out forms. Often, bad actors pose as recognizable companies.
Spear Phishing is a sophisticated form of Phishing that leverages existing relationships between the recipient and the perceived sender. The sender’s address appears to be the actual email address of the source they’re pretending to be, a tactic known as spoofing.
Actions to protect yourself:
- Don’t click on links or download attachments in unsolicited messages.
- Check for spelling mistakes.
- Review the sender’s email address carefully – fraudsters can easily spoof it.
- Confirm requests for money through another method, such as a phone call.
- Be cautious of urgent or highly personalized requests.
Recovery Fraud and Fraud Investigator Scams
If you’ve previously been a victim of fraud, bad actors may target you again with promises to get your money back, but end up stealing more personal information. Fraudsters may use different methods to steal financial details or money. Often, they will ask for an advance fee to recover your funds.
Actions to protect yourself:
- Never pay an advance fee for a refund.
- Be skeptical of unexpected recovery offers.
- Verify the legitimacy of recovery services independently.
- Avoid sharing personal or financial information.
Relationship and Romance Fraud
Relationship and Romance Fraud involves a bad actor building a personal relationship with their victims to earn their trust and affection. Once trust is established, the fraudster may ask for money for travel, an emergency, or a business opportunity. These bad actors will convince victims that their requests are genuine.
Actions to protect yourself:
- Don’t accept friend requests from people you do not know.
- Never send money to someone you haven’t met in person.
- Don’t share your personal information online, such as your name, address, DOB, SIN, or banking credentials.
Service Fraud
Service Fraud occurs when bad actors impersonate legitimate service providers to deceive people into making payments or sharing sensitive information. These fraudsters often mimic trusted sectors such as financial services, telecommunications, insurance, tech support, immigration, home repairs, or even government-related assistance.
Actions to protect yourself:
- Be cautious of “too good to be true” offers.
- Verify the provider independently through official contact channels.
- Research before committing: Look for reviews, business registration, and complaints before signing contracts.
- Never share sensitive information, such as banking details, passwords, or ID documents, with unverified sources.
Employment Fraud
Employment Fraud occurs when scammers post fake job offers to steal personal information, money, or both. They may ask for fees, banking details, or copies of your ID under the pretense of hiring you.
Actions to protect yourself:
- Research the company before applying.
- Never pay fees for a job.
- Verify job offers through official company contacts.
- Avoid sharing sensitive personal information early.
- Watch for unrealistic salaries or promises.
- Be weary of job offers through social media and WhatsApp.
Fraud Prevention Starts with Awareness
Staying informed about common scams and maintaining strong security habits are the most effective ways to protect your finances and personal information.
What to do if you Suspect Fraud
- Immediately end any communication and contact WFCU at 1-866-500-9328.
- Report the incident to the Canadian Anti-Fraud Centre.
- Monitor accounts and credit reports closely.
Our Staff will Never ask For
- Your password (PAC).
- Your PIN.
- A One-Time Passcode (OTP).
- Remote access to your device or download software to enable remote access.
- Access to your online banking to add payees or process transactions on your behalf.
Naima Islam
Fraud Analyst
Rapport – A Division of WFCU Credit Union
