Fraud awareness

It’s getting trickier to know what’s real and what’s fake, and fraudsters are getting smarter at knowing our weak spots. The best defense is a strong offense, so keep these key points handy.

Fraudsters are convincingly impersonating trusted contacts like financial institutions, relatives, or government agencies via calls, texts, emails, and social media. With AI-generated videos, images, and voice cloning, their deception is even harder to spot.

Impersonation scams can lead to account takeovers

An account takeover happens when a fraudster steals customer information – a username, password, multifactor authentication code or engages in cyber-enabled fraud to gain unauthorized access to personal accounts.

Stay safe! Here are some tips to keep top of mind

• Don’t react hastily. Fraudsters often use a sense of urgency, familiarity or authority to illicit a quick reaction.
• Don’t engage. If you receive an unsolicited call, email, text or social media message, delete the message/hang up, and connect with the person or company in question using verified contact information.
• Don’t overshare Never share your password, security questions (or answers), or one-time passcodes. Legitimate companies will never ask for this information.
• Think twice before clicking. Be weary of links from unknown or suspicious sources.
• Keep personal information private. Never give out personal information on unsolicited contact.
• Review account activity regularly. Check your account and monthly statements thoroughly and ensure contact information is current with your financial institution(s). If you see a mistake or unauthorized activity in your account, reach out immediately.

Fraudsters often use social engineering to pressure or deceive people people into revealing personal information. Sharing details like passwords, financial data or system credentials can lead to a loss of funds, identity theft or data breaches.

Scammers will impersonate someone you know, an organization or even a government employee to access sensitive information and personal accounts. They can use information from the internet or social media to target individuals and businesses, pressuring with urgency to get you to click a link or send your account number and password.

Here are some common examples

• Phishing – An email asks you to provide sensitive information, complete an action or click on a malicious link.
• Vishing – A phone call or voice message from a scammer, disguised as someone you know or a reputable company, persuading you to reveal personal information.
• Smishing – A phishing attempt sent through a text message on your phone.

Have you heard about SIM swapping?

Fraudsters will impersonate you to access your mobile account and claim your phone has been lost or stolen. Your number will be linked to a new SIM and device the fraudster controls. Most victims don’t know it’s happened until they’ve tried to make a phone call or send a text message – and it doesn’t work.

The scammer will download popular applications and select the Forgot Password button. If an account is associated with your phone number or email address, the fraudster will receive a verification code. They will use it to confirm ownership, create their own password and takeover the account.

Tips to stay safe!

• If someone contacts you with an urgent request, say no, hang up, and verify their ask by contacting the company or individual directly using a known phone number or website.
• Always verify the organization is legitimate before taking any action.
• Never give out personal information via email or text, or with anyone you don’t know.
• Don’t click on unfamiliar links or call suspicious numbers.
• Install anti-virus software.

For more tips, visit the Canadian Anti-Fraud Centre.

Recovery scams are an advance-fee fraud where criminals target people who have already been victims of a previous scam.

They claim they can help recover lost money if a fee is paid upfront. Fraudsters prey on emotions, offering false hope while taking more money. They might pretend to be from law enforcement, government office, or legal firm working on the case. In reality, they are trying to exploit victims further.

Think before you trust – verify before you act! If you suspect fraud, report it immediately.

How to spot the scam

• Unsolicited contact: Fraudsters often reach out via email, phone, or social media, claiming they can help recover lost funds.
• Requests for upfront payment: They’ll ask you to pay a fee before they “release” your recovered money.
• Too good to be true promises: They claim to recover your lost money, or even more than you lost. If it sounds too good to be true, it probably is.
• Pressure tactics and urgency: Fraudsters push you to act quickly, saying you could miss out on getting your money back.
• Impersonating authorities: Be wary if someone claims to be from law enforcement, consumer protection agencies, or banks and asks for money to help with recovery.

How to protect yourself

• Stay skeptical: If someone reaches out claiming they can recover lost funds, verify their identity through official sources.
• Never pay upfront fees: Legitimate agencies do not charge upfront to help recover lost money.
• Guard your personal information: If you’ve been scammed before, fraudsters may already have some of your details. Don’t provide additional information that could be used against you.
• Report and block scammers: If you suspect a recovery scam, report it to your financial institution, consumer protection agencies, or law enforcement.

Learn more about recovery scams

Student loan financial aid scams involve fraudsters posing as debt relief companies that claim they can reduce or eliminate your student loan debt. They often target borrowers through email, text messages, or phone calls, offering quick solutions that seem too good to be true.

These fraudsters frequently use high-pressure tactics to push you into making hasty decisions, claiming limited time offers or invoking “new laws” that will end their services soon.

Think before you trust – verify before you act! If you suspect fraud, report it immediately.

How to spot the scam

• Unsolicited offers: Be cautious if you receive unsolicited emails, texts, or calls from companies claiming to help with your student loans.
• Urgency tactics: Fraudsters often create a false sense of urgency, claiming that new laws are in place or that government programs will soon end. If you are pressured to act immediately, this is a major red flag.
• Unverifiable information: They might refer to vague “new laws” or “exclusive” programs that seem too complex to verify. Always cross-check this information on official government websites.
• Upfront fees: Legitimate student loan servicers will never ask for payment upfront to negotiate loan reductions or forgiveness.
• Threats of arrest or legal action: scammers Scammers might claim you will be arrested if you don’t act now. This is a classic scare tactic. Legitimate services will never threaten you. Always verify with your loan servicer before taking action.

How to protect yourself

• Verify the legitimacy: Only communicate with your loan servicer directly via their official phone number or website. Government-affiliated services such as such National Student Loans Service Centre (NSLSC) can be trusted for guidance.
• Do not give out personal info: Never share personal details like your Social Insurance Number (SIN), bank account, or credit card information unless you’re sure the company is legitimate.
• Hang up if you’re unsure: If you get a call or message from an unfamiliar company claiming to offer loan relief, hang up. Call your loan servicer directly to confirm whether the offer is real.
• Report suspicious activity: If you suspect you’ve been targeted, report the scam to the Canadian Anti-Fraud Centre or your student loan servicer.

Learn more about student loan forgiveness scams

AI-generated audio and video scams are becoming more convincing.

Scammers are using AI to clone and manipulate voices, making their scams appear more legitimate. They may fake voices or faces of people you trust to trick you into sending money or revealing personal information.

Think before you trust – verify before you act! If you suspect fraud, report it immediately.

How to spot a deepfake scam

• Sudden, urgent requests for money from friends, family, or colleagues.
• Poor lip-syncing or unnatural facial movements in a video call.
• Unexpected changes in voice tone or accent during a call.
• A sense of urgency to act quickly without verifying details.

How to protect yourself

• Always verify requests for money via a separate method (call the person directly).
• Use a code word with family members for emergencies.
• Be skeptical of video or voice messages that pressure you to act fast.
• Keep personal information off social media to prevent scammers from gathering data

Learn more about fraud using deepfakes

How deepfakes are targeting small business

As AI technology evolves, so do scams targeting businesses. Deepfake scams use AI to mimic voices, emails, and even videos of trusted individuals—making it harder than ever to spot fraud.

Common deepfake scams

• Fake emails or calls from “your boss” requesting urgent payments.
• AI-generated voice messages pretending to be suppliers.
• Fraudulent video calls appearing to be real people.

How to protect your business

• Always verify requests for payments or sensitive data through a second channel.
• Educate your team on deepfake tactics.
• Use multi-factor authentication to secure financial transactions.
• Stay updated on fraud trends to stay ahead of scammers.

Card‑not‑present fraud happens when criminals steal your card number and use it to make purchases online, over the phone, or by mail; without ever having the physical card. Fraudsters often get card information through data breaches, phishing scams, or fake checkout pages.

Stopping unauthorized transactions starts with staying alert to unusual activity.

How to protect yourself

• Use strong, unique passwords for online accounts.
• Enable two‑factor authentication wherever possible.
• Regularly monitor your accounts for unexpected or small “test” charges.
• Only shop through trusted websites and secure networks. Be cautious of unsolicited phone calls requesting card details.

Spot the signs

• Unexpected transaction alerts.
• Emails or calls pretending to be from your bank requesting card details.

Learn more about card-not-present fraud

Fake Interac e-Transfer text messages and emails are sent with a link to an illegal impersonated website. The site looks authentic and is not easily identifiable. The fake login page collects usernames and passwords in an attempt to gain access, take over accounts and steal funds.

Proceed with caution. If you are not expecting an e-Transfer, confirm with the sender or call your financial institution to be sure. Visit the actual login page to confirm the URL. You can also hover over links on a suspicious page. If they are all the exact same or don’t match the wording of the link, it’s a red flag that the page is not legitimate. Always monitor account activity and consider registering for Autodeposit.

If you think you have been compromised, report it to the police and contact your financial institution. If you have any questions or concerns about anything suspicious, please connect with our Member Service Centre at 1-866-800-2787.

The Canadian Anti-Fraud Centre says it best: “The spirit of the holidays is a time of giving for most, but for scammers, it’s a time of taking.” Cases of fraud continue to rise, and scammers are more deceptive than ever.

Here are some new scams to be wary of this holiday season:

• Charity scams: These attempts involve false, deceptive, misleading or fraudulent solicitation for a donation.
• Cell phone promotions: Fraudsters claim to be a reputable service provider, offering gifts for new phones or discounted plans in exchange for personal information.
• Online shopping: Scammers pose as genuine sellers and post fake ads for items that don’t exist, like event tickets, electronics, vehicles and even puppies.
• Secret Santa: A newer scam involves gift exchange posts on social media: send one gift and get multiples in return! The exchange often collects personal information and cloaks a pyramid scheme.
• Prize notifications: Fraudsters ask to confirm personal information and cover fees before being able to get prizes like a free trip, cash or a car.