Why Do So Many Canadians Fall for Scams?

Many Canadians have learned to spot common signs of phishing and fake websites—poor spelling, blurry logos and suspicious-looking URLs. That awareness is valuable, but it’s no longer enough to guarantee safety. Scams continue to evolve, growing more sophisticated and convincing. With powerful tools like artificial intelligence increasingly available, fraudsters are honing their tactics and widening their reach to lure more victims.

No one in Canada is immune to these scams: they are getting harder to detect and increasingly difficult to avoid. Still, you can protect yourself by updating your knowledge and using available tools, such as credit-monitoring services that watch for suspicious activity on your behalf. Below we outline how identity theft can affect your finances, current scam trends to watch for, how to report fraud, and how credit-monitoring services can help.

How scams can affect your finances

If personal information—banking details, a social insurance number (SIN) or other identifying data—is compromised, the consequences can be immediate and long lasting. Criminals may open a credit card or line of credit in your name, damaging your credit score. A low credit score can take considerable time to repair and can affect your ability to secure credit cards, mortgages and car loans.

Depending on what was stolen, scammers may also withdraw money from your bank account, make purchases, or even attempt to apply for government benefits in your name. Recovering from identity fraud can be stressful and time consuming; it may take years to fully resolve the financial and personal fallout.

The latest scams in Canada

Scammers are constantly inventing new schemes and exploiting predictable windows such as tax season. Recent scam tactics include:

• Text messages claiming to be related to Canada Revenue Agency (CRA) benefits—like the Working Canadians Rebate or the GST/HST credit—asking you to reply or follow instructions to receive money. The CRA does not send text messages about benefits, credits, rebates, tax refunds or payments.
• Phishing emails that say you have received a tax document and include a link to a webpage asking for personal information. The CRA will not email you with a button or link that requests personal details. It may, however, ask you to sign in to your CRA My Account to review documents.
• Aggressive phone calls from people claiming to be CRA employees who demand immediate payment for alleged taxes owed—often requesting cryptocurrency or gift cards as payment. If you receive such a call, hang up and verify independently using official contact information.

Most scams share a familiar approach: impersonate an official institution, create a sense of urgency or pressure, and try to get you to reveal sensitive information or transfer funds using unusual payment methods such as cryptocurrency or gift cards. Trust your instincts—if something feels wrong, it likely is. Do not reply, click suspicious links, or provide personal details. Instead, contact the institution directly using the official phone number or website listed by the organization itself.

How to report a scam in Canada

Possible signs that you’re a target of fraud include unauthorized bank or credit card transactions, account statements for accounts you didn’t open, unexpected credit inquiries, a sudden drop in your credit score, or the CRA rejecting a tax return because it was already filed.

If you suspect identity theft or that you’ve been scammed, act quickly. Report the incident to the appropriate authorities and organizations:

• File a police report with your local police service.
• Contact Canada’s credit bureaus, including Equifax, to request a fraud alert be placed on your credit file.
• Notify your financial institutions—banks and credit card providers—about the suspected fraud.
• Report the fraud to the Canadian Anti-Fraud Centre so they can track trends and assist others.
• If the fraud involves taxes, contact the Canada Revenue Agency to report the issue and seek guidance.

How Equifax Complete Protection provides a line of defence

Credit-monitoring services like Equifax Complete Protection can help you detect and respond to identity theft, including issues that might not be visible immediately. Key features can include:

• Credit alerts: Notifications about important changes to your credit report—such as a new credit account opened in your name—so you can spot possible fraud quickly.
• WebScan: Searches of parts of the internet where stolen personal data may be traded, to let you know if your information appears there.
• Social media monitoring: Scans for impersonation attempts, scams or suspicious activity on selected social media accounts.
• Device protection: Software to help block phishing attempts and protect a limited number of personal devices from malware.
• Identity restoration: Access to a specialist who can assist with the process of restoring your identity if fraud occurs.
• Identity theft insurance: Coverage that may help reimburse certain costs associated with restoring your identity (not available in Quebec).

These features provide tools both to help you detect fraud sooner and to manage the consequences if your identity is compromised. They are not a guarantee against fraud, but they can reduce the time it takes to respond and the effort involved in recovery.

Protect yourself from scams in the long term

No solution eliminates the risk of identity theft entirely, but being proactive helps. Using up-to-date security tools, practicing caution with unsolicited messages, and monitoring your credit can all lower your chance of becoming a victim and speed recovery if fraud occurs. A subscription service such as Equifax Complete Protection, priced at $34.95 per month, offers a suite of monitoring and support tools designed to help you detect suspicious activity and respond when needed.

Read more about fraud and scams:

• Your ID was stolen, here’s what to expect
• 7 ways to protect yourself from ID theft
• How to protect your devices against identity theft
• Canadian seniors, watch out for these scams