f it feels like everyone you know has received a suspicious text or a weird phone call lately, you’re not imagining things. Fraud is booming in Canada. Back in 2020, Canadians lost around $165 million to scammers. Fast forward to 2025, and that number skyrocketed to a staggering $705 million.

Scammers are treating fraud like a full-time job, using sophisticated psychological tactics to trick even the savviest people.

Here is what you need to know about the top three financial traps targeting Canadians today.