If you find that someone has taken your money, used your bank account without permission, opened credit in your name, or obtained your financial information through a scam, act quickly. The first few steps can help limit further losses and create a clear record of what happened. In the first six months of 2026 alone, Canadians reported approximately $351 million in fraud losses to the Canadian Anti-Fraud Centre, which estimates that only 5% to 10% of fraud is reported.
Financial fraud can involve unauthorised credit or debit transactions, investment scams, online shopping fraud, identity theft, phishing, romance scams, or someone gaining access to your banking information. Whatever the situation, don’t send more money to the person who contacted you, even if they promise to recover your losses.
What should you do immediately after financial fraud?
Start by contacting the financial institution or payment provider involved. Use the phone number on your bank card, account statement or official banking website rather than a number provided by the suspected fraudster.
Tell the institution exactly what happened and identify every transaction you did not authorise. Ask what steps they can take to secure your account, stop further transactions and investigate the incident.
You should also:
- Change your online banking password and PIN.
- Change passwords for other accounts that use the same or similar credentials.
- Lock or cancel compromised cards if necessary.
- Review recent transactions for anything suspicious.
- Keep monitoring your accounts after reporting the fraud.
The Financial Consumer Agency of Canada advises consumers to notify their financial institution immediately when they notice an unauthorised transaction or suspect their account has been compromised.
What if money was taken from your bank account?
Report the unauthorised transaction to your bank or financial institution as soon as possible. Give them details such as the transaction date, amount, payment method and any information you have about how the fraud occurred.
For federally regulated financial institutions, a disputed unauthorized transaction must be fully investigated before the institution decides whether you are responsible. For a credit card issued by a bank, your maximum legal liability is $50 unless the bank can demonstrate gross negligence (called gross fault in Quebec) in safeguarding your card, account information or authentication information. Payment networks such as Visa, Mastercard and American Express also have zero-liability commitments that may provide additional protection. FCAC explains the rules for unauthorized credit and debit transactions.
Debit card protections work differently. If you took the necessary steps to protect your PIN and did not contribute to the loss, FCAC says you should get your money back for an unauthorized debit transaction. You may be responsible for losses if, for example, you shared your PIN or failed to report a lost or stolen card within the time required by your agreement. Linked overdraft protection or a line of credit can also increase the amount at risk, so report the problem immediately and check your account agreement.
What if someone stole your identity?
Identity fraud can cause problems beyond an immediate financial loss. A fraudster may use your personal information to apply for credit, open accounts or make other transactions in your name.
Contact both major Canadian credit bureaus, Equifax and TransUnion, and ask about placing a fraud alert on your credit report. A fraud alert tells lenders that you may be a fraud victim and can require them to confirm your identity before approving new credit.
Get a copy of your credit report from both bureaus and look for the warning signs below. If you need help getting your reports, see my guide on how to order your free credit report in Canada.
- Credit cards you never applied for
- Loans or lines of credit you don’t recognise
- Unfamiliar accounts
- Credit inquiries you didn’t authorise
- Incorrect personal information
- Collection accounts that don’t belong to you
If you find an error, contact the credit bureau and the company that supplied the incorrect information. Canadian consumers have the right to dispute inaccurate information on their credit reports. If identity documents such as your driver’s licence, health card, passport or birth certificate were stolen or misused, contact the government office that issued them. If you suspect your mail was redirected, contact Canada Post as well.
Should you report financial fraud to the police?
Yes. Contact your local police service and report the fraud, particularly if you have lost money or someone used your identity.
Keep the police file number because your bank, credit bureau or another organisation may ask for it later. The Canadian Anti-Fraud Centre also recommends keeping documents and evidence that could help a police investigation.
Depending on the circumstances, your evidence may include:
- Bank or credit card statements
- Receipts
- Emails
- Text messages
- Screenshots
- Phone numbers
- Website addresses
- Social media profiles
- Payment confirmations
- Names or account details provided by the fraudster
Don’t delete messages or other evidence simply because they are unpleasant or embarrassing. They may help establish what happened.
How do you report fraud in Canada?
You should report fraud even if you aren’t sure whether you will recover the money.
The Canadian Anti-Fraud Centre and the Royal Canadian Mounted Police operate Canada’s National Fraud Reporting System. Victims can report fraud and cybercrime online, and the Canadian Anti-Fraud Centre also accepts reports by phone at 1-888-495-8501.
Reporting the incident helps create information that law enforcement can use to identify patterns and investigate fraudulent activity.
If the fraud involves a specific organisation, contact that organisation as well. For example, if someone compromised your CRA account, the Canada Revenue Agency advises contacting your financial institution, credit reporting agencies and local police, as appropriate, and notifying the Canadian Anti-Fraud Centre.
What should you do if your Social Insurance Number was compromised?
If you suspect that someone is using your Social Insurance Number (SIN) fraudulently, act quickly. Review your credit reports for unfamiliar activity, contact any financial institutions or government programs affected, and follow Service Canada’s guidance for SIN fraud and data breaches. Service Canada notes that a new SIN is not automatically issued just because your number was exposed. A new SIN generally requires proof that the existing SIN was used fraudulently, and getting a new number does not erase the old one or prevent future misuse.
If you notice unauthorized changes to your CRA account, a benefit application you did not make, or other signs that your tax account may be compromised, contact the Canada Revenue Agency directly. The CRA also advises affected Canadians to contact their financial institution, credit reporting agencies and local police, and to notify the Canadian Anti-Fraud Centre.
Keep an eye on your credit reports and financial accounts for new activity that you don’t recognise.
What if you gave a scammer your password or banking details?
Act immediately. Don’t wait to see whether the scammer actually uses the information.
Change the affected password and any other password that you reused elsewhere. If you shared banking credentials, contact your financial institution immediately and explain exactly what information you disclosed.
If you provided information through a suspicious website or app, tell your bank what happened. Canada’s financial consumer guidance warns that sharing banking information with third-party applications or other people can affect the protections available for unauthorised transactions, depending on the circumstances.
What if the fraudster contacts you again?
Stop communicating with the fraudster. Don’t pay additional fees to “unlock” your account, recover your money or complete a refund.
A second scam can follow the first one. Someone may contact you claiming to be a bank employee, police officer, government representative or recovery specialist and offer to help you get your money back.
Verify any contact independently using an official website or statement. Don’t use telephone numbers, email addresses or links supplied by the person who contacted you.
Can you recover money lost through financial fraud?
Possibly, but recovery depends on the type of fraud, how the payment was made, your financial institution’s policies, the circumstances of the transaction and how quickly you reported it.
For unauthorised credit and debit transactions, Canadian consumer protections may apply. However, protections can depend on whether you took reasonable steps to protect your account information and whether you reported the incident promptly.
If you willingly sent money to a fraudster, recovery can be more complicated. Contact your financial institution or payment provider immediately anyway. They can tell you whether the transaction can be stopped, reversed or investigated. If you dispute an unauthorized transaction and are not satisfied with how a federally regulated bank handles your complaint, follow the bank’s complaint process. Banks must provide a detailed written final response within 56 calendar days. You may escalate the complaint to the Ombudsman for Banking Services and Investments (OBSI) once the bank closes the file with its final response or more than 56 days have passed since you first complained.
What should you keep after reporting the fraud?
Create a simple fraud file and keep everything in one place. Record:
- The date you discovered the fraud
- The date and amount of each suspicious transaction
- Names of people and organisations you contacted
- Dates and times of phone calls
- Case or complaint numbers
- Police file number
- Emails and text messages
- Screenshots and receipts
- Copies of correspondence with your bank and credit bureaus
Good records make it easier to explain the situation consistently if several organisations become involved.
How can you protect yourself from further fraud?
After dealing with the immediate problem, review your digital and financial security.
Use unique passwords for important accounts and enable multi-factor authentication where available. Check your bank and credit card accounts regularly rather than waiting for your monthly statement.
You can also ask Equifax and TransUnion about fraud alerts if your personal information has been compromised. Canada’s financial consumer guidance recommends this step for people who suspect they have experienced fraud or identity theft.
Be particularly cautious about unexpected calls, emails and text messages asking for passwords, banking details, verification codes or payments. Legitimate organisations should not require you to hand over sensitive information simply because someone contacted you unexpectedly.
A simple financial fraud checklist
If you’ve become a victim, work through these steps:
- Contact your bank or financial institution immediately.
- Report unauthorised transactions.
- Change compromised passwords and PINs.
- Secure or cancel affected cards and accounts.
- Check your credit reports.
- Ask Equifax and TransUnion about a fraud alert if appropriate.
- Report the incident to your local police.
- Report the fraud to the Canadian Anti-Fraud Centre.
- Keep all evidence and case numbers.
- Continue monitoring your accounts and credit reports.
Final thoughts
Becoming a victim of financial fraud can be stressful, but taking action quickly can help limit further damage. Start with your financial institution, secure your accounts, document what happened, check your credit reports and report the fraud through the appropriate Canadian channels.
Don’t be embarrassed about reporting a scam. Fraudsters use increasingly convincing tactics, and reporting the incident gives financial institutions and authorities useful information for investigating fraudulent activity.