This content is brought to you by TD Stories. For more tips designed to help you build financial confidence, visit stories.td.com. You may also be thinking about your current financial goals and possible next steps, and if so please book an appointment with a TD advisor to discuss them.

Protect yourself from financial fraud

As you settle into life in Canada, learning to manage your finances is an important and empowering step. Equipping yourself with the knowledge to recognize and protect yourself from financial fraud and scams is vital to feeling secure.

From phishing emails to calls from fraudulent immigration consultants or scammers posing as representatives of financial institutions, fraudsters often target newcomers who are not as familiar with the Canadian financial system and its regulations.

The good news is that you can safeguard yourself - and your family - by recognizing the signs of fraud and knowing the appropriate responses.

Most importantly, please share this information with your loved ones. Discussing scams with family can help them avoid fraud scams too.

Here are some important tips to help you feel more in control and confident in your financial safety.

What are financial fraud or scams?

Financial fraud or scams are when someone tries to trick you or break the law to gain access to your money or personal information. They can happen in many ways and often target people still learning how things work in Canada.

Is financial fraud theft?

Yes - financial fraud or scams, if successful, are a form of theft. They involve using lies or deception to steal money, banking information, or personal details. Unlike physical theft, fraud or scams can happen online, over the phone, or by email. It’s illegal in Canada and can lead to serious consequences for the person committing it.

Common types of financial fraud in Canada targeting newcomers

Each year, the Canadian Anti-Fraud Centre receives thousands of fraud reports resulting in millions of dollars in reported losses. Here are some of the top scams.

Types of Fraud and Scams


	Description	Example
Fraudulent immigration consulting	Charging high fees or offering false promises to help with visas or immigration paperwork.	An unlicensed consultant guarantees fast-tracked permanent residency — but disappears after being paid.
Money transfer schemes	Tricking people into using fake or unsafe services to send money internationally.	You’re told you can avoid fees or get a better exchange rate — but the money never reaches your family.
Identity theft	Unauthorized use of personal information to commit fraud - a growing concern for Canadians.	Receiving bills for accounts you didn't open or noticing unfamiliar transactions.
Credit and debit card fraud	The unauthorized use of card information for fraudulent transactions.	Discovering unauthorized charges on your bank statements.
Phishing and Vishing	Fraudulent messages or calls to trick individuals into revealing personal information.	Emails or texts pretending to be from a bank or a government agency.
Romance Scams	Exploiting romantic relationships to defraud individuals.	An unknown sender on social media apps and messaging platforms targets lonely individuals.
Grandparent Scams	Impersonating relatives in distress to solicit money. This type of scam is increasing in its prevalence.	A caller pretends to be your grandchild and says they need cash for an emergency.
Investment Scams	Offering fake investment opportunities promising high returns. This scam accounts for the most money lost.	You’re invited to invest in a fraudulent cryptocurrency or “guaranteed” scheme.
Mortgage and Rental Scams	Deceptive practices related to property transactions.	Paying a deposit for a rental property that doesn't exist or being misled by fake listings.
Account Takeover Fraud	Unauthorized access to personal accounts to commit fraud.	You notice changes to your account settings or strange transactions you didn’t make.
Extortion Scams	Threats to coerce individuals into paying money.	A scammer calls claiming you owe back taxes and threatens arrest.
Bank Investigator Scams	Fraudsters pose as bank officials to steal personal information, your credit or debit card, or money.	A fake “bank employee” asks you to help with a secret investigation.

Fraud prevention tips for newcomers

If it sounds too good to be true, it probably is. Be vigilant, do research and conduct due diligence before trusting anyone with your finances or personal and/or financial information.
Don’t share personal info by phone or email. Neither your bank nor the government will ever ask for your password or PIN.
Use strong passwords and change them regularly. To remember your password more easily, use a passphrase or a password manager.
Be careful when clicking links in texts or emails. If you’re unsure if the link is real, go directly to the official website or call the business.
Shred papers with personal information. This includes old bills, credit card statements and tax documents.
Never send money or gift cards to someone you don’t know. Scammers often create pressure or urgency to make you act fast.

How TD helps protect you from fraud

TD Fraud Alerts: Get a text when TD detects unusual activity on your account.
TD MySpend: Track your spending in real-time and spot charges you didn’t make.
TD Two-step verification: Adds extra protection when you sign in or change your accounts.

What to do if you suspect or are targeted by fraud

If you think you’ve been scammed, act fast.

Contact your bank, report any suspicious charges, and lock your card. Then notify the Canadian Anti-Fraud Centre, your local police and the credit bureaus. The sooner you act, the better your chances of stopping more damage.

To help you, TD can freeze your account, block your card, or reverse unauthorized charges. You can lock your card using the TD app, call 1-866-222-3456, or visit your nearest TD Canada Trust branch.

How to report fraud in Canada

You should keep records. Include details about how and when the fraud occurred, and save any messages, emails, or receipts - these records will be useful and help you remember. Digital cloud storage is the best option.

Report the fraud to the Canadian Anti-Fraud Centre. Visit antifraudcentre-centreantifraude.ca or call 1-888-495-8501.
Report it to the police. If you’ve lost money or had your ID stolen, file a police report. Use the internet to find your closest police station.
Contact the credit bureaus. Contact Equifax and TransUnion to place a fraud alert on your credit file.
Report investment fraud. Contact the Canadian Securities Administrators or the Canadian Investment Regulatory Organization (CIRO).

Regardless of what scammers do, TD will never:

Ask for personal info over the phone.
Request remote access to your computer.
Ask you to aid in an "investigation" and tell you to move money.
Ask you to buy gift cards.
Encourage you to lie or keep secrets.
Ask you to hand over your debit or credit card to a courier sent to your door.

If something feels off, trust your instincts. For help or to report suspicious activity, visit our online fraud centre.

You don’t need to be an expert to protect yourself. With a few steps and tools from TD, you can stay alert, act fast, and feel more confident managing your finances in Canada.