How Canadians are managing their money
These numbers highlight some of the financial challenges Canadians face today. Explore insights and what the data mean for programs, policies, and people.
Opens in new tabFinancial Consumer Agency of Canada (FCAC)
Data storyWhy speaking up about fraud matters
What the Canadian Financial Capability Survey tells us:
In 2024, 46% of survey respondents reported having been a victim of investment fraud, unauthorized card use, and/or phishing, compared to 22% in 2019.1
Fraud is on the rise in Canada. More and more people are being targeted and losing money. Yet, most incidents (90–95%) go unreported to the Canadian Anti-Fraud Centre (CAFC).2 In 2024, the CAFC received 108,878 reports of fraud involving over $645 million in losses3—an increase from $165 million in losses in 2020.4 More advanced methods used by fraudsters, rapid changes in technology, and the growing use of artificial intelligence (AI) may all be contributing to the increase in fraud. For instance, fraudsters can use AI to generate audio, video, or images that look or sound like real people. Fraudsters engage in various forms of criminal activity, including fake calls, identity theft, romance scams, extortion, phishing, investment fraud, and payment fraud.
Anyone can be a victim of fraud, but some groups5 experience specific types of fraud more than others do. For example, the Canadian Financial Capability Survey (CFCS) 2024 showed that men were more likely than women to say that they were victims of investment fraud. In contrast, more women experienced phishing and unauthorized use of their bank or credit cards. Likewise, those aged 55 years and older were more likely than those who were younger to say that they were victims of phishing and unauthorized use of their bank or credit cards.
Talking openly about fraud helps everyone stay safer. When we share our experiences, we help others recognize the signs of fraud before it happens, so they can take action.
Take action
Visit Opens in new tab. Protection from frauds and scams to learn about the types of fraud, how to protect yourself and what to do if it happens.
9%
said in 2024 that they had been victims of investment fraud, up from 3% in 2019.
36%
said in 2024 that they had been victims of unauthorized use of bank or credit card numbers, up from 18% in 2019.
13%
said in 2024 that they had been victims of phishing, up from 4% in 2019.
Taking action against fraud
Here’s how you can protect yourself and others by using and sharing these trusted, unbiased Government of Canada resources in your work, and with your community and networks.
Learn about different types of fraud, how to avoid becoming a victim of fraud and what to do if it happens to you
Protection from frauds and scams offers practical guidance on recognizing, preventing, and reporting various types of fraud and scams
Unauthorized credit and debit transactions: know your rights and responsibilities explains how you are protected from unauthorized credit and debit card transactions and what your responsibilities are to stay secure
Investment frauds provides signs that can help you spot fraudulent investments and protect yourself against fraudsters.
Report fraud
How to report fraud and scams in Canada outlines the key steps to follow
Report fraud and cybercrime explains how to submit a report to the Canadian Anti-Fraud Centre
Test your knowledge of fraud
Test your knowledge of fraud is an informative quiz designed to help you avoid becoming a victim of fraud
Talk about fraud
Help keep friends and family safe, prevent misinformation, and remove the stigma around fraud through open, honest conversations
About the data
Where the data come from
Everything in this tool is based on real responses from people across Canada. The data:
- come from the Canadian Financial Capability Survey (CFCS)
- were collected by the Financial Consumer Agency of Canada (FCAC)
- cover topics like budgeting, saving, debt, and long-term planning
- are used to understand how people manage money and where support is needed
More data stories and insights
Read more data stories about the financial challenges and commitments Canadians face today.
All data stories
Footnotes
- Statistical testing confirmed that the difference between the 2024 data and the 2019 data was significant, with a p value below 0.05 (that is, the difference in percentages is unlikely to be due to chance or random factors).
- See Canadian Anti-Fraud Centre. (2025-03-24). Uncovering fraud: Our fight against fraud. Canada.ca.
https://antifraudcentre-centreantifraude.ca/features-vedette/2025/03/uncovering-fight-combattez-depister-eng.htm - See Canadian Anti-Fraud Centre. (2025-03-24). Fraud Prevention Month 2025. Canada.ca. https://antifraudcentre-centreantifraude.ca/features-vedette/2025/02/month-prevention-mois-eng.htm
- See Canadian Anti-Fraud Centre. (2022-11-30). CAFC 2021 Annual Report. Canada.ca. https://antifraudcentre-centreantifraude.ca/annual-reports-2021-rapports-annuels-eng.htm
Statistical testing confirmed that the difference for these groups was significant, with a p value below 0.05 (that is, the difference in percentages is unlikely to be due to chance or random factors).
Feedback
Feedback: As an early user, your feedback is important to help us make the RDX and its features better for everyone. If you have any problems using the site or find any accessibility issues, please send us your feedback.
Page details
- Date modified: